Summit Midstream Partners (NYSE:SMC) Announces Earnings Results

Summit Midstream Partners (NYSE:SMC) released its earnings results on Monday. The company reported ($0.43) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.06, FiscalAI reports. The firm had revenue of $139.14 million during the quarter, compared to analyst estimates of $139.88 million.

Summit Midstream Partners Price Performance

SMC opened at $29.21 on Tuesday. Summit Midstream Partners has a 12 month low of $19.13 and a 12 month high of $33.50. The business has a 50-day moving average of $30.38 and a two-hundred day moving average of $27.62. The stock has a market capitalization of $554.04 million, a price-to-earnings ratio of -8.14 and a beta of 0.83.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Summit Midstream Partners in a report on Friday, March 27th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Summit Midstream Partners has a consensus rating of “Hold” and an average price target of $47.00.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. New York State Common Retirement Fund purchased a new stake in shares of Summit Midstream Partners in the second quarter worth about $96,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Summit Midstream Partners by 5,417.0% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,517 shares of the company’s stock valued at $135,000 after acquiring an additional 5,417 shares in the last quarter. Deutsche Bank AG purchased a new stake in shares of Summit Midstream Partners during the fourth quarter valued at approximately $186,000. Goldman Sachs Group Inc. acquired a new position in shares of Summit Midstream Partners during the fourth quarter worth $215,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Summit Midstream Partners in the fourth quarter valued at $250,000. 42.97% of the stock is owned by hedge funds and other institutional investors.

About Summit Midstream Partners

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.