Barrington Initiates Coverage of SM Energy with Outperform Rating, $73.50 PT

In a report published earlier today, Barrington Research initiated coverage of SM Energy Co. SM with an Outperform rating and a $73.50 price target. Barrington went on to say “SM Energy had an estimated 1,259 BCFE proved reserves (844 proved developed, 415.2 proved undeveloped) at the end of 2011, up 28% from year-end 2010. 53% was Gas and 47% was Oil and Liquids. Liquid volumes of proved reserves increased 73% YOY, 2011 over 2010.” SM Energy Co. closed on Friday at $56.78.