$0.07 EPS Expected for Summit Midstream (SMLP) This Quarter

Equities research analysts predict that Summit Midstream (NYSE:SMLP) will announce $0.07 earnings per share for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Summit Midstream’s earnings, with the lowest EPS estimate coming in at ($0.04) and the highest estimate coming in at $0.17. Summit Midstream reported earnings per share of $0.16 in the same quarter last year, which would indicate a negative year over year growth rate of 56.3%. The company is expected to issue its next quarterly earnings results on Thursday, May 3rd.

On average, analysts expect that Summit Midstream will report full year earnings of $0.80 per share for the current year, with EPS estimates ranging from $0.72 to $0.88. For the next financial year, analysts forecast that the firm will report earnings of $1.11 per share, with EPS estimates ranging from $0.99 to $1.23. Zacks’ EPS averages are a mean average based on a survey of research firms that follow Summit Midstream.

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Summit Midstream (NYSE:SMLP) last issued its earnings results on Thursday, February 22nd. The pipeline company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.04. The business had revenue of $126.20 million during the quarter. Summit Midstream had a net margin of 17.59% and a return on equity of 12.62%.

SMLP has been the subject of several recent analyst reports. ValuEngine raised shares of Summit Midstream from a “hold” rating to a “buy” rating in a report on Monday, December 11th. Credit Suisse Group initiated coverage on shares of Summit Midstream in a report on Thursday, January 4th. They issued an “outperform” rating and a $22.00 target price for the company. SunTrust Banks set a $24.00 target price on shares of Summit Midstream and gave the stock a “hold” rating in a report on Monday, January 29th. Zacks Investment Research cut shares of Summit Midstream from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 6th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $20.00 target price on shares of Summit Midstream in a report on Tuesday, March 6th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $21.43.

Summit Midstream stock traded down $0.35 during trading hours on Friday, hitting $13.55. The stock had a trading volume of 205,105 shares, compared to its average volume of 288,455. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a market capitalization of $1,036.59, a PE ratio of 8.26 and a beta of 1.77. Summit Midstream has a 12-month low of $13.30 and a 12-month high of $24.75.

In related news, insider Steven J. Newby acquired 15,000 shares of the firm’s stock in a transaction dated Friday, March 9th. The stock was purchased at an average cost of $15.88 per share, with a total value of $238,200.00. Following the completion of the acquisition, the insider now directly owns 38,812 shares of the company’s stock, valued at $616,334.56. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA purchased a new position in shares of Summit Midstream during the third quarter valued at approximately $105,000. Westwood Holdings Group Inc. raised its holdings in shares of Summit Midstream by 1.4% during the fourth quarter. Westwood Holdings Group Inc. now owns 417,558 shares of the pipeline company’s stock valued at $8,560,000 after purchasing an additional 5,716 shares during the last quarter. Cushing Asset Management LP grew its position in Summit Midstream by 0.4% during the fourth quarter. Cushing Asset Management LP now owns 1,565,073 shares of the pipeline company’s stock valued at $32,084,000 after buying an additional 5,853 shares during the period. First Trust Advisors LP grew its position in Summit Midstream by 1.5% during the fourth quarter. First Trust Advisors LP now owns 415,255 shares of the pipeline company’s stock valued at $8,513,000 after buying an additional 6,242 shares during the period. Finally, Spirit of America Management Corp NY grew its position in Summit Midstream by 2.0% during the fourth quarter. Spirit of America Management Corp NY now owns 373,958 shares of the pipeline company’s stock valued at $7,666,000 after buying an additional 7,400 shares during the period. 50.36% of the stock is owned by hedge funds and other institutional investors.

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Summit Midstream Company Profile

Summit Midstream Partners, LP focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. The company provides natural gas gathering, treating, and processing services, as well as crude oil and produced water gathering services.

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