In short: Second of Rezvan's (KeyBanc) three oil-levered producers that could keep rising "even after a very strong year" on a tightening physical market. Analyst call relayed by Barron's, no valuation given.
SM Energy is a U.S. oil and gas producer whose earnings move a lot with the oil price. KeyBanc's analyst lists it among the companies that could keep rising "even after a very strong year," because he sees the physical oil market getting tighter — real barrels for immediate delivery are selling far above the paper futures price. The same risk applies: if oil supply normalises quickly, the thesis weakens.
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