Summit Midstream Partners (NYSE:SMC) Posts Earnings Results

Summit Midstream Partners (NYSE:SMC) released its quarterly earnings results on Monday. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.46, Zacks reports. The company had revenue of $183.01 million during the quarter, compared to the consensus estimate of $158.60 million. Summit Midstream Partners had a return on equity of 1.17% and a net margin of 1.61%.

Summit Midstream Partners Stock Performance

Shares of Summit Midstream Partners stock traded up $0.09 during trading on Wednesday, reaching $30.39. The company’s stock had a trading volume of 76,420 shares, compared to its average volume of 74,806. Summit Midstream Partners has a one year low of $22.27 and a one year high of $36.47. The firm has a market cap of $617.26 million, a price-to-earnings ratio of -75.69 and a beta of 0.88. The business’s fifty day moving average price is $31.51 and its 200-day moving average price is $30.65. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.94 and a current ratio of 0.94.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SMC. TD Cowen raised their price objective on Summit Midstream Partners from $39.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Zacks Research lowered shares of Summit Midstream Partners from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 2nd. Summit Redstone set a $39.00 price target on shares of Summit Midstream Partners in a research report on Monday, August 3rd. Finally, Weiss Ratings cut shares of Summit Midstream Partners from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $43.00.

Insider Transactions at Summit Midstream Partners

In other news, VP James Johnston sold 2,600 shares of the business’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $30.51, for a total transaction of $79,326.00. Following the transaction, the vice president owned 72,757 shares in the company, valued at approximately $2,219,816.07. The trade was a 3.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 42.96% of the stock is owned by corporate insiders.

About Summit Midstream Partners

Summit Midstream Corporation, formerly Summit Midstream Partners, is a midstream energy company that provides infrastructure and services to natural gas and crude oil producers. Its operations include gathering, compressing, treating and processing natural gas, as well as gathering and handling crude oil and produced water. The company’s assets serve production areas including the Williston Basin in North Dakota, the Piceance and Denver-Julesburg basins in Colorado, the Permian Basin in Texas and the Barnett Shale in Texas.