SM Energy downgraded to Market Perform from Outperform at Wells Fargo Wells Fargo downgraded SM Energy to Market Perform citing a negative risk/reward bias for commodities. The firm lowered its price target range for shares to $75-$82 from $84-$88.
SM Energy sees FY15 production 60.4 to 63.5 MMBOE Based on the capital budget and program, SM Energy anticipates full-year 2015 production to range from 60.4 to 63.5 MMBOE (165 - 174 MBOE/d). The midpoint of the company's provided guidance represents annual production growth of approximately 12% year over year. Production for the first quarter of 2015 is expected to be essentially flat to the fourth quarter of 2014, with production declining approximately 1% per quarter for the remainder of the year due to the reduction in rig activity and deferral of well completions throughout the year. The company's production mix for 2015 is expected to be similar to that of 2014.