SM Energy Co. (SM) Trading Up 5.6% Following Analyst Upgrade
SM Energy Co. (NYSE:SM) rose 5.6% on Wednesday after Royal Bank Of Canada raised their price target on the stock from $39.00 to $42.00. Royal Bank Of Canada currently has a sector perform rating on the stock. SM Energy traded as high as $41.37 and last traded at $41.24, with a volume of 2,396,745 shares. The stock had previously closed at $39.06.
Other equities research analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of SM Energy from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a report on Friday, August 19th. KLR Group upgraded shares of SM Energy from an “accumulate” rating to a “buy” rating and boosted their price objective for the stock from $37.00 to $43.00 in a report on Tuesday, August 9th. Williams Capital initiated coverage on shares of SM Energy in a report on Monday, August 29th. They issued a “buy” rating and a $57.00 price objective for the company. Seaport Global Securities upgraded shares of SM Energy from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $30.00 to $53.00 in a report on Tuesday, August 30th. Finally, Cantor Fitzgerald restated a “hold” rating and issued a $24.00 price objective on shares of SM Energy in a report on Wednesday, July 6th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and fourteen have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $34.64.
In other news, SVP Kenneth J. Knott sold 661 shares of the firm’s stock in a transaction dated Thursday, September 29th. The shares were sold at an average price of $40.00, for a total transaction of $26,440.00. Following the sale, the senior vice president now owns 43,417 shares of the company’s stock, valued at approximately $1,736,680. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.70% of the company’s stock.
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Several hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC bought a new stake in shares of SM Energy during the second quarter worth about $124,000. BlueMountain Capital Management LLC bought a new stake in shares of SM Energy during the second quarter worth about $230,000. Teacher Retirement System of Texas increased its stake 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 worth $251,000 after buying an additional 993 shares during the last quarter. Amalgamated Bank bought a new stake in shares of SM Energy during the second quarter worth about $277,000. Finally, Tower Research Capital LLC TRC bought a new stake in shares of SM Energy during the second quarter worth about $285,000. 82.83% of the stock is currently owned by hedge funds and other institutional investors.
The stock’s 50 day moving average price is $37.32 and its 200 day moving average price is $30.87. The company’s market cap is $2.84 billion.
SM Energy (NYSE:SM) last announced its earnings results on Tuesday, August 2nd. The energy company reported ($0.44) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.71) by $0.27. The business earned $341.80 million during the quarter, compared to the consensus estimate of $328.18 million. SM Energy had a negative net margin of 73.55% and a negative return on equity of 9.92%. The firm’s revenue was down 33.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.49 earnings per share. On average, analysts forecast that SM Energy Co. will post ($2.38) earnings per share for the current year.
The company also recently announced a semiannual dividend, which will be paid on Wednesday, November 2nd. Shareholders of record on Friday, October 21st will be issued a $0.05 dividend. The ex-dividend date is Wednesday, October 19th. This represents a yield of 0.29%. SM Energy’s dividend payout ratio is presently -0.80%.
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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