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 ($14.1m this quarter). Holder counts are more reliable. Shares outstanding: 239.7m as of 2026-04-23, 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 ≈ $31.18. Options: 19 managers hold calls ($89.7m notional), 15 hold puts ($62.4m).
Trends to Q1 2026
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 |
| Q3 2025 | 383 |
| Q4 2025 | 345 |
| Q1 2026 | 515 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2024 | 241 | 164 |
| Q3 2024 | 243 | 195 |
| Q4 2024 | 195 | 220 |
| Q1 2025 | 220 | 223 |
| Q2 2025 | 203 | 197 |
| Q3 2025 | 211 | 163 |
| Q4 2025 | 170 | 225 |
| Q1 2026 | 431 | 107 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $46.0m | $21.2m | 0.46 |
| Q3 2025 | $38.1m | $20.1m | 0.53 |
| Q4 2025 | $21.2m | $19.4m | 0.92 |
| Q1 2026 | $89.7m | $62.4m | 0.70 |
Biggest buyers
| BlackRock, Inc. | Added | +17.5m |
| CANADA PENSION PLAN INVESTMENT BOARD | Added | +13.9m |
| ARISTEIA CAPITAL, L.L.C. | Added | +10.5m |
| DONALD SMITH & CO., INC. | New | +7.2m |
| STATE STREET CORP | Added | +6.2m |
| DIMENSIONAL FUND ADVISORS LP | Added | +4.4m |
| AMERICAN CENTURY COMPANIES INC | Added | +4.2m |
| FMR LLC | Added | +3.9m |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +3.0m |
| MACKENZIE FINANCIAL CORP | New | +2.7m |
Biggest sellers
| Balyasny Asset Management L.P. | Reduced | -1.7m |
| Alyeska Investment Group, L.P. | Reduced | -1.7m |
| D. E. Shaw & Co., Inc. | Sold out | -1.4m |
| Point72 Asset Management, L.P. | Sold out | -1.4m |
| ALGERT GLOBAL LLC | Reduced | -1.0m |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | Sold out | -784.8k |
| JANE STREET GROUP, LLC | Reduced | -777.6k |
| Sagefield Capital LP | Reduced | -592.9k |
| Thomist Capital Management, LP | Sold out | -552.9k |
| WEDGE CAPITAL MANAGEMENT L L P/NC | Reduced | -514.3k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $24.4m782.4k shares |
| CITADEL ADVISORS LLC | Added | $16.3m522.0k shares |
| WELLS FARGO & COMPANY/MN | Added | $12.5m400.0k shares |
| IMC-Chicago, LLC | Added | $7.8m250.6k shares |
| JANE STREET GROUP, LLC | Added | $7.3m233.1k shares |
| PEAK6 LLC | New | $4.0m129.3k shares |
| CastleKnight Management LP | New | $3.1m100.0k shares |
| SIMPLEX TRADING, LLC | Added | $2.0m64.1k shares |
| Walleye Trading LLC | Added | $2.0m62.8k shares |
| GROUP ONE TRADING LLC | Added | $1.8m57.2k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $18.1m581.8k shares |
| CITADEL ADVISORS LLC | Added | $10.5m337.6k shares |
| IMC-Chicago, LLC | Added | $7.4m238.2k shares |
| D. E. Shaw & Co., Inc. | Added | $5.5m176.2k shares |
| JANE STREET GROUP, LLC | Added | $4.7m150.2k shares |
| GROUP ONE TRADING LLC | Added | $3.1m99.7k shares |
| Squarepoint Ops LLC | Added | $3.1m99.2k shares |
| Dockside LLC | New | $2.8m90.1k shares |
| Walleye Trading LLC | Added | $1.7m53.3k shares |
| TUDOR INVESTMENT CORP ET AL | Added | $1.3m42.6k 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 Q1 2026
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 |
|---|---|---|---|---|---|
| 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 | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
| Q1 2026 | 0 | — | 0 | — | — |
None reported in Q1 2026.
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.02% of their portfolio | 38.4m $1.2bn | Added +17.5m |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.02% of their portfolio | 15.2m $475.0m | First filing |
| CANADA PENSION PLAN INVESTMENT BOARD 0.29% of their portfolio | 14.5m $451.9m | Added +13.9m |
| STATE STREET CORP 0.01% of their portfolio | 12.5m $389.6m | Added +6.2m |
| ARISTEIA CAPITAL, L.L.C. 7.76% of their portfolio | 10.8m $338.0m | Added +10.5m |
| VANGUARD CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 10.5m $328.6m | First filing |
| DIMENSIONAL FUND ADVISORS LP 0.06% of their portfolio | 10.0m $311.7m | Added +4.4m |
| AMERICAN CENTURY COMPANIES INC 0.14% of their portfolio | 8.9m $278.2m | Added +4.2m |
| DONALD SMITH & CO., INC. 4.04% of their portfolio | 7.2m $224.8m | New |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 5.7m $177.7m | Added +3.0m |
| MILLENNIUM MANAGEMENT LLC 0.12% of their portfolio | 5.0m $156.9m | Added +2.2m |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 4.1m $130.2m | Added +987.5k |
| FMR LLC 0.01% of their portfolio | 4.0m $125.3m | Added +3.9m |
| MORGAN STANLEY 0.01% of their portfolio | 3.5m $109.5m | Added +1.8m |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.16% of their portfolio | 2.9m $91.7m | Added +44.3k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 2.9m $90.4m | Added +1.5m |
| WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio | 2.7m $85.7m | Added +2.6m |
| MACKENZIE FINANCIAL CORP 0.10% of their portfolio | 2.7m $83.5m | New |
| NORTHERN TRUST CORP 0.01% of their portfolio | 2.7m $82.8m | Added +1.4m |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 2.4m $75.1m | Added +1.5m |
| Nuveen, LLC 0.02% of their portfolio | 2.4m $73.6m | Added +1.5m |
| UBS Group AG 0.01% of their portfolio | 2.1m $64.8m | Added +1.4m |
| VANGUARD FIDUCIARY TRUST CO 0.01% of their portfolio | 1.5m $46.3m | First filing |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.4m $44.2m | Added +692.5k |
| FEARNLEY ASSET MANAGEMENT AS 14.16% of their portfolio | 1.4m $43.3m | Added +513.7k |
| FIRST TRUST ADVISORS LP 0.03% of their portfolio | 1.3m $40.2m | Added +543.8k |
| Webs Creek Capital Management LP 6.94% of their portfolio | 1.3m $40.1m | New |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.3m $39.3m | Reduced -159.5k |
| Gotham Asset Management, LLC 0.12% of their portfolio | 1.2m $38.3m | Added +1.2m |
| Invesco Ltd. 0.00% of their portfolio | 1.1m $35.4m | Added +374.3k |
| VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio | 1.1m $35.1m | Added +309.5k |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 1.1m $34.3m | Added +555.1k |
| AQR CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 1.1m $33.6m | Added +589.9k |
| Fisher Asset Management, LLC 0.01% of their portfolio | 981.4k $30.6m | Added +37.3k |
| PALISADE CAPITAL MANAGEMENT, LP 1.01% of their portfolio | 972.3k $30.3m | Reduced -16.4k |
| Squarepoint Ops LLC 0.06% of their portfolio | 909.6k $28.4m | Added +898.8k |
| Public Sector Pension Investment Board 0.08% of their portfolio | 809.8k $25.3m | Added +413.3k |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 772.2k $24.3m | Added +229.7k |
| RHUMBLINE ADVISERS 0.02% of their portfolio | 735.8k $22.9m | Added +357.9k |
| Lighthouse Investment Partners, LLC 0.86% of their portfolio | 731.6k $22.8m | Added +349.1k |
| Grantham, Mayo, Van Otterloo & Co. LLC 0.06% of their portfolio | 716.9k $22.4m | New |
| KENNEDY CAPITAL MANAGEMENT LLC 0.46% of their portfolio | 701.9k $21.9m | Added +315.7k |
| Encompass Capital Advisors LLC 0.89% of their portfolio | 697.8k $21.8m | New |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio | 626.1k $19.5m | Added +371.4k |
| PANAGORA ASSET MANAGEMENT INC 0.07% of their portfolio | 625.6k $19.5m | Added +125.0k |
| WHITEBOX ADVISORS LLC 0.27% of their portfolio | 602.3k $18.8m | New |
| GLENMEDE TRUST CO NA 0.09% of their portfolio | 597.4k $18.6m | Added +147.6k |
| Corigliano Investment Advisers, LLC 6.82% of their portfolio | 560.0k $17.5m | Added +97.2k |
| AEGIS FINANCIAL CORP 2.96% of their portfolio | 551.8k $17.2m | New |
| Alyeska Investment Group, L.P. 0.05% of their portfolio | 545.4k $17.0m | Reduced -1.7m |
| NEW YORK STATE COMMON RETIREMENT FUND 0.02% of their portfolio | 537.3k $16.8m | Added +11.4k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.03% of their portfolio | 535.5k $16.7m | Added +172.8k |
| Zimmer Partners, LP 0.41% of their portfolio | 532.5k $16.6m | New |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.05% of their portfolio | 504.9k $15.7m | Reduced -59.8k |
| Sagefield Capital LP 1.10% of their portfolio | 491.3k $15.3m | Reduced -592.9k |
| Goehring & Rozencwajg Associates, LLC 0.82% of their portfolio | 487.7k $15.2m | New |
| TUDOR INVESTMENT CORP ET AL 0.08% of their portfolio | 484.0k $15.1m | Reduced -82.0k |
| Legal & General Group Plc 0.00% of their portfolio | 476.1k $14.8m | Added +192.2k |
| California Public Employees Retirement System 0.01% of their portfolio | 475.8k $14.8m | Added +271.3k |
| Pekin Hardy Strauss, Inc. 1.53% of their portfolio | 469.8k $14.6m | Added +72.7k |
| CLG LLC 3.61% of their portfolio | 466.2k $14.5m | New |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 465.5k $14.5m | Added +66.2k |
| Steward Partners Investment Advisory, LLC 0.07% of their portfolio | 457.3k $14.3m | Added +457.1k |
| CAPITAL FUND MANAGEMENT S.A. 0.12% of their portfolio | 426.6k $13.3m | Added +173.5k |
| Leeward Investments, LLC - MA 0.66% of their portfolio | 426.5k $13.3m | New |
| Swiss National Bank 0.01% of their portfolio | 424.2k $13.2m | Added +197.5k |
| BARCLAYS PLC 0.00% of their portfolio | 418.6k $13.1m | Added +129.4k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 406.7k $7.6m | Added +279.1k |
| Creative Planning 0.01% of their portfolio | 403.4k $12.6m | Added +236.3k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 383.2k $12.0m | Added +132.8k |
| Baird Financial Group, Inc. 0.02% of their portfolio | 383.2k $11.9m | Added +78.1k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 377.9k $11.8m | Added +90.0k |
| ROYCE & ASSOCIATES LP 0.11% of their portfolio | 362.3k $11.3m | Reduced -36.7k |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 317.1k $9.9m | Added +176.2k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 313.5k $9.8m | Added +176.8k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.01% of their portfolio | 300.0k $9.4m | New |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 280.8k $8.8m | Added +163.6k |
| Rafferty Asset Management, LLC 0.03% of their portfolio | 272.2k $8.5m | Added +105.6k |
| CSM Advisors, LLC 0.20% of their portfolio | 259.7k $8.1m | Added +39.2k |
| Qube Research & Technologies Ltd 0.01% of their portfolio | 256.3k $8.0m | New |
| ExodusPoint Capital Management, LP 0.08% of their portfolio | 256.1k $8.0m | New |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 252.1k $7.9m | Added +39.3k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 250.4k $7.8m | Added +140.5k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 247.8k $7.7m | New |
| Mitsubishi UFJ Trust & Banking Corp 0.02% of their portfolio | 243.9k $7.6m | Added +129.3k |
| Tiptree Advisors, LLC 4.34% of their portfolio | 240.0k $7.5m | New |
| Truffle Hound Capital, LLC 4.59% of their portfolio | 240.0k $7.5m | New |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 236.9k $7.4m | Added +128.7k |
| LSV ASSET MANAGEMENT 0.02% of their portfolio | 232.7k $7.3m | Reduced -183.2k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 232.0k $7.2m | Added +83.0k |
| SEGALL BRYANT & HAMILL, LLC 0.10% of their portfolio | 223.2k $7.0m | Added +81.8k |
| Focus Partners Wealth 0.01% of their portfolio | 215.0k $6.7m | New |
| CoreCommodity Management, LLC 1.22% of their portfolio | 210.9k $6.6m | Added +93.3k |
| PLUSTICK MANAGEMENT LLC 3.16% of their portfolio | 210.0k $6.5m | New |
| ALGERT GLOBAL LLC 0.10% of their portfolio | 208.8k $6.5m | Reduced -1.0m |
| CAXTON ASSOCIATES LLP 0.15% of their portfolio | 208.7k $6.5m | Added +16.6k |
| DENALI ADVISORS LLC 0.70% of their portfolio | 202.8k $6.3m | Reduced -97.2k |
| Man Group plc 0.01% of their portfolio | 202.2k $6.3m | Added +187.9k |
| Qsemble Capital Management, LP 0.47% of their portfolio | 197.7k $6.2m | New |
| Thrivent Financial for Lutherans 0.01% of their portfolio | 191.5k $6.0m | Added +72.4k |