Summit Midstream Partners LP (NYSE:SMLP) to Post Q3 2019 Earnings of $0.12 Per Share, Capital One Financial Forecasts

Summit Midstream Partners LP (NYSE:SMLP) – Investment analysts at Capital One Financial lowered their Q3 2019 earnings per share estimates for Summit Midstream Partners in a research report issued to clients and investors on Friday, November 8th. Capital One Financial analyst K. May now forecasts that the pipeline company will post earnings of $0.12 per share for the quarter, down from their previous forecast of $0.13. Capital One Financial also issued estimates for Summit Midstream Partners’ Q1 2020 earnings at $0.12 EPS and FY2021 earnings at $0.37 EPS.

A number of other research analysts also recently weighed in on SMLP. Wells Fargo & Co set a $6.00 price objective on shares of Summit Midstream Partners and gave the stock a “hold” rating in a research report on Monday, August 12th. SunTrust Banks reduced their price target on shares of Summit Midstream Partners from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Tuesday, October 15th. Credit Suisse Group set a $5.00 price target on shares of Summit Midstream Partners and gave the stock a “sell” rating in a research report on Friday, August 16th. ValuEngine upgraded shares of Summit Midstream Partners from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Finally, Barclays restated a “sell” rating and set a $4.00 price target on shares of Summit Midstream Partners in a research report on Wednesday, October 16th. Three research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. The company has a consensus rating of “Hold” and an average target price of $6.69.

Shares of Summit Midstream Partners stock opened at $4.03 on Monday. The firm has a 50-day simple moving average of $4.78 and a two-hundred day simple moving average of $6.32. The company has a market cap of $365.55 million, a P/E ratio of 67.17 and a beta of 1.66. Summit Midstream Partners has a fifty-two week low of $3.95 and a fifty-two week high of $15.01. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.23 and a current ratio of 0.23.

Summit Midstream Partners (NYSE:SMLP) last issued its quarterly earnings data on Friday, November 8th. The pipeline company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.37). The firm had revenue of $100.19 million during the quarter, compared to analyst estimates of $115.74 million. Summit Midstream Partners had a positive return on equity of 6.64% and a negative net margin of 0.88%.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, November 7th will be given a dividend of $0.287 per share. The ex-dividend date of this dividend is Wednesday, November 6th. This represents a $1.15 annualized dividend and a dividend yield of 28.49%. Summit Midstream Partners’s dividend payout ratio (DPR) is presently 1,916.67%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA raised its position in shares of Summit Midstream Partners by 49.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 29,972 shares of the pipeline company’s stock worth $223,000 after purchasing an additional 9,870 shares during the last quarter. Bank of Montreal Can grew its stake in Summit Midstream Partners by 63.0% during the 2nd quarter. Bank of Montreal Can now owns 309,717 shares of the pipeline company’s stock valued at $2,304,000 after acquiring an additional 119,704 shares in the last quarter. Brookfield Asset Management Inc. grew its stake in Summit Midstream Partners by 13.8% during the 2nd quarter. Brookfield Asset Management Inc. now owns 3,536,212 shares of the pipeline company’s stock valued at $26,309,000 after acquiring an additional 429,467 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Summit Midstream Partners by 52.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 738,461 shares of the pipeline company’s stock valued at $5,095,000 after acquiring an additional 253,570 shares in the last quarter. Finally, Invesco Ltd. purchased a new stake in Summit Midstream Partners during the 2nd quarter valued at about $103,781,000. Hedge funds and other institutional investors own 30.69% of the company’s stock.

Summit Midstream Partners Company Profile

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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Earnings History and Estimates for Summit Midstream Partners (NYSE:SMLP)

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