VIRGINIA RETIREMENT SYSTEMS ET Al Invests $2.96 Million in SM Energy Company $SM

Key Points

• Virginia Retirement Systems purchased 113,600 shares of SM Energy valued at approximately $2.96 million, while institutional investors collectively own 94.56% of the company.
• 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 declared a quarterly dividend of $0.22 per share, equivalent to an annualized $0.88 payout and a 2.3% yield. Analysts maintain a consensus “Moderate Buy” rating with a $38.19 price target.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in SM Energy Company (NYSE:SM - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 113,600 shares of the energy company's stock, valued at approximately $2,965,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Royal Bank of Canada boosted its stake in shares of SM Energy by 27.7% during the 1st quarter. Royal Bank of Canada now owns 91,916 shares of the energy company's stock worth $2,753,000 after acquiring an additional 19,965 shares in the last quarter. AQR Capital Management LLC increased its stake in SM Energy by 43.9% in the 1st quarter. AQR Capital Management LLC now owns 145,922 shares of the energy company's stock valued at $4,370,000 after purchasing an additional 44,542 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in SM Energy by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,111 shares of the energy company's stock valued at $2,040,000 after purchasing an additional 2,969 shares in the last quarter. NewEdge Advisors LLC raised its holdings in SM Energy by 44.9% during the first quarter. NewEdge Advisors LLC now owns 3,248 shares of the energy company's stock worth $97,000 after purchasing an additional 1,007 shares during the last quarter. Finally, United Services Automobile Association purchased a new stake in SM Energy during the first quarter worth $222,000. Institutional investors and hedge funds own 94.56% of the company's stock.

SM Energy Stock Performance

NYSE SM opened at $38.14 on Friday. 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 Company has a fifty-two week low of $17.45 and a fifty-two week high of $38.94. The business has a fifty day moving average of $33.00 and a 200-day moving average of $30.41. The stock has a market cap of $9.07 billion, a price-to-earnings ratio of 7.51 and a beta of 0.75.

SM Energy (NYSE:SM - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The energy company reported $2.19 EPS 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 analyst estimates of $2.02 billion. SM Energy had a return on equity of 17.93% and a net margin of 18.20%.The business's revenue for the quarter was up 215.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.50 earnings per share. As a group, analysts predict that SM Energy Company will post 7.48 earnings per share for the current fiscal year.

SM Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Monday, September 7th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, September 4th. SM Energy's dividend payout ratio (DPR) is currently 17.32%.

Wall Street Analyst Weigh In

Several research firms have weighed in on SM. Raymond James Financial lowered their target price on SM Energy from $55.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, July 21st. Zacks Research lowered shares of SM Energy from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 25th. Stifel Nicolaus initiated coverage on shares of SM Energy in a research note on Wednesday. They issued a "hold" rating and a $42.00 price objective on the stock. Siebert Williams Shank upgraded shares of SM Energy from a "hold" rating to a "buy" rating and raised their target price for the company from $30.00 to $41.00 in a report on Thursday, May 14th. Finally, Truist Financial increased their price target on shares of SM Energy from $37.00 to $43.00 and gave the company a "buy" rating in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $38.19.

Insider Activity

In other SM Energy news, EVP James Barker Lebeck sold 17,500 shares of the firm's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $37.02, for a total transaction of $647,850.00. Following 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 document filed with the Securities & Exchange Commission, which is accessible through this link. 0.45% of the stock is owned by corporate insiders.

About SM Energy

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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