Summit Midstream Partners (NYSE:SMC) Posts Quarterly Earnings Results, Beats Estimates By $0.47 EPS

Summit Midstream Partners (NYSE:SMC) announced its earnings results on Monday. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.47, 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 $155.01 million during the quarter, compared to the consensus estimate of $169.00 million.

Summit Midstream Partners Price Performance

Shares of Summit Midstream Partners stock traded up $0.97 during trading on Wednesday, hitting $35.65. 8,893 shares of the company were exchanged, compared to its average volume of 61,817. Summit Midstream Partners has a fifty-two week low of $19.13 and a fifty-two week high of $36.47. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.59. The firm has a 50 day moving average price of $29.96 and a 200 day moving average price of $29.92. The stock has a market capitalization of $725.07 million, a price-to-earnings ratio of -32.05 and a beta of 0.71.

Analysts Set New Price Targets

SMC has been the topic of a number of analyst reports. Summit Redstone set a $39.00 target price on shares of Summit Midstream Partners in a research note on Monday, August 3rd. TD Cowen lifted their target price on Summit Midstream Partners from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Summit Midstream Partners in a research report on Friday. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Summit Midstream Partners has an average rating of “Moderate Buy” and an average target price of $43.00.

Insiders Place Their Bets

In other news, Director Jerry L. Peters sold 10,000 shares of the business’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $32.00, for a total value of $320,000.00. Following the completion of the transaction, the director directly owned 16,979 shares of the company’s stock, valued at $543,328. The trade was a 37.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP James David Johnston sold 2,600 shares of the company’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $29.72, for a total value of $77,272.00. Following the completion of the sale, the vice president owned 75,357 shares in the company, valued at $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. Insiders own 42.96% of the company’s stock.

Institutional Investors Weigh In On Summit Midstream Partners

Several hedge funds have recently modified their holdings of the stock. New York State Common Retirement Fund acquired a new position in Summit Midstream Partners during the second quarter worth approximately $96,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Summit Midstream Partners by 5,417.0% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,517 shares of the company’s stock worth $135,000 after purchasing an additional 5,417 shares during the last quarter. Deutsche Bank AG purchased a new stake in Summit Midstream Partners during the 4th quarter worth approximately $186,000. Goldman Sachs Group Inc. acquired a new position in shares of Summit Midstream Partners in the 4th quarter valued at approximately $215,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Summit Midstream Partners during the 4th quarter valued at approximately $250,000. 42.97% of the stock is owned by institutional investors and hedge funds.

Summit Midstream Partners announced that its board has approved a share buyback program on Monday, June 1st that permits the company to buyback $35.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

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.