Bank of New York Mellon Corp Invests $43.26 Million in SM Energy Company $SM

Key Points

• Bank of New York Mellon acquired 1.66 million SM Energy shares worth approximately $43.26 million, representing about 0.69% of the company. Institutional investors collectively own 94.56% of SM Energy.
• SM Energy beat quarterly expectations with adjusted earnings of $2.19 per share versus the $1.96 consensus, while revenue rose 215.3% year over year to $2.50 billion.
• The company declared a quarterly dividend of $0.22 per share, equivalent to an annualized $0.88 payout and a 2.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $37.93.

Bank of New York Mellon Corp acquired a new stake in SM Energy Company (NYSE:SM - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,657,438 shares of the energy company's stock, valued at approximately $43,259,000. Bank of New York Mellon Corp owned approximately 0.69% of SM Energy as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. NBC Securities Inc. increased its position in SM Energy by 160.5% during the fourth quarter. NBC Securities Inc. now owns 1,347 shares of the energy company's stock worth $25,000 after purchasing an additional 830 shares during the last quarter. SBI Securities Co. Ltd. grew its stake in shares of SM Energy by 10,461.5% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,373 shares of the energy company's stock valued at $26,000 after buying an additional 1,360 shares in the last quarter. Global Retirement Partners LLC grew its position in SM Energy by 62.9% in the fourth quarter. Global Retirement Partners LLC now owns 1,386 shares of the energy company's stock valued at $26,000 after acquiring an additional 535 shares in the last quarter. Torren Management LLC increased its stake in SM Energy by 4,561.1% during the 1st quarter. Torren Management LLC now owns 839 shares of the energy company's stock worth $26,000 after buying an additional 821 shares during the period. Finally, Johnson Financial Group Inc. acquired a new position in shares of SM Energy in the third quarter worth about $31,000. Institutional investors and hedge funds own 94.56% of the company's stock.

Insider Buying and Selling

In other SM Energy news, EVP James Barker Lebeck sold 17,500 shares of the company's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $37.02, for a total value of $647,850.00. Following the transaction, the executive vice president directly owned 14,705 shares of the company's stock, valued at $544,379.10. This represents a 54.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.45% of the stock is owned by company insiders.

SM Energy Stock Up 4.1%

Shares of NYSE:SM opened at $36.81 on Friday. The company has a market cap of $8.75 billion, a PE ratio of 7.25 and a beta of 0.73. The firm has a 50 day simple moving average of $30.83 and a 200 day simple moving average of $29.32. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.62 and a current ratio of 0.62. SM Energy Company has a 52 week low of $17.45 and a 52 week high of $38.25.

SM Energy (NYSE:SM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The energy company reported $2.19 earnings per share for the quarter, beating analysts' consensus estimates of $1.96 by $0.23. The business had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.02 billion. SM Energy had a return on equity of 17.93% and a net margin of 18.20%.SM Energy's revenue for the quarter was up 215.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.50 earnings per share. As a group, research analysts expect that SM Energy Company will post 7.45 earnings per share for the current year.

SM Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Monday, September 7th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.4%. SM Energy's dividend payout ratio is 17.32%.

Wall Street Analyst Weigh In

A number of research analysts have commented on SM shares. Wall Street Zen upgraded shares of SM Energy from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 22nd. Raymond James Financial dropped their target price on SM Energy from $55.00 to $48.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 21st. Susquehanna boosted their price objective on SM Energy from $31.00 to $32.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 21st. Truist Financial upped their price objective on shares of SM Energy from $37.00 to $43.00 and gave the stock a "buy" rating in a report on Monday, August 10th. Finally, UBS Group initiated coverage on SM Energy in a research note on Tuesday, July 14th. They set a "buy" rating and a $36.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.93.

SM Energy Company Profile

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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