Stephens raised the firm’s price target on SM Energy (SM) to $49 from $48 and keeps an Overweight rating on the shares. While noting that the sale price of $25,000/Boepd is slightly below the average of similar Eagle Ford transactions completed over the past three years, the firm views SM’s divestiture of 61,000 net acres and 38 MBoepd in the Eagle Ford for $950M as “positive.”
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