SM Energy director sells 3,650 shares at $38.28

Rhea-AI Filing Summary

SM Energy Co (SM) director Ashwin Venkatraman reported selling 3,650 shares of common stock on September 10, 2026 in an open-market or private transaction at a weighted-average price of about $38.28 per share, executed in multiple trades between $38.14 and $38.46 per share.

Following this sale, the director directly holds 12,525 shares of SM Energy common stock. No Rule 10b5-1 trading plan is indicated for this transaction.

Insider Trade Summary

Net Seller: 3,650 shares

Net Sell 1 txn

Insider Venkatraman Ashwin

Role Director

Sold 3,650 shs ($140K)

Type	Security	Shares	Price	Value
Sale	Common Stock, $.01 Par Value F1	3,650	$38.28	$140K

Holdings After Transaction: Common Stock, $.01 Par Value — 12,525 shares (Direct)

Footnotes (1)

1. F1. The shares were purchased in multiple transactions at prices ranging from $38.14 to 38.46, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth herein.

Key Figures

Shares sold: 3,650 shares Weighted-average sale price: $38.28 per share Price range of trades: $38.14–$38.46 per share +2 more

5 metrics

Shares sold 3,650 shares Common stock sale reported for September 10, 2026

Weighted-average sale price $38.28 per share Common stock sale on September 10, 2026

Price range of trades $38.14–$38.46 per share Range of prices for the multiple transactions on the trade date

Shares held after transaction 12,525 shares Director’s direct ownership following the September 10, 2026 sale

Net shares sold 3,650 shares Net change in buy/sell shares across all transactions in the filing

Key Terms

open market or private transaction, par value, weighted-average price, multiple transactions

4 terms

open market or private transaction market

"reported as a sale in an open market or private transaction"

par value financial

"Common Stock, $.01 Par Value"

Par value is the fixed amount printed on a bond or stock that represents its original value when issued. It’s like the face value of a coin or bill—what the issuer promises to pay back or the starting price of a stock—though it often doesn’t change with market prices. It matters because it helps determine certain financial details, like how much the company will pay back at maturity.

weighted-average price financial

"weighted-average price of about $38.28 per share"

Weighted-average price is the average of multiple prices where each price is counted according to its size or importance—larger trades carry more weight than smaller ones, like averaging course grades by credit hours. It matters to investors because it gives a more realistic picture of the true price paid or received, helping assess trade execution, compare performance, calculate cost basis, and value positions more accurately than a simple average.

multiple transactions market

"shares were traded in multiple transactions at prices ranging"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did SM director Ashwin Venkatraman report in this Form 4?

Ashwin Venkatraman, a director of SM Energy Co (SM), reported a sale of 3,650 shares of the company’s common stock on September 10, 2026 in an open-market or private transaction.

How many SM Energy (SM) shares did the director sell and at what price?

The director sold 3,650 shares of SM Energy common stock at a weighted-average price of about $38.28 per share, executed in multiple transactions at prices ranging from $38.14 to $38.46 per share.

How many SM Energy (SM) shares does the director own after this transaction?

After the reported sale, the director directly owns 12,525 shares of SM Energy common stock. This figure reflects holdings immediately following the September 10, 2026 transaction.

Was the SM Energy (SM) insider sale under a Rule 10b5-1 trading plan?

No. The filing indicates no Rule 10b5-1 trading plan for this transaction, meaning it was not affirmatively reported as executed under a pre-arranged trading plan.

What does the price range in the SM Energy (SM) Form 4 footnote mean?

The footnote states the shares were traded in multiple transactions at prices ranging from $38.14 to $38.46 per share. The reported $38.28 is a weighted-average price; detailed per-trade prices are available from the reporting person on request.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/11/2026 - 04:32 PM Accepted by SEC EDGAR 09/11/2026 - 04:32 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Venkatraman Ashwin

(Last) (First) (Middle)

1700 LINCOLN STREET

SUITE 3200

(Street)

DENVER COLORADO 80203

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
SM Energy Co [ SM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $.01 Par Value	09/10/2026		S		3,650	D	$38.28(1)	12,525	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares were purchased in multiple transactions at prices ranging from $38.14 to 38.46, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth herein.

Remarks:

	Andrew T. Fiske (Attorney-in-Fact)	09/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)