Readystate Asset Management LP Takes $1.77 Million Position in SM Energy Company $SM

Readystate Asset Management LP bought a new position in shares of SM Energy Company (NYSE:SM) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 56,672 shares of the energy company’s stock, valued at approximately $1,767,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada increased its stake in SM Energy by 27.7% during the first quarter. Royal Bank of Canada now owns 91,916 shares of the energy company’s stock worth $2,753,000 after purchasing an additional 19,965 shares during the period. AQR Capital Management LLC boosted its stake in shares of SM Energy by 43.9% in the first 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of SM Energy by 4.6% in the first 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 during the period. NewEdge Advisors LLC grew its holdings in shares of SM Energy by 44.9% in the first quarter. NewEdge Advisors LLC now owns 3,248 shares of the energy company’s stock valued at $97,000 after purchasing an additional 1,007 shares in the last quarter. Finally, United Services Automobile Association purchased a new stake in SM Energy during the 1st quarter worth approximately $222,000. 94.56% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SM shares. Siebert Williams Shank upgraded shares of SM Energy from a “hold” rating to a “buy” rating and increased their target price for the stock from $30.00 to $41.00 in a report on Thursday, May 14th. Wells Fargo & Company boosted their price target on shares of SM Energy from $29.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Monday, May 18th. KeyCorp increased their price objective on SM Energy from $29.00 to $39.00 and gave the company an “overweight” rating in a research note on Thursday, April 2nd. Truist Financial lowered their target price on SM Energy from $39.00 to $37.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. Finally, Zacks Research lowered SM Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $36.53.

SM Energy Stock Performance

NYSE:SM opened at $29.76 on Wednesday. SM Energy Company has a 12 month low of $17.45 and a 12 month high of $35.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.39 and a quick ratio of 0.39. The firm has a market capitalization of $7.13 billion, a PE ratio of 12.50 and a beta of 0.73. The business’s fifty day moving average price is $30.08 and its 200 day moving average price is $27.07.

SM Energy (NYSE:SM) last announced its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.42. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.42 billion. SM Energy had a return on equity of 13.93% and a net margin of 3.45%.SM Energy’s revenue for the quarter was up 75.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.76 EPS. On average, sell-side analysts anticipate that SM Energy Company will post 6.95 earnings per share for the current fiscal year.

SM Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Monday, June 8th were paid a dividend of $0.22 per share. The ex-dividend date was Monday, June 8th. This represents a $0.88 annualized dividend and a yield of 3.0%. SM Energy’s payout ratio is presently 36.97%.

Insider Transactions at SM Energy

In related news, Director Ramiro G. Peru sold 24,553 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $33.98, for a total value of $834,310.94. Following the completion of the transaction, the director directly owned 65,964 shares of the company’s stock, valued at $2,241,456.72. This represents a 27.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.45% of the stock is owned by company insiders.

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.