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 ($6.4m this quarter). Holder counts are more reliable. Shares outstanding: 237.9m as of 2026-07-23, 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 ≈ $26.11. Options: 16 managers hold calls ($109.9m notional), 15 hold puts ($43.0m).
Trends to Q2 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 |
| Q2 2026 | 498 |
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 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 |
| Q2 2026 | 274 | 233 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $38.1m | $20.1m | 0.53 |
| Q4 2025 | $21.2m | $19.4m | 0.92 |
| Q1 2026 | $89.7m | $62.4m | 0.70 |
| Q2 2026 | $109.9m | $43.0m | 0.39 |
Biggest buyers
| FULLER & THALER ASSET MANAGEMENT, INC. | New | +2.3m |
| ARISTEIA CAPITAL, L.L.C. | Added | +2.2m |
| Qube Research & Technologies Ltd | Added | +1.4m |
| Invesco Ltd. | Added | +1.3m |
| MACKENZIE FINANCIAL CORP | Added | +997.4k |
| Boston Partners | Added | +887.1k |
| BlackRock, Inc. | Added | +849.0k |
| Balyasny Asset Management L.P. | Added | +800.0k |
| Webs Creek Capital Management LP | Added | +755.2k |
| Encompass Capital Advisors LLC | Added | +750.3k |
Biggest sellers
| WELLINGTON MANAGEMENT GROUP LLP | Reduced | -2.1m |
| DIMENSIONAL FUND ADVISORS LP | Reduced | -1.8m |
| UBS Group AG | Reduced | -1.2m |
| Squarepoint Ops LLC | Reduced | -835.3k |
| STATE STREET CORP | Reduced | -790.1k |
| Lighthouse Investment Partners, LLC | Sold out | -731.6k |
| MORGAN STANLEY | Reduced | -568.0k |
| PALISADE CAPITAL MANAGEMENT, LP | Reduced | -550.2k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -539.4k |
| Zimmer Partners, LP | Sold out | -532.5k |
Biggest calls
| Permian Investment Partners, LP | New | $26.7m1.0m shares |
| CITADEL ADVISORS LLC | Added | $22.5m862.8k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $14.0m537.2k shares |
| JANE STREET GROUP, LLC | Added | $12.3m469.8k shares |
| WELLS FARGO & COMPANY/MN | Unchanged | $10.4m400.0k shares |
| IMC-Chicago, LLC | Reduced | $5.9m225.5k shares |
| Squarepoint Ops LLC | Added | $4.6m176.8k shares |
| PEAK6 LLC | Added | $3.9m150.0k shares |
| CSS LLC/IL | Added | $2.7m104.6k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.5m59.2k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $11.1m426.7k shares |
| JANE STREET GROUP, LLC | Added | $7.6m290.2k shares |
| IMC-Chicago, LLC | Reduced | $5.9m227.7k shares |
| CITADEL ADVISORS LLC | Reduced | $4.7m181.6k shares |
| Squarepoint Ops LLC | Added | $3.6m139.3k shares |
| MIRAE ASSET SECURITIES (USA) INC. | New | $2.2m85.0k shares |
| GROUP ONE TRADING LLC | Reduced | $1.5m58.4k shares |
| Twin Tree Management, LP | New | $1.1m41.0k shares |
| Walleye Trading LLC | Reduced | $1.1m40.9k shares |
| JPMORGAN CHASE & CO | Unchanged | $1.0m40.0k 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 since 1 Apr 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q2 2026 | 0 | — | 1 | $834.3k | — |
| Q3 2026 | 0 | — | 2 | $787.6k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-09-10 | Venkatraman Ashwin Director | Sold | $139.7k3.6k shares |
| 2026-08-21 | Lebeck James Barker EVP, GC & Corp Secretary | Sold | $647.9k17.5k shares |
| 2026-05-21 | PERU RAMIRO G Director | Sold | $834.3k24.6k 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 2026
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.02% of their portfolio | 39.3m $1.0bn | Added +849.0k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.02% of their portfolio | 15.4m $402.6m | Added +190.9k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.21% of their portfolio | 14.5m $378.3m | Unchanged |
| ARISTEIA CAPITAL, L.L.C. 5.33% of their portfolio | 13.0m $339.3m | Added +2.2m |
| STATE STREET CORP 0.01% of their portfolio | 11.7m $305.5m | Reduced -790.1k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 10.7m $278.2m | Added +119.6k |
| AMERICAN CENTURY COMPANIES INC 0.10% of their portfolio | 8.9m $233.2m | Added +12.1k |
| DIMENSIONAL FUND ADVISORS LP 0.04% of their portfolio | 8.2m $213.4m | Reduced -1.8m |
| DONALD SMITH & CO., INC. 3.53% of their portfolio | 7.6m $199.6m | Added +438.7k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 6.3m $163.7m | Added +571.3k |
| MILLENNIUM MANAGEMENT LLC 0.08% of their portfolio | 4.5m $117.3m | Reduced -539.4k |
| FMR LLC 0.00% of their portfolio | 3.8m $99.1m | Reduced -220.2k |
| MACKENZIE FINANCIAL CORP 0.09% of their portfolio | 3.7m $95.9m | Added +997.4k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 3.5m $92.7m | Reduced -516.5k |
| MORGAN STANLEY 0.00% of their portfolio | 2.9m $76.8m | Reduced -568.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 2.9m $75.5m | Reduced -6.7k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 2.8m $72.7m | Added +132.2k |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.11% of their portfolio | 2.7m $70.9m | Reduced -226.2k |
| Invesco Ltd. 0.01% of their portfolio | 2.4m $63.5m | Added +1.3m |
| Nuveen, LLC 0.01% of their portfolio | 2.3m $60.6m | Reduced -40.2k |
| FULLER & THALER ASSET MANAGEMENT, INC. 0.16% of their portfolio | 2.3m $59.5m | New |
| Webs Creek Capital Management LP 10.09% of their portfolio | 2.0m $53.3m | Added +755.2k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 1.9m $50.0m | Reduced -491.3k |
| Qube Research & Technologies Ltd 0.05% of their portfolio | 1.7m $44.2m | Added +1.4m |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.7m $43.3m | Added +239.8k |
| VANGUARD FIDUCIARY TRUST CO 0.01% of their portfolio | 1.5m $40.0m | Added +48.4k |
| FEARNLEY ASSET MANAGEMENT AS 14.04% of their portfolio | 1.5m $39.1m | Added +107.0k |
| Encompass Capital Advisors LLC 1.63% of their portfolio | 1.4m $37.8m | Added +750.3k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.3m $34.2m | Added +49.0k |
| Gotham Asset Management, LLC 0.07% of their portfolio | 1.2m $31.0m | Reduced -41.5k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 1.1m $28.8m | Added +755 |
| VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio | 1.1m $28.6m | Reduced -30.9k |
| TUDOR INVESTMENT CORP ET AL 0.12% of their portfolio | 1.1m $28.3m | Added +601.5k |
| AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 1.0m $26.1m | Reduced -78.9k |
| Fisher Asset Management, LLC 0.01% of their portfolio | 986.9k $25.8m | Added +5.5k |
| Boston Partners 0.02% of their portfolio | 937.3k $25.0m | Added +887.1k |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 918.1k $24.0m | Reduced -372.4k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 900.6k $23.5m | Added +128.4k |
| UBS Group AG 0.00% of their portfolio | 844.5k $22.0m | Reduced -1.2m |
| Balyasny Asset Management L.P. 0.04% of their portfolio | 839.5k $21.9m | Added +800.0k |
| Public Sector Pension Investment Board 0.05% of their portfolio | 782.5k $20.4m | Reduced -27.3k |
| AEGIS FINANCIAL CORP 3.21% of their portfolio | 778.9k $20.3m | Added +227.1k |
| KENNEDY CAPITAL MANAGEMENT LLC 0.32% of their portfolio | 681.9k $17.8m | Reduced -20.0k |
| CAPITAL FUND MANAGEMENT S.A. 0.12% of their portfolio | 666.4k $17.4m | Added +239.8k |
| LAZARD ASSET MANAGEMENT LLC 0.03% of their portfolio | 662.8k $17.3m | Added +601.0k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 655.4k $17.1m | Reduced -80.4k |
| Sagefield Capital LP 1.26% of their portfolio | 652.4k $17.0m | Added +161.1k |
| BESSEMER GROUP INC 0.02% of their portfolio | 642.9k $16.8m | Added +641.0k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 625.4k $16.3m | Reduced -2.1m |
| Grantham, Mayo, Van Otterloo & Co. LLC 0.04% of their portfolio | 595.4k $15.5m | Reduced -121.5k |
| GLENMEDE TRUST CO NA 0.07% of their portfolio | 588.3k $15.4m | Reduced -9.1k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.02% of their portfolio | 568.3k $14.8m | Added +32.8k |
| Creative Planning 0.01% of their portfolio | 551.5k $14.4m | Added +148.1k |
| Susquehanna Portfolio Strategies, LLC 0.22% of their portfolio | 536.1k $14.0m | Added +382.0k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 525.0k $13.7m | Reduced -101.2k |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC 0.04% of their portfolio | 517.8k $13.5m | Added +12.9k |
| Goehring & Rozencwajg Associates, LLC 0.77% of their portfolio | 513.4k $13.4m | Added +25.7k |
| Legal & General Group Plc 0.00% of their portfolio | 501.5k $13.1m | Added +25.4k |
| WHITEBOX ADVISORS LLC 0.21% of their portfolio | 496.6k $13.0m | Reduced -105.7k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 492.2k $12.8m | Added +483.0k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.02% of their portfolio | 489.3k $12.8m | Reduced -48.0k |
| MARSHALL WACE, LLP 0.01% of their portfolio | 485.1k $12.7m | Added +324.3k |
| Pekin Hardy Strauss, Inc. 1.12% of their portfolio | 485.0k $12.7m | Added +15.2k |
| Swiss National Bank 0.01% of their portfolio | 481.1k $12.6m | Added +56.9k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 435.6k $11.4m | Added +409.2k |
| PALISADE CAPITAL MANAGEMENT, LP 0.48% of their portfolio | 422.1k $11.0m | Reduced -550.2k |
| Leeward Investments, LLC - MA 0.49% of their portfolio | 416.5k $10.9m | Reduced -10.0k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 414.7k $10.8m | Added +31.6k |
| PANAGORA ASSET MANAGEMENT INC 0.03% of their portfolio | 405.0k $10.6m | Reduced -220.6k |
| California Public Employees Retirement System 0.01% of their portfolio | 395.8k $10.3m | Reduced -80.0k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 393.8k $10.3m | Added +141.7k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.01% of their portfolio | 370.0k $9.7m | Added +70.0k |
| ROYCE & ASSOCIATES LP 0.07% of their portfolio | 347.9k $9.1m | Reduced -14.3k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.01% of their portfolio | 325.4k $8.5m | Added +141.5k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 322.9k $8.4m | Added +42.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 304.0k $7.9m | Reduced -9.5k |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 290.5k $7.6m | Reduced -26.5k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 290.0k $7.6m | Added +103.3k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 287.3k $9.0m | Reduced -119.4k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 278.1k $7.3m | Added +27.7k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 276.1k $7.2m | Added +39.2k |
| Jump Financial, LLC 0.06% of their portfolio | 265.0k $6.9m | Added +257.0k |
| Bridgewater Associates, LP 0.03% of their portfolio | 265.0k $6.9m | New |
| CSM Advisors, LLC 0.14% of their portfolio | 250.8k $6.5m | Reduced -8.9k |
| Trexquant Investment LP 0.04% of their portfolio | 243.7k $6.4m | New |
| Truffle Hound Capital, LLC 3.95% of their portfolio | 240.0k $6.3m | Unchanged |
| Alyeska Investment Group, L.P. 0.02% of their portfolio | 230.7k $6.0m | Reduced -314.7k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 229.6k $6.0m | Reduced -2.4k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 226.3k $5.9m | Reduced -151.7k |
| PLUSTICK MANAGEMENT LLC 2.49% of their portfolio | 225.0k $5.9m | Added +15.0k |
| READYSTATE ASSET MANAGEMENT LP 0.24% of their portfolio | 222.9k $5.8m | Added +166.2k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio | 207.2k $5.4m | Added +39.2k |
| Horizon Investments, LLC 0.06% of their portfolio | 204.5k $5.3m | Added +53.9k |
| SEGALL BRYANT & HAMILL, LLC 0.06% of their portfolio | 202.8k $5.3m | Reduced -20.4k |
| Quantinno Capital Management LP 0.01% of their portfolio | 201.3k $5.3m | Added +99.6k |
| Thrivent Financial for Lutherans 0.01% of their portfolio | 194.4k $5.1m | Added +2.9k |
| Turtle Creek Wealth Advisors, LLC 0.26% of their portfolio | 191.0k $5.0m | New |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 189.3k $4.9m | Added +2.7k |
| SIR Capital Management, L.P. 0.55% of their portfolio | 182.9k $4.8m | New |
| Quantbot Technologies LP 0.18% of their portfolio | 178.8k $4.7m | Added +121.1k |