Analysts Expect Summit Midstream Partners LP (SMLP) to Post $0.24 EPS

Wall Street brokerages expect Summit Midstream Partners LP (NYSE:SMLP) to post earnings of $0.24 per share for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Summit Midstream Partners’ earnings, with the highest EPS estimate coming in at $0.39 and the lowest estimate coming in at $0.08. Summit Midstream Partners reported earnings of $1.22 per share in the same quarter last year, which would suggest a negative year-over-year growth rate of 80.3%. The firm is scheduled to issue its next quarterly earnings results on Wednesday, November 7th.

On average, analysts expect that Summit Midstream Partners will report full year earnings of ($0.78) per share for the current year. For the next year, analysts expect that the business will report earnings of $1.17 per share, with EPS estimates ranging from $0.59 to $1.56. Zacks’ earnings per share averages are an average based on a survey of sell-side analysts that that provide coverage for Summit Midstream Partners.

Summit Midstream Partners (NYSE:SMLP) last issued its quarterly earnings data on Thursday, August 2nd. The pipeline company reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.05). Summit Midstream Partners had a return on equity of 7.98% and a net margin of 4.33%. The business had revenue of $128.18 million for the quarter, compared to analysts’ expectations of $106.24 million.

A number of research analysts have recently weighed in on SMLP shares. Zacks Investment Research cut shares of Summit Midstream Partners from a “buy” rating to a “hold” rating in a research note on Thursday, August 9th. Wells Fargo & Co lowered their target price on shares of Summit Midstream Partners from $18.00 to $16.00 and set a “hold” rating for the company in a research note on Monday, September 24th. Barclays lifted their target price on shares of Summit Midstream Partners from $16.00 to $17.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 29th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $20.00 target price on shares of Summit Midstream Partners in a research note on Tuesday, August 7th. Finally, SunTrust Banks set a $19.00 target price on shares of Summit Midstream Partners and gave the stock a “hold” rating in a research note on Sunday, August 5th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $19.00.

Shares of SMLP opened at $15.11 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.11 and a quick ratio of 1.11. Summit Midstream Partners has a 1-year low of $13.10 and a 1-year high of $22.95. The company has a market cap of $1.07 billion, a PE ratio of 9.21 and a beta of 1.96.

In other Summit Midstream Partners news, insider Brad N. Graves sold 5,000 shares of Summit Midstream Partners stock in a transaction on Monday, September 17th. The shares were sold at an average price of $15.93, for a total value of $79,650.00. Following the transaction, the insider now owns 41,225 shares in the company, valued at approximately $656,714.25. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Brock M. Degeyter sold 6,000 shares of Summit Midstream Partners stock in a transaction on Wednesday, July 18th. The shares were sold at an average price of $16.37, for a total transaction of $98,220.00. Following the completion of the transaction, the insider now owns 60,744 shares in the company, valued at approximately $994,379.28. The disclosure for this sale can be found here. Insiders sold a total of 14,000 shares of company stock valued at $228,420 over the last ninety days.

Several institutional investors and hedge funds have recently made changes to their positions in the business. OppenheimerFunds Inc. boosted its holdings in shares of Summit Midstream Partners by 5.3% in the 2nd quarter. OppenheimerFunds Inc. now owns 8,738,063 shares of the pipeline company’s stock valued at $134,566,000 after purchasing an additional 436,758 shares during the last quarter. Kayne Anderson Capital Advisors LP boosted its holdings in shares of Summit Midstream Partners by 12.3% in the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 3,103,757 shares of the pipeline company’s stock valued at $47,787,000 after purchasing an additional 340,287 shares during the last quarter. Brookfield Asset Management Inc. boosted its holdings in shares of Summit Midstream Partners by 33.9% in the 1st quarter. Brookfield Asset Management Inc. now owns 1,934,549 shares of the pipeline company’s stock valued at $27,180,000 after purchasing an additional 489,437 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Summit Midstream Partners by 7.9% in the 2nd quarter. Bank of America Corp DE now owns 836,123 shares of the pipeline company’s stock valued at $12,876,000 after purchasing an additional 61,305 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of Summit Midstream Partners by 40.1% in the 2nd quarter. CIBC Private Wealth Group LLC now owns 819,502 shares of the pipeline company’s stock valued at $12,620,000 after purchasing an additional 234,671 shares during the last quarter. Institutional investors own 43.93% of the company’s stock.

About Summit Midstream Partners

Summit Midstream Partners, LP focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. The company provides natural gas gathering, treating, and processing services, as well as crude oil and produced water gathering services.

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