Zacks: Brokerages Expect Summit Midstream Partners LP (SMLP) Will Post Quarterly Sales of $106.24 Million
Analysts forecast that Summit Midstream Partners LP (NYSE:SMLP) will announce sales of $106.24 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Summit Midstream Partners’ earnings, with estimates ranging from $103.00 million to $109.48 million. Summit Midstream Partners reported sales of $101.79 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.4%. The firm is scheduled to issue its next quarterly earnings results on Wednesday, November 7th.
According to Zacks, analysts expect that Summit Midstream Partners will report full-year sales of $476.83 million for the current fiscal year, with estimates ranging from $466.70 million to $489.00 million. For the next financial year, analysts forecast that the company will report sales of $495.81 million per share, with estimates ranging from $480.24 million to $516.00 million. Zacks’ sales averages are a mean average based on a survey of research firms that follow Summit Midstream Partners.
Summit Midstream Partners (NYSE:SMLP) last issued its quarterly earnings results on Thursday, August 2nd. The pipeline company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.05). The firm had revenue of $128.18 million for the quarter, compared to the consensus estimate of $106.24 million. Summit Midstream Partners had a net margin of 4.33% and a return on equity of 7.98%.
In other news, insider Brock M. Degeyter sold 6,000 shares of the stock in a transaction on Wednesday, July 18th. The stock was sold at an average price of $16.37, for a total value of $98,220.00. Following the completion of the sale, the insider now owns 60,744 shares in the company, valued at $994,379.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brock M. Degeyter sold 3,000 shares of the stock in a transaction on Friday, August 17th. The shares were sold at an average price of $16.85, for a total value of $50,550.00. Following the completion of the sale, the insider now owns 54,744 shares of the company’s stock, valued at approximately $922,436.40. The disclosure for this sale can be found here. Insiders sold 14,000 shares of company stock valued at $226,870 in the last 90 days.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SMLP. Wells Fargo & Company MN lifted its holdings in shares of Summit Midstream Partners by 29.8% in the first quarter. Wells Fargo & Company MN now owns 82,133 shares of the pipeline company’s stock valued at $1,154,000 after purchasing an additional 18,848 shares in the last quarter. Evergreen Capital Management LLC raised its holdings in shares of Summit Midstream Partners by 6.5% during the first quarter. Evergreen Capital Management LLC now owns 384,360 shares of the pipeline company’s stock worth $5,400,000 after acquiring an additional 23,560 shares in the last quarter. Citigroup Inc. raised its holdings in shares of Summit Midstream Partners by 94.4% during the first quarter. Citigroup Inc. now owns 190,110 shares of the pipeline company’s stock worth $2,671,000 after acquiring an additional 92,316 shares in the last quarter. BNP Paribas Arbitrage SA raised its holdings in shares of Summit Midstream Partners by 46.5% during the first quarter. BNP Paribas Arbitrage SA now owns 11,251 shares of the pipeline company’s stock worth $158,000 after acquiring an additional 3,569 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Summit Midstream Partners by 13.2% during the first quarter. Van ECK Associates Corp now owns 51,511 shares of the pipeline company’s stock worth $724,000 after acquiring an additional 6,002 shares in the last quarter. Institutional investors own 43.89% of the company’s stock.
Shares of SMLP traded up $0.10 during trading hours on Monday, hitting $16.35. 97,728 shares of the company were exchanged, compared to its average volume of 214,309. The firm has a market cap of $1.22 billion, a PE ratio of 9.97 and a beta of 1.94. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 1.22. Summit Midstream Partners has a one year low of $13.10 and a one year high of $22.95.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 14th. Stockholders of record on Tuesday, August 7th were issued a $0.575 dividend. The ex-dividend date of this dividend was Monday, August 6th. This represents a $2.30 dividend on an annualized basis and a dividend yield of 14.07%. Summit Midstream Partners’s payout ratio is currently 140.24%.
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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