Summit Midstream Partners (NYSE:SMC) Shares Gap Up on Better-Than-Expected Earnings

Summit Midstream Partners, LP (NYSE:SMC)’s share price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $27.96, but opened at $30.00. Summit Midstream Partners shares last traded at $30.06, with a volume of 20,743 shares changing hands.

The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.46. Summit Midstream Partners had a negative return on equity of 0.04% and a negative net margin of 0.06%. The company had revenue of $183.01 million for the quarter, compared to analyst estimates of $158.60 million.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Weiss Ratings upgraded Summit Midstream Partners from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, August 21st. Summit Redstone set a $39.00 target price on Summit Midstream Partners in a report on Monday, August 3rd. Zacks Research downgraded Summit Midstream Partners from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 2nd. Finally, TD Cowen boosted their price target on shares of Summit Midstream Partners from $39.00 to $43.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Insiders Place Their Bets

In related news, VP James Johnston sold 2,600 shares of Summit Midstream Partners stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $30.51, for a total value of $79,326.00. Following the completion of the transaction, the vice president owned 72,757 shares in the company, valued at $2,219,816.07. The trade was a 3.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Simplex Trading LLC boosted its holdings in Summit Midstream Partners by 6,428.6% in the third quarter. Simplex Trading LLC now owns 914 shares of the company’s stock valued at $28,000 after purchasing an additional 900 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Summit Midstream Partners during the 1st quarter worth approximately $46,000. Ancora Advisors LLC purchased a new position in Summit Midstream Partners during the 2nd quarter worth approximately $143,000. Squarepoint Ops LLC purchased a new stake in Summit Midstream Partners in the second quarter valued at approximately $238,000. Finally, Valeo Financial Advisors LLC acquired a new position in shares of Summit Midstream Partners in the 2nd quarter valued at $268,000. 42.97% of the stock is owned by institutional investors and hedge funds.

Summit Midstream Partners Stock Up 8.2%

The firm has a market cap of $614.38 million, a price-to-earnings ratio of -27.25 and a beta of 0.88. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.94 and a quick ratio of 0.94. The firm’s 50 day moving average price is $31.60 and its two-hundred day moving average price is $30.64.

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.