Back to top

Image: Bigstock

SM Energy (SM) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates

Read MoreHide Full Article

For the quarter ended September 2023, SM Energy (SM - Free Report) reported revenue of $640.9 million, down 23.3% over the same period last year. EPS came in at $1.73, compared to $1.82 in the year-ago quarter.

The reported revenue represents a surprise of +1.84% over the Zacks Consensus Estimate of $629.32 million. With the consensus EPS estimate being $1.61, the EPS surprise was +7.45%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how SM Energy performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Average daily production - Total: 153.7 millions of barrels of oil equivalent versus the five-analyst average estimate of 152.64 millions of barrels of oil equivalent.
  • Average daily production - Crude oil: 67 millions of barrels of oil versus 66.65 millions of barrels of oil estimated by four analysts on average.
  • Average daily production - Natural gas: 357.9 millions of cubic feet versus 357.34 millions of cubic feet estimated by four analysts on average.
  • Average daily production - NGLs: 27 millions of barrels of oil versus 26.29 millions of barrels of oil estimated by four analysts on average.
  • Average realized price - Crude oil - Including hedging per bbl: $78.77 versus the two-analyst average estimate of $79.18.
  • Average realized price - Natural gas - Including hedging per mcf: $2.84 versus $2.69 estimated by two analysts on average.
  • Production - Crude oil: 6.2 MBBL compared to the 6.15 MBBL average estimate based on two analysts.
  • Production - Total: 14.1 MBOE versus the two-analyst average estimate of 14.06 MBOE.
  • Production - NGLs: 2.5 MBBL versus 2.44 MBBL estimated by two analysts on average.
  • Average realized price - Natural gas - before the effect of derivative settlements: $2.48 versus the two-analyst average estimate of $2.13.
  • Average realized price - Crude oil per bbl - before the effect of derivative settlements: $80.95 versus $81.67 estimated by two analysts on average.
  • Operating revenue- Oil, gas, and NGL production revenue: $639.70 million versus $584.35 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -22.7% change.
View all Key Company Metrics for SM Energy here>>>

Shares of SM Energy have returned +8.6% over the past month versus the Zacks S&P 500 composite's -1.1% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


SM Energy Company (SM) - free report >>

Published in