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

Summit Midstream Partners (NYSE:SMC) issued its quarterly earnings results on Monday. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.47, Zacks reports. The firm had revenue of $155.01 million for the quarter, compared to analysts’ expectations of $169.00 million. Summit Midstream Partners had a negative return on equity of 0.73% and a negative net margin of 1.09%.

Summit Midstream Partners Stock Up 4.4%

NYSE SMC traded up $1.34 during mid-day trading on Monday, reaching $31.69. The stock had a trading volume of 65,090 shares, compared to its average volume of 61,567. The stock has a market cap of $644.57 million, a PE ratio of -16.86 and a beta of 0.71. Summit Midstream Partners has a 1 year low of $19.13 and a 1 year high of $33.50. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.20 and a quick ratio of 1.20. The company has a fifty day moving average price of $29.82 and a 200 day moving average price of $29.84.

Summit Midstream Partners declared that its Board of Directors has authorized a share repurchase program on Monday, June 1st that permits the company to repurchase $35.00 million in shares. This repurchase authorization permits the company to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Summit Midstream Partners

In other Summit Midstream Partners news, Director Jerry L. Peters sold 10,000 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $32.00, for a total transaction of $320,000.00. Following the sale, the director directly owned 16,979 shares in the company, valued at approximately $543,328. This trade represents a 37.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP James David Johnston sold 2,600 shares of Summit Midstream Partners stock in a transaction on Thursday, July 2nd. The stock was 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 directly owned 75,357 shares of the company’s stock, valued at approximately $2,239,610.04. The trade was a 3.34% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 42.96% of the company’s stock.

Institutional Investors Weigh In On Summit Midstream Partners

Several large investors have recently bought and sold shares of the business. Nuveen LLC raised its stake in Summit Midstream Partners by 3.1% during the 4th quarter. Nuveen LLC now owns 21,498 shares of the company’s stock valued at $574,000 after buying an additional 656 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Summit Midstream Partners by 0.3% in the 3rd quarter. Invesco Ltd. now owns 968,080 shares of the company’s stock worth $19,884,000 after buying an additional 2,975 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Summit Midstream Partners by 5.4% in the 1st quarter. Empowered Funds LLC now owns 59,481 shares of the company’s stock worth $2,016,000 after buying an additional 3,041 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Summit Midstream Partners by 46.2% in the fourth quarter. Wells Fargo & Company MN now owns 10,558 shares of the company’s stock worth $282,000 after acquiring an additional 3,338 shares during the period. Finally, New York State Common Retirement Fund bought a new stake in shares of Summit Midstream Partners in the second quarter worth $96,000. 42.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on SMC. Weiss Ratings raised Summit Midstream Partners from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday, May 13th. TD Cowen assumed coverage on Summit Midstream Partners in a report on Tuesday, August 4th. They issued a “buy” rating and a $39.00 target price on the stock. Finally, Summit Redstone set a $39.00 target price on Summit Midstream Partners in a research note on Monday, August 3rd. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Summit Midstream Partners presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.67.

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.