Summit Midstream Partners (NYSE:SMC) Announces Quarterly Earnings Results

Summit Midstream Partners (NYSE:SMC) announced its earnings results on Monday. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.46, Zacks reports. Summit Midstream Partners had a negative net margin of 0.06% and a negative return on equity of 0.04%.

Summit Midstream Partners Stock Performance

Shares of SMC traded up $0.87 during mid-day trading on Monday, hitting $28.00. 130,172 shares of the company’s stock were exchanged, compared to its average volume of 73,809. The business’s 50 day moving average is $31.72 and its two-hundred day moving average is $30.64. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.45. 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 fifty-two week low of $20.97 and a fifty-two week high of $36.47.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SMC. Zacks Research downgraded shares of Summit Midstream Partners from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 2nd. TD Cowen boosted their target price on shares of Summit Midstream Partners from $39.00 to $43.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Summit Redstone set a $39.00 price target on Summit Midstream Partners in a report on Monday, August 3rd. Finally, Weiss Ratings upgraded shares of Summit Midstream Partners from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, August 21st. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $43.00.

Insider Activity

In related news, VP James Johnston sold 2,600 shares of the firm’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 completion of the sale, the vice president owned 72,757 shares in the company, valued at $2,219,816.07. This trade represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 42.96% of the stock is currently owned by company insiders.

About Summit Midstream Partners

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.