Summit Midstream Partners (NYSE:SMC – Get Free Report) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday, Zacks reports.
SMC has been the topic of a number of other research reports. TD Cowen upped their target price on Summit Midstream Partners from $39.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Weiss Ratings raised Summit Midstream Partners from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, August 21st. Finally, Summit Redstone set a $39.00 price objective on Summit Midstream Partners in a report on Monday, August 3rd. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.00.
Read Our Latest Analysis on SMC
Summit Midstream Partners Stock Performance
Shares of NYSE:SMC opened at $29.92 on Monday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.45. Summit Midstream Partners has a 12 month low of $20.80 and a 12 month high of $36.47. The company has a market capitalization of $607.72 million, a price-to-earnings ratio of -26.96 and a beta of 0.88. The firm’s 50-day moving average is $32.10 and its 200 day moving average is $30.62.
Summit Midstream Partners (NYSE:SMC – Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.47. Summit Midstream Partners had a negative net margin of 0.06% and a negative return on equity of 0.04%. The business had revenue of $155.01 million during the quarter, compared to the consensus estimate of $169.00 million. Research analysts predict that Summit Midstream Partners will post 0.40 EPS for the current year.
Insider Activity at Summit Midstream Partners
In other news, VP James Johnston sold 2,600 shares of the company’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $30.51, for a total value of $79,326.00. Following the transaction, the vice president directly owned 72,757 shares in the company, valued at approximately $2,219,816.07. This represents a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 42.96% of the company’s stock.
Institutional Investors Weigh In On Summit Midstream Partners
Several large investors have recently added to or reduced their stakes in the stock. Odyssean LLC purchased a new position in shares of Summit Midstream Partners during the second quarter worth approximately $448,000. Cetera Investment Advisers raised its stake in shares of Summit Midstream Partners by 104.1% during the first quarter. Cetera Investment Advisers now owns 56,533 shares of the company’s stock valued at $1,710,000 after acquiring an additional 28,840 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Summit Midstream Partners during the first quarter valued at approximately $680,000. State Street Corp boosted its holdings in shares of Summit Midstream Partners by 3.3% in the second quarter. State Street Corp now owns 184,546 shares of the company’s stock valued at $5,256,000 after purchasing an additional 5,939 shares during the period. Finally, Engineers Gate Manager LP purchased a new stake in shares of Summit Midstream Partners in the second quarter valued at approximately $305,000. 42.97% of the stock is owned by hedge funds and other institutional investors.
Summit Midstream Partners Company Profile
Summit Midstream Partners, known as Summit Midstream Corporation following its corporate reorganization, is a midstream energy company that develops, owns and operates infrastructure used to gather and process natural gas, crude oil and produced water. The company primarily provides fee-based services to exploration and production companies, connecting wells to processing plants, pipelines and other downstream markets.
Its assets have historically included natural gas gathering and processing systems, crude oil and produced-water gathering infrastructure, and related pipelines and facilities.
Read More
- Five stocks we like better than Summit Midstream Partners
- Tower Semiconductor’s Earnings Are Soaring—So Why Is Its Stock Down More Than 50%?
- Shopify’s Small Q3 Miss Triggered a Big Sell-Off: What’s Next?
- Can Oil’s Big Rally Deliver Reliable Income? 3 Energy Plays to Watch
- Marriott’s Earnings Beat Shows Why It’s More Than a Bet on Travel Demand
Receive News & Ratings for Summit Midstream Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Midstream Partners and related companies with MarketBeat.com's FREE daily email newsletter.
