Summit Midstream Partners (NYSE:SMC) Board of Directors Declares Share Buyback Program

Summit Midstream Partners (NYSE:SMC) announced that its board has authorized a stock repurchase program on Monday, June 1st, RTT News reports. The company plans to repurchase $35.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Summit Midstream Partners from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Summit Midstream Partners currently has an average rating of “Hold” and a consensus target price of $47.00.

Summit Midstream Partners Trading Up 10.2%

SMC traded up $2.72 during trading on Monday, hitting $29.37. 191,345 shares of the company’s stock traded hands, compared to its average volume of 69,793. The company’s 50 day simple moving average is $30.22 and its two-hundred day simple moving average is $28.50. Summit Midstream Partners has a 12-month low of $19.13 and a 12-month high of $33.50. The stock has a market capitalization of $597.35 million, a price-to-earnings ratio of -15.62 and a beta of 0.77.

Summit Midstream Partners (NYSE:SMC) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.43) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.06. The firm had revenue of $139.14 million for the quarter, compared to the consensus estimate of $139.88 million. On average, equities analysts expect that Summit Midstream Partners will post -0.93 EPS for the current year.

Insider Buying and Selling at Summit Midstream Partners

In other news, Director Jerry L. Peters sold 10,000 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $32.00, for a total transaction of $320,000.00. Following the transaction, the director directly owned 16,979 shares of the company’s stock, valued at $543,328. This represents a 37.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 42.96% of the stock is owned by insiders.

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.