Summit Midstream Partners (NYSE:SMC) Announces Earnings Results

Summit Midstream Partners (NYSE:SMC) issued its earnings results on Monday. The company reported ($0.66) earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of $142.29 million for the quarter.

Summit Midstream Partners Stock Performance

Shares of SMC traded down $0.26 during mid-day trading on Monday, hitting $30.03. 77,037 shares of the company traded hands, compared to its average volume of 51,935. The stock has a market cap of $564.28 million, a price-to-earnings ratio of -1.64 and a beta of 0.92. The stock has a 50-day moving average price of $28.63 and a two-hundred day moving average price of $25.35. Summit Midstream Partners has a 1 year low of $19.13 and a 1 year high of $39.64.

Institutional Investors Weigh In On Summit Midstream Partners

A number of hedge funds have recently added to or reduced their stakes in SMC. Deltroit Asset Management UK LLP bought a new stake in shares of Summit Midstream Partners in the fourth quarter worth $18,864,000. Millennium Management LLC grew its stake in shares of Summit Midstream Partners by 320.2% during the 1st quarter. Millennium Management LLC now owns 204,265 shares of the company’s stock valued at $6,923,000 after purchasing an additional 155,655 shares during the period. Geode Capital Management LLC increased its position in shares of Summit Midstream Partners by 138.5% during the 2nd quarter. Geode Capital Management LLC now owns 231,443 shares of the company’s stock valued at $5,678,000 after purchasing an additional 134,388 shares during the last quarter. Virtus Fixed Income Advisers LLC purchased a new stake in shares of Summit Midstream Partners during the 2nd quarter valued at about $2,937,000. Finally, ARK & TLK Investments LLC bought a new position in shares of Summit Midstream Partners in the 2nd quarter worth approximately $2,749,000. 42.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SMC has been the topic of a number of recent analyst reports. Summit Redstone set a $47.00 price target on shares of Summit Midstream Partners in a report on Thursday, December 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Midstream Partners in a report on Monday, December 29th. Noble Financial initiated coverage on Summit Midstream Partners in a research note on Thursday, December 18th. They set an “outperform” rating and a $47.00 target price on the stock. Finally, Zacks Research raised Summit Midstream Partners to a “hold” rating in a report on Friday, December 19th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Summit Midstream Partners currently has an average rating of “Hold” and an average price target of $47.00.

About Summit Midstream Partners

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.