Wall Street analysts expect that Summit Midstream Partners LP (NYSE:SMLP) will report $103.77 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Summit Midstream Partners’ earnings, with estimates ranging from $100.80 million to $106.73 million. Summit Midstream Partners reported sales of $135.81 million during the same quarter last year, which indicates a negative year over year growth rate of 23.6%. The company is scheduled to report its next earnings results on Thursday, May 3rd.
On average, analysts expect that Summit Midstream Partners will report full-year sales of $103.77 million for the current year, with estimates ranging from $403.90 million to $453.00 million. For the next financial year, analysts expect that the business will report sales of $471.42 million per share, with estimates ranging from $443.00 million to $509.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Summit Midstream Partners.
Summit Midstream Partners (NYSE:SMLP) last announced its quarterly earnings results on Thursday, February 22nd. The pipeline company reported $0.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.04. The business had revenue of $126.20 million during the quarter. Summit Midstream Partners had a return on equity of 12.62% and a net margin of 17.59%.
Several equities research analysts recently commented on SMLP shares. Robert W. Baird set a $22.00 price target on Summit Midstream Partners and gave the company a “buy” rating in a research note on Thursday, March 8th. Royal Bank of Canada reissued a “buy” rating and issued a $20.00 price target on shares of Summit Midstream Partners in a research note on Tuesday, March 6th. ValuEngine raised Summit Midstream Partners from a “hold” rating to a “buy” rating in a research note on Monday, December 11th. SunTrust Banks lowered their price target on Summit Midstream Partners to $19.00 and set a “hold” rating for the company in a research note on Tuesday, March 6th. Finally, Zacks Investment Research cut Summit Midstream Partners from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 6th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. Summit Midstream Partners currently has an average rating of “Hold” and a consensus price target of $21.43.
Shares of SMLP stock traded down $0.55 during midday trading on Thursday, hitting $13.70. The company had a trading volume of 389,333 shares, compared to its average volume of 268,310. The company has a market cap of $1,103.71, a PE ratio of 13.98 and a beta of 1.79. Summit Midstream Partners has a 1-year low of $13.60 and a 1-year high of $24.75. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.96.
In related news, insider Steven J. Newby bought 15,000 shares of the firm’s stock in a transaction on Friday, March 9th. The stock was purchased at an average price of $15.88 per share, with a total value of $238,200.00. Following the completion of the transaction, the insider now directly owns 38,812 shares of the company’s stock, valued at $616,334.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
Institutional investors have recently made changes to their positions in the business. BNP Paribas Arbitrage SA bought a new stake in Summit Midstream Partners during the third quarter worth approximately $105,000. Jane Street Group LLC bought a new stake in Summit Midstream Partners during the fourth quarter worth approximately $204,000. Raymond James Financial Services Advisors Inc. bought a new stake in Summit Midstream Partners during the fourth quarter worth approximately $211,000. Institutional & Family Asset Management LLC bought a new stake in Summit Midstream Partners during the third quarter worth approximately $309,000. Finally, Penbrook Management LLC bought a new stake in Summit Midstream Partners during the fourth quarter worth approximately $646,000. 50.36% of the stock is owned by hedge funds and other institutional investors.
About Summit Midstream Partners
Summit Midstream Partners, LP focuses on developing, owning and operating midstream energy infrastructure assets. The Company’s segments include the Utica Shale, which includes its ownership interest in Ohio Gathering, as well as Summit Utica; the Williston Basin, which includes Bison Midstream, Polar and Divide and Tioga Midstream; the Marcellus Shale, which includes Mountaineer Midstream; the Barnett Shale, which includes DFW Midstream Services LLC (DFW Midstream), and the Piceance Basin /DJ Basins, which includes Grand River and Niobrara G&P.
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