Corebridge Financial Inc. Reduces Holdings in SM Energy Company $SM

Corebridge Financial Inc. decreased its position in SM Energy Company (NYSE:SM) by 1.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,749 shares of the energy company’s stock after selling 1,173 shares during the period. Corebridge Financial Inc. owned 0.05% of SM Energy worth $1,789,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in SM. HITE Hedge Asset Management LLC purchased a new stake in shares of SM Energy in the 1st quarter valued at approximately $44,005,000. Invesco Ltd. grew its stake in shares of SM Energy by 169.4% in the 1st quarter. Invesco Ltd. now owns 1,873,860 shares of the energy company’s stock valued at $56,122,000 after buying an additional 1,178,397 shares during the period. Westwood Holdings Group Inc. grew its stake in shares of SM Energy by 51.4% in the 1st quarter. Westwood Holdings Group Inc. now owns 3,207,245 shares of the energy company’s stock valued at $96,057,000 after buying an additional 1,088,948 shares during the period. New York State Common Retirement Fund acquired a new position in shares of SM Energy in the 1st quarter worth approximately $25,363,000. Finally, Nuveen LLC acquired a new position in shares of SM Energy in the 1st quarter worth approximately $18,910,000. Hedge funds and other institutional investors own 94.56% of the company’s stock.

Wall Street Analyst Weigh In

SM has been the topic of several recent analyst reports. Mizuho upped their price objective on shares of SM Energy from $42.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. Susquehanna upped their price objective on shares of SM Energy from $24.00 to $27.00 and gave the stock a “neutral” rating in a report on Wednesday, July 23rd. TD Cowen upgraded shares of SM Energy to a “strong-buy” rating in a report on Monday, July 7th. Wells Fargo & Company decreased their price objective on shares of SM Energy from $33.00 to $29.00 and set an “equal weight” rating on the stock in a report on Monday, June 16th. Finally, Raymond James Financial lowered shares of SM Energy from an “outperform” rating to an “underperform” rating in a report on Tuesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $42.50.

SM Energy Price Performance

SM Energy stock opened at $28.97 on Wednesday. The firm has a market cap of $3.33 billion, a PE ratio of 4.09 and a beta of 2.46. SM Energy Company has a 52-week low of $19.67 and a 52-week high of $46.42. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.59. The company’s 50 day moving average is $26.88 and its two-hundred day moving average is $26.65.

SM Energy (NYSE:SM) last released its earnings results on Thursday, July 31st. The energy company reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.27. The company had revenue of $792.94 million for the quarter, compared to analyst estimates of $792.58 million. SM Energy had a net margin of 25.94% and a return on equity of 18.06%. The firm’s quarterly revenue was up 25.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.85 EPS. On average, research analysts expect that SM Energy Company will post 8.1 EPS for the current fiscal year.

SM Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 4th. Shareholders of record on Friday, July 18th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, July 18th. This represents a $0.80 dividend on an annualized basis and a yield of 2.8%. SM Energy’s dividend payout ratio is 11.30%.

SM Energy Profile

SM Energy Company, an independent energy company, engages in the acquisition, exploration, development, and production of oil, gas, and natural gas liquids in the state of Texas. It has working interests in oil and gas producing wells in the Midland Basin and South Texas. The company was formerly known as St.