Zacks Investment Research upgraded shares of SM Energy Co. (NYSE:SM) from a hold rating to a buy rating in a research note issued to investors on Tuesday. They currently have $44.00 price objective on the energy company’s stock.
According to Zacks, “SM Energy boasts of a diverse asset mix and promising organic production growth outlook. SM Energy is also favorably positioned than most of its peers in terms of the strength of its balance sheet. In an attempt to improve the overall quality of the company’s inventory, it acquired acreage in Permian Basin, which has emerged as a core area of Midland Basin and is value accretive to SM Energy’s existing holding in the basin. Additionally, SM Energy’s effort to rationalize its portfolio is noteworthy. Recently, it appointed Petrie Partners to review the sale of certain leasehold assets in Williston Basin. Moreover, its holdings in Eagle Ford, Bakken, Niobrara, Haynesville and Granite Wash provide multiple years of drilling inventory, indicating robust long-term prospects for the firm.”
Other equities analysts have also recently issued reports about the company. Deutsche Bank AG increased their price target on SM Energy from $31.00 to $35.00 and gave the stock a hold rating in a report on Tuesday, June 14th. KLR Group upgraded SM Energy from an accumulate rating to a buy rating and raised their target price for the company from $37.00 to $43.00 in a report on Tuesday, August 9th. Simmons upgraded SM Energy from a neutral rating to an overweight rating and raised their target price for the company from $38.00 to $50.00 in a report on Monday, August 15th. KeyCorp upgraded SM Energy from a sector weight rating to an overweight rating and set a $40.00 target price for the company in a report on Wednesday, August 10th. Finally, Cantor Fitzgerald restated a hold rating and set a $24.00 target price on shares of SM Energy in a report on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $33.52.
SM Energy (NYSE:SM) opened at 40.12 on Tuesday. The firm has a 50-day moving average of $36.72 and a 200-day moving average of $29.66. The company’s market capitalization is $2.75 billion. SM Energy has a one year low of $6.99 and a one year high of $42.23.
SM Energy (NYSE:SM) last released its quarterly earnings results on Tuesday, August 2nd. The energy company reported ($0.44) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.27. The business earned $341.80 million during the quarter, compared to analysts’ expectations of $328.18 million. SM Energy had a negative return on equity of 9.92% and a negative net margin of 73.55%. The company’s revenue was down 33.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.49 EPS. On average, analysts anticipate that SM Energy will post ($2.38) earnings per share for the current year.
The firm also recently declared a semiannual dividend, which will be paid on Wednesday, November 2nd. Investors of record on Friday, October 21st will be paid a $0.05 dividend. The ex-dividend date of this dividend is Wednesday, October 19th. This represents a dividend yield of 0.29%. SM Energy’s dividend payout ratio (DPR) is presently -0.80%.
In related news, SVP Kenneth J. Knott sold 661 shares of SM Energy stock in a transaction that occurred on Thursday, September 29th. The stock was sold at an average price of $40.00, for a total value of $26,440.00. Following the sale, the senior vice president now directly owns 43,417 shares in the company, valued at $1,736,680. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 1.70% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the stock. Nisa Investment Advisors LLC acquired a new stake in SM Energy during the second quarter worth $124,000. BlueMountain Capital Management LLC purchased a new position in shares of SM Energy during the second quarter valued at about $230,000. Teacher Retirement System of Texas boosted its position in shares of SM Energy by 11.9% in the second quarter. Teacher Retirement System of Texas now owns 9,305 shares of the energy company’s stock valued at $251,000 after buying an additional 993 shares in the last quarter. Amalgamated Bank purchased a new position in shares of SM Energy during the second quarter valued at about $277,000. Finally, Tower Research Capital LLC TRC purchased a new position in shares of SM Energy during the second quarter valued at about $285,000. Hedge funds and other institutional investors own 82.89% of the company’s stock.
About SM Energy
SM Energy Company is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of crude oil and condensate, natural gas and natural gas liquids (NGLs) in onshore North America. The Company operates in the exploration and production segment of the oil and gas industry within the United States.
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