Verition Fund Management LLC purchased a new position in shares of SM Energy (NYSE:SM – Get Rating) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 7,741 shares of the energy company's stock, valued at approximately $302,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Byrne Asset Management LLC bought a new stake in SM Energy during the first quarter valued at about $51,000. US Asset Management LLC bought a new stake in SM Energy during the first quarter valued at about $99,000. Harvest Fund Management Co. Ltd bought a new stake in SM Energy during the first quarter valued at about $112,000. Meeder Asset Management Inc. bought a new stake in SM Energy during the first quarter valued at about $125,000. Finally, KBC Group NV boosted its position in SM Energy by 24.6% during the first quarter. KBC Group NV now owns 3,904 shares of the energy company's stock valued at $152,000 after purchasing an additional 771 shares in the last quarter. Institutional investors own 90.53% of the company's stock.
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SM Energy Trading Down 9.6 %
Shares of NYSE:SM opened at $35.94 on Monday. SM Energy has a 52-week low of $23.17 and a 52-week high of $54.97. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of 5.05 and a beta of 4.84. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.64. The business has a 50-day moving average price of $41.14 and a 200-day moving average price of $40.07.
SM Energy Increases Dividend
The business also recently declared a Semi-Annual dividend, which will be paid on Monday, November 7th. Investors of record on Tuesday, October 25th will be given a dividend of $0.15 per share. This is a boost from SM Energy's previous Semi-Annual dividend of $0.01. This represents a yield of 0.7%. The ex-dividend date is Monday, October 24th. SM Energy's dividend payout ratio (DPR) is currently 0.28%.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on SM. MKM Partners reaffirmed a "buy" rating and set a $54.00 price objective on shares of SM Energy in a research report on Wednesday, July 20th. KeyCorp assumed coverage on SM Energy in a research note on Monday, September 19th. They issued an "overweight" rating and a $64.00 price target for the company. Finally, Barclays increased their price target on SM Energy from $40.00 to $55.00 and gave the company an "underweight" rating in a research note on Tuesday, June 14th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $52.22.
Insider Activity at SM Energy
In related news, EVP David W. Copeland sold 10,000 shares of SM Energy stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $46.23, for a total transaction of $462,300.00. Following the completion of the transaction, the executive vice president now directly owns 228,543 shares in the company, valued at $10,565,542.89. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other SM Energy news, CAO Patrick A. Lytle sold 8,658 shares of the firm's stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $45.61, for a total value of $394,891.38. Following the sale, the chief accounting officer now directly owns 12,463 shares of the company's stock, valued at $568,437.43. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP David W. Copeland sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $46.23, for a total value of $462,300.00. Following the completion of the sale, the executive vice president now directly owns 228,543 shares in the company, valued at $10,565,542.89. The disclosure for this sale can be found here. 1.60% of the stock is owned by company insiders.
SM Energy Profile
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SM Energy Company, an independent energy company, engages in the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids in the state of Texas. As of February 24, 2022, it had 492.0 million barrels of oil equivalent of estimated proved reserves. It also has working interests in 825 gross productive oil wells and 483 gross productive gas wells in the Midland Basin and South Texas.
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