Zacks Investment Research upgraded shares of SM Energy Co. (NYSE:SM) from a hold rating to a buy rating in a research report report published on Tuesday. They currently have $44.00 price target 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.”
A number of other equities analysts also recently issued reports on SM. Cantor Fitzgerald reiterated a hold rating and issued a $24.00 price target on shares of SM Energy in a report on Wednesday, August 3rd. Mitsubishi UFJ Financial Group upgraded shares of SM Energy from an underweight rating to a neutral rating and set a $36.00 target price for the company in a report on Tuesday, August 23rd. Deutsche Bank AG raised their target price on shares of SM Energy from $31.00 to $35.00 and gave the company a hold rating in a report on Tuesday, June 14th. Barclays PLC raised their target price on shares of SM Energy from $32.00 to $40.00 and gave the company an overweight rating in a report on Thursday, August 4th. Finally, KLR Group upgraded shares of 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. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have issued a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $33.52.
SM Energy (NYSE:SM) opened at 39.32 on Tuesday. SM Energy has a one year low of $6.99 and a one year high of $41.55. The firm’s market capitalization is $2.69 billion. The stock has a 50 day moving average of $36.80 and a 200 day moving average of $29.80.
SM Energy (NYSE:SM) last announced its quarterly earnings results on Tuesday, August 2nd. The energy company reported ($0.44) earnings per share (EPS) for the quarter, beating 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 business’s revenue was down 33.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.49 EPS. Analysts forecast that SM Energy will post ($2.38) earnings per share for the current year.
The business 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 on Thursday, September 29th. The shares were sold at an average price of $40.00, for a total value of $26,440.00. Following the completion of the sale, the senior vice president now owns 43,417 shares in the company, valued at $1,736,680. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.70% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of SM. 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. Amalgamated Bank bought a new stake in shares of SM Energy during the second quarter worth about $277,000. Teacher Retirement System of Texas raised 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 period. Finally, Tower Research Capital LLC TRC bought a new stake in shares of SM Energy during the second quarter worth about $285,000. Institutional investors and hedge funds own 82.89% of the company’s stock.
SM Energy Company Profile
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.