Summit Midstream Partners (NYSE:SMC) Posts Quarterly Earnings Results, Misses Expectations By $0.96 EPS

Summit Midstream Partners (NYSE:SMC) announced its earnings results on Monday. The company reported ($0.66) EPS for the quarter, missing the consensus estimate of $0.30 by ($0.96), FiscalAI reports. The firm had revenue of $142.29 million for the quarter, compared to the consensus estimate of $150.07 million.

Summit Midstream Partners Stock Up 2.0%

SMC opened at $30.71 on Wednesday. Summit Midstream Partners has a twelve month low of $19.13 and a twelve month high of $38.63. The company’s 50-day moving average price is $28.80 and its two-hundred day moving average price is $25.47. The stock has a market cap of $576.82 million, a price-to-earnings ratio of -1.68 and a beta of 0.92.

Analysts Set New Price Targets

SMC has been the subject of several analyst reports. Summit Redstone set a $47.00 price objective on shares of Summit Midstream Partners in a research note on Thursday, December 18th. Zacks Research upgraded Summit Midstream Partners to a “hold” rating in a research note on Friday, December 19th. Noble Financial initiated coverage on Summit Midstream Partners in a research report on Thursday, December 18th. They set an “outperform” rating and a $47.00 price target for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Midstream Partners in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $47.00.

Institutional Trading of Summit Midstream Partners

Large investors have recently bought and sold shares of the company. Millennium Management LLC lifted its position 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 buying an additional 155,655 shares during the last quarter. Empowered Funds LLC raised its stake in Summit Midstream Partners by 5.4% in the 1st quarter. Empowered Funds LLC now owns 59,481 shares of the company’s stock valued at $2,016,000 after acquiring an additional 3,041 shares during the period. Jane Street Group LLC lifted its holdings in Summit Midstream Partners by 243.0% during the first quarter. Jane Street Group LLC now owns 34,862 shares of the company’s stock valued at $1,181,000 after purchasing an additional 24,699 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Summit Midstream Partners by 138.5% during the second 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. Finally, Police & Firemen s Retirement System of New Jersey bought a new position in Summit Midstream Partners during the second quarter worth about $56,000. 42.97% of the stock is owned by hedge funds and other institutional investors.

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.