Buy SM by May 11, 2026.

The market seems hyper-focused on the debt $SM took on from the Civitas merger, treating the stock like a liability rather than an asset. But looking at their massive unhedged exposure, I feel like a sustained $90+ oil price for the next two months completely flips the script. I dug into their recent late-February/March updates, and I’m seeing some really strong catalysts that aren’t being priced in: Management just set a strict 80/20 rule, funneling 80% of free cash flow …