Summit Midstream Partners (NYSE:SMC) to Buyback $35.00 million in Outstanding Shares

Summit Midstream Partners (NYSE:SMC) announced that its Board of Directors has initiated a share buyback program on Monday, June 1st, RTT News reports. The company plans to repurchase $35.00 million in shares. This repurchase authorization allows the company to buy up to 6.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Summit Midstream Partners Price Performance

Shares of Summit Midstream Partners stock traded up $2.72 during trading on Monday, reaching $29.37. 191,345 shares of the stock traded hands, compared to its average volume of 69,793. The company has a market capitalization of $597.35 million, a price-to-earnings ratio of -15.62 and a beta of 0.77. The business has a fifty day simple moving average of $30.22 and a two-hundred day simple moving average of $28.50. Summit Midstream Partners has a 52-week low of $19.13 and a 52-week high of $33.50.

Summit Midstream Partners (NYSE:SMC) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.43) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.06. The firm had revenue of $139.14 million for the quarter, compared to analysts’ expectations of $139.88 million. On average, research analysts predict that Summit Midstream Partners will post -0.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded Summit Midstream Partners from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Summit Midstream Partners has a consensus rating of “Hold” and a consensus price target of $47.00.

Insider Buying and Selling

In related news, Director Jerry L. Peters sold 10,000 shares of Summit Midstream Partners stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $32.00, for a total value of $320,000.00. Following the completion of the transaction, the director owned 16,979 shares in the company, valued at approximately $543,328. This trade represents a 37.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 42.96% of the company’s stock.

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.