Summit Midstream Partners (NYSE:SMC) Price Target Raised to $43.00 at TD Cowen

Summit Midstream Partners (NYSE:SMC) had its price objective hoisted by stock analysts at TD Cowen from $39.00 to $43.00 in a research note issued to investors on Wednesday. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price objective suggests a potential upside of 24.11% from the stock’s current price.

SMC has been the topic of a number of other reports. Summit Redstone set a $39.00 price target on shares of Summit Midstream Partners in a report on Monday, August 3rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Summit Midstream Partners in a report on Friday. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $43.00.

Summit Midstream Partners Price Performance

Shares of SMC opened at $34.65 on Wednesday. The stock has a market cap of $704.69 million, a PE ratio of -31.21 and a beta of 0.71. Summit Midstream Partners has a fifty-two week low of $19.13 and a fifty-two week high of $35.05. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.20 and a current ratio of 1.20. The firm’s 50-day simple moving average is $29.96 and its two-hundred day simple moving average is $29.92.

Summit Midstream Partners (NYSE:SMC) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.47. 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 $155.01 million during the quarter, compared to analysts’ expectations of $169.00 million. Analysts anticipate that Summit Midstream Partners will post -0.93 earnings per share for the current fiscal year.

Summit Midstream Partners declared that its board has approved a stock buyback plan on Monday, June 1st that allows the company to buyback $35.00 million in shares. This buyback authorization allows the company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Jerry L. Peters sold 10,000 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $32.00, for a total value of $320,000.00. Following the sale, the director directly owned 16,979 shares in the company, valued at $543,328. The trade was a 37.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP James David Johnston sold 2,600 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $29.72, for a total transaction of $77,272.00. Following the sale, the vice president owned 75,357 shares in the company, valued at $2,239,610.04. This represents a 3.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 42.96% of the company’s stock.

Institutional Investors Weigh In On Summit Midstream Partners

Institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio purchased a new position in shares of Summit Midstream Partners in the 1st quarter worth approximately $46,000. New York State Common Retirement Fund purchased a new stake in Summit Midstream Partners during the 2nd quarter valued at $96,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Summit Midstream Partners by 5,417.0% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,517 shares of the company’s stock valued at $135,000 after buying an additional 5,417 shares during the period. Deutsche Bank AG bought a new stake in Summit Midstream Partners in the fourth quarter worth $186,000. Finally, Goldman Sachs Group Inc. bought a new stake in Summit Midstream Partners in the fourth quarter worth $215,000. 42.97% of the stock is owned by institutional investors.

Summit Midstream Partners Company Profile

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.