Summit Midstream Partners (NYSE:SMC) Issues Quarterly Earnings Results

Summit Midstream Partners (NYSE:SMC) posted its quarterly earnings results on Monday. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.46, Zacks reports. Summit Midstream Partners had a negative return on equity of 0.04% and a negative net margin of 0.06%.

Summit Midstream Partners Trading Up 3.2%

Shares of SMC stock traded up $0.87 on Monday, hitting $28.00. 130,172 shares of the company’s stock traded hands, compared to its average volume of 73,809. Summit Midstream Partners has a one year low of $20.97 and a one year high of $36.47. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.94 and a current ratio of 0.94. The company’s fifty day simple moving average is $31.72 and its 200 day simple moving average is $30.64. The stock has a market capitalization of $568.66 million, a price-to-earnings ratio of -25.22 and a beta of 0.88.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. TD Cowen raised their target price 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. Summit Redstone set a $39.00 target price on Summit Midstream Partners in a research report on Monday, August 3rd. Zacks Research downgraded Summit Midstream Partners from a “strong-buy” rating to a “hold” rating in a report on Monday, November 2nd. Finally, Weiss Ratings raised Summit Midstream Partners from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, August 21st. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently 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 that occurred on Thursday, October 1st. The stock was sold at an average price of $30.51, for a total transaction of $79,326.00. Following the transaction, the vice president directly owned 72,757 shares of the company’s stock, valued at approximately $2,219,816.07. The trade was a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 42.96% of the stock is currently owned by corporate insiders.

Summit Midstream Partners Company Profile

Summit Midstream Partners, known as Summit Midstream Corporation following its corporate reorganization, is a midstream energy company that develops, owns and operates infrastructure used to gather and process natural gas, crude oil and produced water. The company primarily provides fee-based services to exploration and production companies, connecting wells to processing plants, pipelines and other downstream markets.

Its assets have historically included natural gas gathering and processing systems, crude oil and produced-water gathering infrastructure, and related pipelines and facilities.