Summit Midstream Partners (NYSE:SMC) Issues Earnings Results

Summit Midstream Partners (NYSE:SMC) posted its quarterly earnings data on Monday. The company reported ($0.43) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.06, FiscalAI reports. The company had revenue of $139.14 million for the quarter, compared to analyst estimates of $139.88 million.

Summit Midstream Partners Price Performance

Summit Midstream Partners stock traded up $0.06 during trading on Monday, reaching $29.84. 37,318 shares of the company were exchanged, compared to its average volume of 59,682. Summit Midstream Partners has a 52-week low of $19.13 and a 52-week high of $33.50. The company has a market capitalization of $565.99 million, a P/E ratio of -8.20 and a beta of 0.83. The stock’s 50 day simple moving average is $30.36 and its two-hundred day simple moving average is $27.49.

Hedge Funds Weigh In On Summit Midstream Partners

Institutional investors have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund acquired a new stake in Summit Midstream Partners during the second quarter worth $96,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Summit Midstream Partners by 5,417.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,517 shares of the company’s stock worth $135,000 after acquiring an additional 5,417 shares during the last quarter. Deutsche Bank AG acquired a new stake in Summit Midstream Partners during the fourth quarter worth $186,000. Goldman Sachs Group Inc. acquired a new stake in Summit Midstream Partners during the fourth quarter worth $215,000. Finally, Hsbc Holdings PLC acquired a new stake in Summit Midstream Partners during the fourth quarter worth $250,000. Hedge funds and other institutional investors own 42.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Summit Midstream Partners in a research report on Friday, March 27th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Summit Midstream Partners presently has a consensus rating of “Hold” and a consensus target price of $47.00.

Summit Midstream Partners Company Profile

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.