SM Energy $SM is rounding up in a classic candle over candle buy signal for a swing long trade. The signal occurred as of market close on June 27, 2022. The candle over candle signal is NOT one of the most reliable signals so extreme caution is warranted. What the signal does give you is a clearly definable stop loss level at the $34.85 area if the trade goes south.
SM Energy is tracking the price of oil closely. As oil rounded up on June 27, 2022, so did $SM stock.
SM stock has dropped over the last week as rumors circulated that Biden may suspend the federal gasoline tax.
Q1 Earnings Report On April 28 2022
SM Energy (NYSE: SM) reported its Q1 earnings results on Thursday, April 28, 2022.
SM Energy beat estimated earnings by 17.16%, reporting an EPS of $1.98 versus an estimated $1.69.
Revenue was up $415.93 million from the same period last year.
Chief Executive Officer Herb Vogel said: “Excellent first-quarter results accelerate the accomplishment of our balance sheet objectives for the year. Our objective to reach 1.0 times net debt-to-Adjusted EBITDAX is nearly achieved, and we have made significant progress toward our objective to reduce absolute debt to approximately $1.0 billion, with the redemption in February of the 5.0% Senior Notes due 2024 and planned June redemption of the 10.0% Senior Secured Notes due 2025, for a total of $551.4 million in the first half of 2022. At the same time, we continue to demonstrate the value of our South Texas program, where five wells turned-in-line in January are estimated to pay out on average in five months. The outlook for 2022 is very positive.”
SM Energy Company is an independent oil and gas company engaged in the exploration, exploitation, development, acquisition, and production of natural gas and crude oil in N. America. The company’s operations are focused in the Permian Basin and the South Texas & Gulf Coast regions. The company manages its operations in the Permian Basin region from its regional office in Midland, TX. Its Midland Basin assets are divided between RockStar and Sweetie Peck. The Midland Basin holding provides the company with substantial future development opportunities in multiple oil-rich locations, like the Spraberry and Wolfcamp formations.
SM Energy Stock Chart Shows Classic Candle Over Candle Curl
Federal Reserve Rate Hikes Also Weighing On The Price of Oil
Shares of many energy companies have pulled back amid a decline in the price of oil as the Fed’s decision to hike rates raises concern of an economic slowdown which may lower energy demand.