Summit Midstream Partners (NYSE:SMC – Get Free Report) announced its earnings results on Monday. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.47, Zacks reports. The business had revenue of $155.01 million for the quarter, compared to analyst estimates of $169.00 million. Summit Midstream Partners had a negative net margin of 1.09% and a negative return on equity of 0.73%.
Summit Midstream Partners Price Performance
Shares of NYSE SMC traded up $1.34 during mid-day trading on Monday, reaching $31.69. The company’s stock had a trading volume of 65,090 shares, compared to its average volume of 61,567. The stock has a 50-day moving average of $29.82 and a two-hundred day moving average of $29.84. The stock has a market capitalization of $644.57 million, a P/E ratio of -16.86 and a beta of 0.71. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.20 and a current ratio of 1.20. Summit Midstream Partners has a 1-year low of $19.13 and a 1-year high of $33.50.
Analyst Ratings Changes
A number of research analysts recently weighed in on SMC shares. Summit Redstone set a $39.00 price target on shares of Summit Midstream Partners in a research note on Monday, August 3rd. TD Cowen began coverage on Summit Midstream Partners in a research note on Tuesday, August 4th. They set a “buy” rating and a $39.00 price objective for the company. Finally, Weiss Ratings raised Summit Midstream Partners from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday, May 13th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $41.67.
Insider Activity
In other Summit Midstream Partners news, Director Jerry L. Peters sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $32.00, for a total value of $320,000.00. Following the transaction, the director directly owned 16,979 shares of the company’s stock, valued at $543,328. This trade represents a 37.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP James David Johnston sold 2,600 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $29.72, for a total value of $77,272.00. Following the transaction, the vice president owned 75,357 shares in the company, valued at approximately $2,239,610.04. This represents a 3.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 42.96% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Summit Midstream Partners
Several hedge funds and other institutional investors have recently made changes to their positions in SMC. Nuveen LLC raised its position in shares of Summit Midstream Partners by 3.1% during the 4th quarter. Nuveen LLC now owns 21,498 shares of the company’s stock valued at $574,000 after buying an additional 656 shares during the period. Invesco Ltd. grew its position in Summit Midstream Partners by 0.3% in the third quarter. Invesco Ltd. now owns 968,080 shares of the company’s stock worth $19,884,000 after acquiring an additional 2,975 shares during the period. Empowered Funds LLC grew its position in Summit Midstream Partners by 5.4% in the first quarter. Empowered Funds LLC now owns 59,481 shares of the company’s stock worth $2,016,000 after acquiring an additional 3,041 shares during the period. Wells Fargo & Company MN increased its stake in Summit Midstream Partners by 46.2% during the fourth quarter. Wells Fargo & Company MN now owns 10,558 shares of the company’s stock worth $282,000 after acquiring an additional 3,338 shares during the last quarter. Finally, New York State Common Retirement Fund acquired a new stake in Summit Midstream Partners during the second quarter worth $96,000. Institutional investors and hedge funds own 42.97% of the company’s stock.
Summit Midstream Partners announced that its board has initiated a share buyback program on Monday, June 1st that allows the company to buyback $35.00 million in shares. This buyback authorization allows the company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
About Summit Midstream Partners
Summit Midstream Partners is a publicly traded master limited partnership that provides gathering, compression, processing and transportation services for natural gas, natural gas liquids (NGLs) and crude oil in key U.S. onshore basins. The company’s assets include a network of intrastate and interstate pipelines, processing plants, fractionators and storage facilities designed to serve producers, marketers and end users throughout the Appalachian, Gulf Coast, Mid-Continent and Western Canadian Sedimentary basins.
In the Appalachian region, Summit operates extensive gathering lines and multiple gas-processing complexes connected to the Mountaineer NGL Hub, one of the largest fractionation and storage hubs in the Mid-Atlantic.
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