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SM Energy (SM) Inks Deal to Fund South Texas Well Completions
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SM Energy Company (SM - Free Report) announced that it reached an accord with a third party to finance the majority of its expenditure associated with completion works of South Texas-based six wells.
The independent upstream energy player will be co-developing three lower Eagle Ford and three Austin Chalk wells under its well completion program. All the wells are currently included under the inventory of drilled but uncompleted wells (“DUC”) of SM Energy. Notably, the company will be the operator of the wells, while maintaining 50% working interest.
Investors should know that the deal led to a reduction in SM Energy’s December quarter capital spending by roughly $15 million.
The company also mentioned the reiteration of its borrowing base and lender commitments under the senior secured revolving credit facility at $1.1 billion. Further, the upstream firm announced the extension of its second-lien debt size of roughly $380 million until the borrowing base redetermination in spring 2021.
Company Profile & Price Performance
Headquartered in Denver, CO, SM Energy is an upstream energy company. Its shares have outperformed the industry in the past month. The company’s stock has gained 75.2% compared with the industry’s 15.1% growth.
Zacks Rank & Stocks to Consider
SM Energy currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are HighPoint Resource Corporation and PDC Energy, Inc. , each currently sporting a Zacks Rank #1 (Strong Buy), and Enerplus Corporation (ERF - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, the Zacks Consensus Estimate for HighPoint Resource’s 2020 earnings has been raised by 17.2%.
PDC Energy is expected to see earnings growth of 94.6% in 2021, while Enerplus is likely to see earnings growth of 400% next year.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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SM Energy (SM) Inks Deal to Fund South Texas Well Completions
SM Energy Company (SM - Free Report) announced that it reached an accord with a third party to finance the majority of its expenditure associated with completion works of South Texas-based six wells.
The independent upstream energy player will be co-developing three lower Eagle Ford and three Austin Chalk wells under its well completion program. All the wells are currently included under the inventory of drilled but uncompleted wells (“DUC”) of SM Energy. Notably, the company will be the operator of the wells, while maintaining 50% working interest.
Investors should know that the deal led to a reduction in SM Energy’s December quarter capital spending by roughly $15 million.
The company also mentioned the reiteration of its borrowing base and lender commitments under the senior secured revolving credit facility at $1.1 billion. Further, the upstream firm announced the extension of its second-lien debt size of roughly $380 million until the borrowing base redetermination in spring 2021.
Company Profile & Price Performance
Headquartered in Denver, CO, SM Energy is an upstream energy company. Its shares have outperformed the industry in the past month. The company’s stock has gained 75.2% compared with the industry’s 15.1% growth.
Zacks Rank & Stocks to Consider
SM Energy currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are HighPoint Resource Corporation and PDC Energy, Inc. , each currently sporting a Zacks Rank #1 (Strong Buy), and Enerplus Corporation (ERF - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, the Zacks Consensus Estimate for HighPoint Resource’s 2020 earnings has been raised by 17.2%.
PDC Energy is expected to see earnings growth of 94.6% in 2021, while Enerplus is likely to see earnings growth of 400% next year.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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