SCHEDULE: Vanguard Boosts Stake in SM Energy to 12.05%

The Vanguard Group has reported an increased beneficial ownership of 12.05% in SM Energy Co, holding over 13.8 million shares.

Summary

• The Vanguard Group, an investment adviser based in Pennsylvania, has filed an Amendment No. 14 to Schedule 13G regarding its beneficial ownership in SM Energy Co.
• As of September 30, 2025, Vanguard beneficially owns 13,856,552 shares of SM Energy Co's Common Stock.
• This represents 12.05% of the class of securities.
• Vanguard holds sole voting power over 0 shares and shared voting power over 818,886 shares.
• Vanguard holds sole dispositive power over 12,910,265 shares and shared dispositive power over 946,287 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive as a major institutional investor like Vanguard maintaining or increasing a significant stake can be seen as a vote of confidence, even if it's a passive investment. There are no negative implications within the filing itself.

Positives

• The filing indicates continued institutional investor interest in SM Energy Co, with The Vanguard Group maintaining a significant stake.

Future Outlook

This filing does not contain forward-looking statements or guidance from SM Energy Co, as it is a beneficial ownership report from an institutional investor.

Management Comments

• The Vanguard Group certifies that the securities were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.

Industry Context

This Schedule 13G filing reflects a passive investment position by a major institutional asset manager, The Vanguard Group, in SM Energy Co, an entity typically operating within the energy sector. Such filings are routine disclosures for large investors crossing specific ownership thresholds, providing transparency into significant institutional holdings without necessarily indicating a strategic shift in the issuer's operations or the broader industry.

Stakeholder Impact

• Shareholders: Increased transparency regarding a significant institutional holder's stake, potentially signaling stability or confidence from a major passive investor.
• Management: Awareness of a large, passive institutional shareholder, which typically implies less direct involvement in corporate governance decisions compared to activist investors.

Key Dates

Keywords

SM Energy Co, Vanguard Group, Beneficial Ownership, Schedule 13G, Institutional Investor, Common Stock, Energy Sector