Bank of America Corp DE Has $39.32 Million Holdings in SM Energy Company $SM

Key Points

• Bank of America reduced its SM Energy stake by 11.2% in the first quarter, selling 159,549 shares and retaining 1.26 million shares worth approximately $39.3 million. Institutional investors collectively own 94.56% of the company.
• Analyst sentiment remains generally positive, with SM Energy carrying a consensus “Moderate Buy” rating and an average price target of $37.93. Wells Fargo recently upgraded the stock to “overweight” and raised its target to $47.
• SM Energy reported quarterly earnings of $2.19 per share, beating estimates of $1.96, while revenue rose 215.3% year over year to $2.50 billion. The company also pays a quarterly dividend of $0.22 per share, representing a 2.7% yield.

Bank of America Corp DE lessened its stake in shares of SM Energy Company (NYSE:SM - Free Report) by 11.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,261,194 shares of the energy company's stock after selling 159,549 shares during the quarter. Bank of America Corp DE owned about 0.53% of SM Energy worth $39,324,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Summit Global Investments lifted its stake in shares of SM Energy by 1.1% in the fourth quarter. Summit Global Investments now owns 46,417 shares of the energy company's stock worth $868,000 after buying an additional 489 shares during the last quarter. State of Wyoming grew its stake in SM Energy by 22.2% in the 4th quarter. State of Wyoming now owns 2,748 shares of the energy company's stock valued at $51,000 after buying an additional 499 shares during the last quarter. Global Retirement Partners LLC grew its stake in SM Energy by 62.9% in the 4th quarter. Global Retirement Partners LLC now owns 1,386 shares of the energy company's stock valued at $26,000 after buying an additional 535 shares during the last quarter. First Horizon Corp raised its holdings in SM Energy by 57.4% in the 4th quarter. First Horizon Corp now owns 1,860 shares of the energy company's stock worth $35,000 after acquiring an additional 678 shares during the period. Finally, ProShare Advisors LLC raised its holdings in SM Energy by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 22,211 shares of the energy company's stock worth $415,000 after acquiring an additional 687 shares during the period. Institutional investors and hedge funds own 94.56% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on SM shares. Wall Street Zen upgraded shares of SM Energy from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Susquehanna lifted their price objective on SM Energy from $31.00 to $32.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 21st. Stephens cut their price objective on SM Energy from $61.00 to $52.00 and set an "overweight" rating for the company in a research report on Tuesday, July 7th. Zacks Research downgraded SM Energy from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 25th. Finally, Wells Fargo & Company raised SM Energy from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $32.00 to $47.00 in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $37.93.

Insider Buying and Selling

In other SM Energy news, Director Ramiro G. Peru sold 24,553 shares of SM Energy stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $33.98, for a total transaction of $834,310.94. Following the sale, the director owned 65,964 shares in the company, valued at $2,241,456.72. The trade was a 27.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.45% of the stock is currently owned by company insiders.

SM Energy Stock Down 0.0%

SM stock opened at $32.42 on Friday. SM Energy Company has a twelve month low of $17.45 and a twelve month high of $35.88. The company has a market cap of $7.71 billion, a PE ratio of 6.38 and a beta of 0.73. The business's 50-day simple moving average is $29.69 and its 200 day simple moving average is $28.16. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.85.

SM Energy (NYSE:SM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The energy company reported $2.19 EPS for the quarter, beating the consensus estimate of $1.96 by $0.23. SM Energy had a return on equity of 17.93% and a net margin of 18.20%.The firm had revenue of $2.50 billion during the quarter, compared to analysts' expectations of $2.02 billion. During the same quarter in the prior year, the firm posted $1.50 EPS. The company's revenue for the quarter was up 215.3% on a year-over-year basis. On average, research analysts anticipate that SM Energy Company will post 7.1 earnings per share for the current year.

SM Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Monday, June 8th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Monday, June 8th. SM Energy's dividend payout ratio (DPR) is 17.32%.

About SM Energy

SM Energy Company NYSE: SM is an independent energy firm engaged in the exploration, development, and production of crude oil, natural gas, and natural gas liquids in the United States. The company focuses on identifying and exploiting unconventional onshore basins, leveraging advanced drilling and completion techniques to optimize resource recovery. SM Energy's operations are supported by an integrated approach to reservoir management and strategic midstream partnerships, enabling efficient transportation and marketing of hydrocarbons.

The company's core asset areas include prolific basins such as the Permian, Eagle Ford, and the Rocky Mountain region.

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