Oppenheimer Maintains Outperform Rating and $92 PT on SM Energy

A report from Oppenheimer reiterates its Outperform rating and $92 price target on SM Energy (NYSE: SM).

The report states, “SM reported adjusted earnings of $0.63/share, below the consensus estimate of $0.68/share and the OPCO estimate of $0.71/share. The earnings variance was due to lower production and price realizations as well as higher unit costs. Quarterly production was hampered by continued infrastructure constraints that have plagued SM for all of 2011 and that were expected to be resolved during 3Q11."

SM closed yesterday at $82.91.