US Capital Advisors Weighs in on Summit Midstream Partners LP’s FY2019 Earnings (SMLP)

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Summit Midstream Partners LP (NYSE:SMLP) – US Capital Advisors upped their FY2019 earnings estimates for Summit Midstream Partners in a note issued to investors on Wednesday, October 17th. US Capital Advisors analyst C. Crosby now forecasts that the pipeline company will earn $1.63 per share for the year, up from their prior estimate of $1.56. US Capital Advisors also issued estimates for Summit Midstream Partners’ FY2020 earnings at $1.06 EPS.

Summit Midstream Partners (NYSE:SMLP) last issued its quarterly earnings results on Thursday, August 2nd. The pipeline company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.05). Summit Midstream Partners had a net margin of 4.33% and a return on equity of 7.98%. The firm had revenue of $128.18 million for the quarter, compared to analysts’ expectations of $106.24 million.

Other equities analysts also recently issued research reports about the stock. Zacks Investment Research downgraded shares of Summit Midstream Partners from a “buy” rating to a “hold” rating in a report on Thursday, August 9th. SunTrust Banks set a $19.00 target price on shares of Summit Midstream Partners and gave the stock a “hold” rating in a report on Sunday, August 5th. Wells Fargo & Co lowered their target price on shares of Summit Midstream Partners from $18.00 to $16.00 and set a “hold” rating on the stock in a report on Monday, September 24th. Royal Bank of Canada reissued a “buy” rating and issued a $20.00 target price on shares of Summit Midstream Partners in a report on Tuesday, August 7th. Finally, Credit Suisse Group began coverage on shares of Summit Midstream Partners in a report on Thursday, October 11th. They issued an “outperform” rating and a $18.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $18.56.

SMLP stock opened at $14.67 on Friday. Summit Midstream Partners has a one year low of $13.10 and a one year high of $22.95. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $1.11 billion, a PE ratio of 8.95 and a beta of 1.96.

A number of institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA raised its stake in Summit Midstream Partners by 46.5% during the first quarter. BNP Paribas Arbitrage SA now owns 11,251 shares of the pipeline company’s stock valued at $158,000 after purchasing an additional 3,569 shares in the last quarter. Centaurus Financial Inc. purchased a new stake in Summit Midstream Partners during the second quarter valued at $101,000. Tower Research Capital LLC TRC purchased a new stake in Summit Midstream Partners during the second quarter valued at $136,000. ELCO Management Co. LLC raised its stake in Summit Midstream Partners by 10.6% during the second quarter. ELCO Management Co. LLC now owns 104,335 shares of the pipeline company’s stock valued at $1,607,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Koch Industries Inc. purchased a new stake in Summit Midstream Partners during the first quarter valued at $167,000. 43.93% of the stock is currently owned by institutional investors.

In related news, insider Brock M. Degeyter sold 3,000 shares of the company’s stock in a transaction on Friday, August 17th. The shares were sold at an average price of $16.85, for a total transaction of $50,550.00. Following the sale, the insider now owns 54,744 shares of the company’s stock, valued at $922,436.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Brad N. Graves sold 5,000 shares of the company’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of $15.93, for a total transaction of $79,650.00. Following the sale, the insider now directly owns 41,225 shares in the company, valued at approximately $656,714.25. The disclosure for this sale can be found here. Insiders sold 13,000 shares of company stock worth $204,400 in the last three months.

About Summit Midstream Partners

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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Earnings History and Estimates for Summit Midstream Partners (NYSE:SMLP)

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