SM ENERGY CO SM
COM · Common Stock · CUSIP 78454L100 · ISIN US78454L1008
Petroleum and natural gas exploration company
- SectorEnergy
- IndustryCrude Petroleum & Natural Gas
- HeadquartersDenver, CO
- Founded1908
- Websitesm-energy.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($5.7m this quarter). Holder counts are more reliable. Shares outstanding: 115.0m as of 2025-07-23, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $24.76. Options: 18 managers hold calls ($46.0m notional), 18 hold puts ($21.2m).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 310 |
| Q4 2022 | 343 |
| Q1 2023 | 296 |
| Q2 2023 | 308 |
| Q3 2023 | 373 |
| Q4 2023 | 371 |
| Q1 2024 | 391 |
| Q2 2024 | 423 |
| Q3 2024 | 421 |
| Q4 2024 | 426 |
| Q1 2025 | 408 |
| Q2 2025 | 374 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 194 | 156 |
| Q4 2023 | 176 | 187 |
| Q1 2024 | 171 | 204 |
| Q2 2024 | 241 | 164 |
| Q3 2024 | 243 | 195 |
| Q4 2024 | 195 | 220 |
| Q1 2025 | 220 | 223 |
| Q2 2025 | 203 | 197 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $72.8m | $53.7m | 0.74 |
| Q4 2024 | $76.8m | $27.2m | 0.35 |
| Q1 2025 | $49.6m | $22.5m | 0.45 |
| Q2 2025 | $46.0m | $21.2m | 0.46 |
Biggest buyers
| BlackRock, Inc. | Added | +2.2m |
| Balyasny Asset Management L.P. | New | +1.0m |
| MACQUARIE GROUP LTD | Added | +955.3k |
| Woodline Partners LP | New | +812.7k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Added | +699.1k |
| WESTWOOD HOLDINGS GROUP INC | Added | +524.1k |
| Invesco Ltd. | Added | +415.5k |
| Freestone Grove Partners LP | Added | +315.3k |
| Bridgewater Associates, LP | Added | +313.2k |
| AMERICAN CENTURY COMPANIES INC | Added | +300.9k |
Biggest sellers
| Channing Capital Management, LLC | Sold out | -1.6m |
| HITE Hedge Asset Management LLC | Reduced | -1.2m |
| CITADEL ADVISORS LLC | Reduced | -976.9k |
| JPMORGAN CHASE & CO | Reduced | -893.0k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -796.3k |
| STATE STREET CORP | Reduced | -612.7k |
| AMERIPRISE FINANCIAL INC | Reduced | -484.3k |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -479.0k |
| VANGUARD GROUP INC | Reduced | -426.0k |
| DIMENSIONAL FUND ADVISORS LP | Reduced | -416.5k |
Biggest calls
| Twin Tree Management, LP | Reduced | $12.6m510.4k shares |
| WELLS FARGO & COMPANY/MN | Unchanged | $9.4m380.0k shares |
| PEAK6 LLC | Added | $8.5m345.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $3.4m136.8k shares |
| CITADEL ADVISORS LLC | Added | $2.6m105.2k shares |
| Walleye Capital LLC | Added | $1.4m57.1k shares |
| D. E. Shaw & Co., Inc. | Added | $1.3m52.8k shares |
| IMC-Chicago, LLC | Added | $1.2m48.0k shares |
| WOLVERINE TRADING, LLC | Added | $1.1m43.2k shares |
| GROUP ONE TRADING LLC | Reduced | $943.9k38.2k shares |
Biggest puts
| Caption Management, LLC | Added | $4.4m177.5k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $2.8m113.6k shares |
| CITADEL ADVISORS LLC | Reduced | $2.8m112.3k shares |
| D. E. Shaw & Co., Inc. | Reduced | $1.8m72.5k shares |
| Walleye Capital LLC | Added | $1.4m58.1k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $1.3m53.6k shares |
| WOLVERINE TRADING, LLC | Added | $1.2m46.0k shares |
| WOLVERINE ASSET MANAGEMENT LLC | Unchanged | $1.0m42.1k shares |
| IMC-Chicago, LLC | New | $1.0m41.9k shares |
| GROUP ONE TRADING LLC | New | $667.2k27.0k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution +4.5 pts · filed 2026-03-04 | 14.0% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 6.4% |
| CANADA PENSION PLAN INVESTMENT BOARD 13G · institution no change · filed 2026-05-15 | 6.1% |
| ARISTEIA CAPITAL, L.L.C. 13G · institution new · filed 2026-08-14 | 5.5% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 5.1% |
Fell to 5% or below in the last year: STATE STREET CORP (4.9%, 2026-08-07), VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC), DIMENSIONAL FUND ADVISORS LP (4.9%, 2026-01-21)
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 0 | — | 4 | $3.9m | — |
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 1 | $1.9m | — |
| Q2 2024 | 0 | — | 2 | $3.8m | — |
| Q3 2024 | 0 | — | 3 | $946.3k | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 3 | $418.8k | 0 | — | — |
| Q2 2025 | 1 | $21.3k | 1 | $220.1k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-06-17 | Jenkins Richard A. Senior Vice President - Utah | Sold | $220.1k7.7k shares |
| 2025-05-06 | Vogel Herbert S President & CEO, director | Bought | $21.3k1.0k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.01% of their portfolio | 19.9m $491.8m | Added +2.2m |
| VANGUARD GROUP INC 0.01% of their portfolio | 14.8m $366.8m | Reduced -426.0k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 5.9m $145.6m | Reduced -416.5k |
| STATE STREET CORP 0.01% of their portfolio | 5.7m $141.7m | Reduced -612.7k |
| AMERICAN CENTURY COMPANIES INC 0.06% of their portfolio | 4.2m $104.0m | Added +300.9k |
| WESTWOOD HOLDINGS GROUP INC 0.66% of their portfolio | 3.7m $92.2m | Added +524.1k |
| MACQUARIE GROUP LTD 0.10% of their portfolio | 3.4m $84.9m | Added +955.3k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 3.4m $83.4m | Reduced -893.0k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 2.7m $67.0m | Added +17.9k |
| Invesco Ltd. 0.01% of their portfolio | 2.3m $56.6m | Added +415.5k |
| River Road Asset Management, LLC 0.61% of their portfolio | 1.7m $48.0m | Reduced -19.9k |
| MORGAN STANLEY 0.00% of their portfolio | 1.5m $38.2m | Added +252.4k |
| CITADEL ADVISORS LLC 0.03% of their portfolio | 1.4m $35.6m | Reduced -976.9k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 1.3m $32.5m | Reduced -83.3k |
| FIRST TRUST ADVISORS LP 0.03% of their portfolio | 1.3m $32.4m | Reduced -306.1k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.3m $31.8m | Added +56.7k |
| PALISADE CAPITAL MANAGEMENT, LP 0.83% of their portfolio | 1.2m $29.2m | Reduced -45.0k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.1m $28.3m | Added +204.5k |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 1.1m $26.9m | Reduced -796.3k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.02% of their portfolio | 1.1m $26.7m | Added +699.1k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.1m $26.7m | Reduced -100.6k |
| Balyasny Asset Management L.P. 0.06% of their portfolio | 1.0m $25.2m | New |
| CONGRESS ASSET MANAGEMENT CO 0.17% of their portfolio | 1.0m $25.0m | Reduced -248.6k |
| Nuveen, LLC 0.01% of their portfolio | 883.2k $21.8m | Added +251.8k |
| Fisher Asset Management, LLC 0.01% of their portfolio | 861.3k $21.3m | Reduced -575 |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.07% of their portfolio | 817.1k $20.2m | Added +106.2k |
| Woodline Partners LP 0.11% of their portfolio | 812.7k $20.1m | New |
| FRONTIER CAPITAL MANAGEMENT CO LLC 0.18% of their portfolio | 765.8k $18.9m | Reduced -65.5k |
| JANE STREET GROUP, LLC 0.03% of their portfolio | 763.9k $18.9m | Added +124.0k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 737.2k $18.2m | Added +227.1k |
| WEDGE CAPITAL MANAGEMENT L L P/NC 0.27% of their portfolio | 623.6k $15.4m | Added +41.2k |
| VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio | 584.2k $14.4m | Added +150.4k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 567.5k $14.0m | Reduced -86.2k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 563.3k $13.9m | Added +63.5k |
| Aberdeen Group plc 0.02% of their portfolio | 559.3k $13.9m | Added +112.5k |
| SEI INVESTMENTS CO 0.02% of their portfolio | 546.9k $13.5m | Added +40.3k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 533.4k $13.2m | Reduced -484.3k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 528.2k $13.1m | Added +11.5k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.02% of their portfolio | 518.2k $12.8m | Reduced -328.7k |
| Freestone Grove Partners LP 0.10% of their portfolio | 518.1k $12.8m | Added +315.3k |
| Glenmede Investment Management, LP 0.06% of their portfolio | 514.5k $12.7m | First filing |
| Tributary Capital Management, LLC 1.10% of their portfolio | 500.6k $12.4m | Reduced -82.4k |
| PANAGORA ASSET MANAGEMENT INC 0.05% of their portfolio | 467.1k $11.5m | Added +5.5k |
| LSV ASSET MANAGEMENT 0.03% of their portfolio | 457.1k $11.3m | Reduced -5.2k |
| Public Sector Pension Investment Board 0.05% of their portfolio | 437.5k $10.8m | Added +32.2k |
| Connor, Clark & Lunn Investment Management Ltd. 0.04% of their portfolio | 417.2k $10.3m | Added +132.8k |
| Baird Financial Group, Inc. 0.02% of their portfolio | 392.5k $9.7m | Added +3.8k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 387.3k $9.6m | Reduced -15.6k |
| Grantham, Mayo, Van Otterloo & Co. LLC 0.03% of their portfolio | 376.0k $9.3m | Added +46.9k |
| Bridgewater Associates, LP 0.03% of their portfolio | 349.0k $8.6m | Added +313.2k |
| Verition Fund Management LLC 0.05% of their portfolio | 337.2k $8.3m | Added +259.9k |
| KENNEDY CAPITAL MANAGEMENT LLC 0.20% of their portfolio | 336.6k $8.3m | Reduced -112.0k |
| Legal & General Group Plc 0.00% of their portfolio | 329.4k $8.1m | Added +508 |
| UBS Group AG 0.00% of their portfolio | 320.2k $7.9m | Reduced -140.8k |
| Alyeska Investment Group, L.P. 0.03% of their portfolio | 307.4k $7.6m | Reduced -215.6k |
| Pekin Hardy Strauss, Inc. 0.86% of their portfolio | 305.0k $7.5m | Added +118.3k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 302.8k $7.5m | Added +110.2k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.02% of their portfolio | 301.9k $7.5m | Reduced -399.5k |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 294.5k $7.3m | Added +73.2k |
| ROYCE & ASSOCIATES LP 0.07% of their portfolio | 290.9k $7.2m | Added +20.8k |
| CAPITAL FUND MANAGEMENT S.A. 0.08% of their portfolio | 284.6k $7.0m | Added +204.3k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 284.1k $7.0m | Reduced -91.8k |
| First Eagle Investment Management, LLC 0.01% of their portfolio | 280.3k $6.9m | Added +3.0k |
| HITE Hedge Asset Management LLC 0.38% of their portfolio | 268.0k $6.6m | Reduced -1.2m |
| BARCLAYS PLC 0.00% of their portfolio | 264.4k $6.5m | Added +72.4k |
| DENALI ADVISORS LLC 0.67% of their portfolio | 261.9k $6.5m | Added +89.6k |
| Squarepoint Ops LLC 0.01% of their portfolio | 246.7k $6.1m | Added +189.7k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 245.0k $6.1m | Added +27.3k |
| Trexquant Investment LP 0.07% of their portfolio | 236.2k $5.8m | New |
| CAXTON ASSOCIATES LLP 0.14% of their portfolio | 219.9k $5.4m | Added +72.9k |
| Swiss National Bank 0.00% of their portfolio | 218.6k $5.4m | Reduced -3.0k |
| Assenagon Asset Management S.A. 0.01% of their portfolio | 218.4k $5.4m | New |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 208.9k $5.2m | Reduced -479.0k |
| California Public Employees Retirement System 0.00% of their portfolio | 205.2k $5.1m | Reduced -2.6k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 204.9k $5.1m | Added +113.0k |
| ALGERT GLOBAL LLC 0.10% of their portfolio | 188.5k $4.7m | Added +175.1k |
| Moody Aldrich Partners LLC 0.85% of their portfolio | 177.0k $4.4m | Added +42.0k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 172.6k $4.3m | Added +26.6k |
| Holocene Advisors, LP 0.01% of their portfolio | 171.3k $4.2m | Added +98.4k |
| Portolan Capital Management, LLC 0.26% of their portfolio | 170.2k $4.2m | New |
| Aventail Capital Group, LP 0.18% of their portfolio | 167.5k $4.1m | Unchanged |
| CITIGROUP INC 0.00% of their portfolio | 167.3k $4.1m | Reduced -104.0k |
| CSM Advisors, LLC 0.12% of their portfolio | 167.2k $4.1m | New |
| PEREGRINE CAPITAL MANAGEMENT LLC 0.12% of their portfolio | 163.5k $4.0m | Added +668 |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 158.2k $3.9m | Reduced -16.8k |
| EVOKE WEALTH, LLC 0.09% of their portfolio | 156.3k $3.9m | Added +8.1k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 146.3k $3.6m | Reduced -32.7k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 142.9k $3.5m | Added +4.3k |
| CW Advisors, LLC 0.03% of their portfolio | 142.6k $3.5m | Added +9.8k |
| Rafferty Asset Management, LLC 0.01% of their portfolio | 141.2k $3.5m | Reduced -34.2k |
| Edgestream Partners, L.P. 0.09% of their portfolio | 138.0k $3.4m | New |
| Caption Management, LLC 0.29% of their portfolio | 129.4k $3.2m | Added +85.6k |
| COMERICA BANK 0.01% of their portfolio | 124.4k $3.1m | Added +8.4k |
| SEGALL BRYANT & HAMILL, LLC 0.04% of their portfolio | 119.4k $3.0m | Reduced -9.5k |
| CoreCommodity Management, LLC 0.48% of their portfolio | 117.3k $2.9m | Added +42.5k |
| Adams Wealth Management 0.54% of their portfolio | 115.5k $2.9m | Added +18.7k |
| CacheTech Inc. 0.53% of their portfolio | 115.5k $2.9m | Added +18.7k |
| NFJ INVESTMENT GROUP, LLC 0.10% of their portfolio | 112.3k $2.8m | Added +32.1k |
| PDT Partners, LLC 0.15% of their portfolio | 109.7k $2.7m | Added +96.8k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio | 108.3k $2.7m | Added +32.2k |