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

Summit Midstream Partners (NYSE:SMC) posted its 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 company had revenue of $155.01 million for the quarter, compared to the consensus estimate 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 Performance

SMC stock opened at $31.69 on Tuesday. Summit Midstream Partners has a twelve month low of $19.13 and a twelve month high of $33.50. The business’s fifty day moving average is $29.86 and its 200-day moving average is $29.87. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.59. The company has a market cap of $644.57 million, a P/E ratio of -16.86 and a beta of 0.71.

Wall Street Analyst Weigh In

Several research firms recently commented on SMC. Weiss Ratings upgraded shares of Summit Midstream Partners from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday, May 13th. Summit Redstone set a $39.00 target price on shares of Summit Midstream Partners in a research report on Monday, August 3rd. Finally, TD Cowen assumed coverage on Summit Midstream Partners in a research report on Tuesday, August 4th. They issued a “buy” rating and a $39.00 price target for the company. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.67.

Insider Activity

In related news, VP James David Johnston sold 2,600 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $29.72, for a total transaction of $77,272.00. Following the completion of the transaction, the vice president directly owned 75,357 shares in the company, valued at approximately $2,239,610.04. This trade represents a 3.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jerry L. Peters sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $32.00, for a total value of $320,000.00. Following the sale, the director owned 16,979 shares in the company, valued at approximately $543,328. This represents a 37.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 42.96% of the company’s stock.

Hedge Funds Weigh In On Summit Midstream Partners

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund bought a new stake in Summit Midstream Partners during the second quarter worth about $96,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Summit Midstream Partners by 5,417.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,517 shares of the company’s stock worth $135,000 after acquiring an additional 5,417 shares in the last quarter. Deutsche Bank AG bought a new position in shares of Summit Midstream Partners in the fourth quarter valued at approximately $186,000. Goldman Sachs Group Inc. bought a new stake in Summit Midstream Partners during the fourth quarter worth $215,000. Finally, Rhumbline Advisers purchased a new stake in Summit Midstream Partners in the 2nd quarter valued at $239,000. 42.97% of the stock is owned by institutional investors and hedge funds.

Summit Midstream Partners declared that its board has authorized a share buyback plan on Monday, June 1st that authorizes the company to repurchase $35.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

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.