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The Screen · Energy · Oil & Gas E&P
SM Energy Company
SM · the NYSE · USD · Market cap $7.4B · 1,241 employees
SM Energy Company, an independent energy company, engages in the acquisition, exploration, development, and production of oil, gas, and natural gas liquids in the United States.
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 2.07, read 2026-11-05
Ethical passes the values gate
Price31.06 USD
Fair valueUnder review
Ethical score70.0/100
Our investment reviews on this name
2026-10-21Read Accumulation38.85-20.1% to today Markdown gives way to Accumulation after an 11% rise in 3 weeks
2026-10-02Read Markdown35.06-11.4% to today ✓Accumulation gives way to Markdown after an 8% slide in 3 weeks
2026-09-13Read Accumulation38.10-18.5% to today Markup gives way to Accumulation after a 22% rise in 10 weeks
2026-07-02Read Markup31.15-0.3% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
SM Energy Company holds its Accumulation at $31.06. Consolidating, no directional conviction, held for 12 days.
As held on the ledger · 2026-11-04
Phase
Accumulation
Quantitative state
Consolidating, no directional conviction, held for 12 days
Price at the screen
$31.06
Valuation
5.51 trailing · 3.58 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.79
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
29.34%
Below 33%
Interest-bearing debt is just 29.3% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
7.55%
Below 49%
Money owed to the company is 7.6% of assets, under the 49% limit.
Pass
Revenue purity
0.10%
Below 5%
Only 0.1% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
SM Energy clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 29%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when SM's ethical verdict changes
Today SM passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
What the Numbers Say It Is Worth
The Fair Value Range
Fair value under review. Our model's value is 1.87x the price, above our 1.35x limit. We show no fair value, margin of safety or value read built on it until the review clears.
Where our models see it going: no fair-value estimate yet, range not available, dated to the 2026-11-04 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Oil Explorer Displays Classic Peak Earnings Trap
Every time oil prices spike, exploration firms book bumper revenue and the forward multiple collapses to 4.2 times. SM Energy is no exception, with revenue up 73 percent yet profit margins stuck at just 4 percent and return on equity at 2 percent. The apparent 35 percent discount to our fair value looks tempting until you remember this is a cyclical business whose earnings peak when commodity prices do.
We therefore pass. A low multiple on temporarily high earnings is not a bargain, it is the textbook warning sign of a value trap. Analyst targets sit only modestly higher at 37 dollars, and the unknown competitive moat offers no cushion once prices normalise.
Currency swings, drilling cost inflation and sudden demand drops remain live threats even after the ethical screen clears. The setup rewards timing, not ownership. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
SM trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-03Accumulation$37.44-7.3%Entry 16
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 7.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 35% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 32%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (14 analysts) rates it buy, with a mean price target of $41. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-02Accumulation$40.38+0.0%Entry 15
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 35% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 32%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (14 analysts) rates it buy, with a mean price target of $41. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Accumulation$40.38+0.0%Entry 14
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 35% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 32%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (14 analysts) rates it buy, with a mean price target of $41. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-31Accumulation$40.38+2.0%Entry 13
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 35% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 32%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (14 analysts) rates it buy, with a mean price target of $41. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-30Accumulation$39.58+0.1%Entry 12
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 0.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 35% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 32%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (14 analysts) rates it buy, with a mean price target of $41. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-29Accumulation$39.56+1.8%Entry 11
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 1.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 35% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 32%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (14 analysts) rates it buy, with a mean price target of $41. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-28Accumulation$38.85+0.0%Entry 10
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 35% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 32%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (14 analysts) rates it buy, with a mean price target of $41. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Accumulation$38.85+0.0%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 35% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 32%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (14 analysts) rates it buy, with a mean price target of $41. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 5.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 35% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 32%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (14 analysts) rates it buy, with a mean price target of $41.
2026-10-14Markdown$37.00+5.5%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 5.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 30% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 32%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (14 analysts) rates it buy, with a mean price target of $41.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
