Bank of America Corp DE Takes $34.20 Million Position in SM Energy Company $SM

Key Points

• Bank of America acquired a new 1.31 million-share stake in SM Energy during the second quarter, worth approximately $34.2 million and representing 0.55% of the company. Institutional investors collectively own 94.56% of SM Energy.
• SM Energy reported strong quarterly results, with EPS of $2.19 beating estimates of $1.96 and revenue rising 215.3% year over year to $2.50 billion. The company also pays a quarterly dividend of $0.22 per share, yielding about 2.6% annually.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and average price target of $39.38 versus the reported share price of $33.96. However, company insiders recently sold shares, including two transactions totaling nearly $788,000.

Bank of America Corp DE bought a new stake in SM Energy Company (NYSE:SM - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 1,310,244 shares of the energy company's stock, valued at approximately $34,197,000. Bank of America Corp DE owned about 0.55% of SM Energy at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SM. GAMMA Investing LLC boosted its stake in SM Energy by 3.8% in the second quarter. GAMMA Investing LLC now owns 10,108 shares of the energy company's stock valued at $264,000 after acquiring an additional 371 shares in the last quarter. Quad Cities Investment Group LLC increased its position in shares of SM Energy by 2.8% during the second quarter. Quad Cities Investment Group LLC now owns 13,777 shares of the energy company's stock worth $360,000 after purchasing an additional 375 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of SM Energy by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 22,211 shares of the energy company's stock valued at $415,000 after purchasing an additional 687 shares during the last quarter. Torren Management LLC lifted its holdings in shares of SM Energy by 4,561.1% in the 1st quarter. Torren Management LLC now owns 839 shares of the energy company's stock valued at $26,000 after purchasing an additional 821 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of SM Energy by 332.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,129 shares of the energy company's stock valued at $35,000 after purchasing an additional 868 shares during the period. 94.56% of the stock is currently owned by institutional investors and hedge funds.

SM Energy Stock Performance

Shares of SM opened at $33.96 on Wednesday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.62 and a current ratio of 0.62. The stock has a market capitalization of $8.08 billion, a P/E ratio of 6.69 and a beta of 0.75. The company's fifty day moving average is $34.46 and its two-hundred day moving average is $31.22. SM Energy Company has a 1 year low of $17.45 and a 1 year high of $41.56.

SM Energy (NYSE:SM - Get Free Report) last released its earnings results on Wednesday, August 5th. The energy company reported $2.19 EPS for the quarter, topping the consensus estimate of $1.96 by $0.23. SM Energy had a net margin of 18.20% and a return on equity of 17.93%. The company had revenue of $2.50 billion during the quarter, compared to analysts' expectations of $2.02 billion. During the same quarter last year, the business earned $1.50 EPS. The business's revenue was up 215.3% on a year-over-year basis. On average, sell-side analysts predict that SM Energy Company will post 7.53 earnings per share for the current year.

SM Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 21st. Stockholders of record on Monday, September 7th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, September 4th. SM Energy's dividend payout ratio is 17.32%.

Wall Street Analyst Weigh In

SM has been the topic of several research analyst reports. Truist Financial lifted their price target on SM Energy from $37.00 to $43.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Susquehanna raised their target price on shares of SM Energy from $31.00 to $32.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 21st. Stephens cut their target price on shares of SM Energy from $61.00 to $52.00 and set an "overweight" rating on the stock in a report on Tuesday, July 7th. Roth Capital upgraded shares of SM Energy from a "neutral" rating to a "buy" rating and upped their price target for the company from $30.00 to $32.00 in a research report on Monday, June 22nd. Finally, Raymond James Financial decreased their price target on shares of SM Energy from $55.00 to $48.00 and set an "outperform" rating for the company in a research note on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, SM Energy has a consensus rating of "Moderate Buy" and an average target price of $39.38.

Insider Activity at SM Energy

In other news, EVP James Barker Lebeck sold 17,500 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $37.02, for a total value of $647,850.00. Following the completion of the sale, the executive vice president directly owned 14,705 shares of the company's stock, valued at $544,379.10. This trade represents a 54.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ashwin Venkatraman sold 3,650 shares of SM Energy stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $38.28, for a total value of $139,722.00. Following the completion of the sale, the director owned 12,525 shares in the company, valued at approximately $479,457. This trade represents a 22.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.45% of the stock is owned by company insiders.

SM Energy Company Profile

SM Energy Company NYSE: SM is an independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids. Its operations focus on acquiring and developing oil and gas properties and producing hydrocarbons from onshore assets in the United States.

The company's principal operations are concentrated in the Permian Basin of West Texas and the South Texas region. SM Energy has also expanded its U.S. operating portfolio through acquisitions, including assets in Utah's Uinta Basin.

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