Summit Midstream Partners (NYSE:SMC – Get Free Report) announced its quarterly earnings data on Monday. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.46, Zacks reports. Summit Midstream Partners had a negative return on equity of 0.04% and a negative net margin of 0.06%. The business had revenue of $183.01 million during the quarter, compared to analysts’ expectations of $168.00 million.
Summit Midstream Partners Stock Performance
SMC traded up $0.87 during trading on Monday, hitting $28.00. 130,192 shares of the stock were exchanged, compared to its average volume of 73,830. The firm has a market capitalization of $568.66 million, a P/E ratio of -25.22 and a beta of 0.88. Summit Midstream Partners has a 1-year low of $20.97 and a 1-year high of $36.47. The stock has a fifty day moving average price of $31.72 and a two-hundred day moving average price of $30.64. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.45.
Insider Buying and Selling at Summit Midstream Partners
In other news, VP James Johnston sold 2,600 shares of the stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $30.51, for a total value of $79,326.00. Following the completion of the sale, the vice president directly owned 72,757 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 42.96% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on SMC. Summit Redstone set a $39.00 price target on shares of Summit Midstream Partners in a research note on Monday, August 3rd. TD Cowen increased their price objective on shares of Summit Midstream Partners from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Zacks Research cut shares of Summit Midstream Partners from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 2nd. Finally, Weiss Ratings upgraded Summit Midstream Partners from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, August 21st. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $43.00.
Get Our Latest Stock Analysis on Summit Midstream Partners
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.
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