Summit Midstream Partners (NYSE:SMC) Posts Earnings Results

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

Summit Midstream Partners Stock Performance

Shares of SMC traded up $0.06 during trading hours on Monday, reaching $29.84. 37,318 shares of the company traded hands, compared to its average volume of 59,682. The stock has a market cap of $565.99 million, a P/E ratio of -8.20 and a beta of 0.83. Summit Midstream Partners has a 1-year low of $19.13 and a 1-year high of $33.50. The stock’s fifty day moving average is $30.36 and its 200 day moving average is $27.49.

Analyst Ratings Changes

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

Institutional Investors Weigh In On Summit Midstream Partners

Several institutional investors have recently added to or reduced their stakes in SMC. New York State Common Retirement Fund acquired a new position in Summit Midstream Partners in the 2nd quarter valued at about $96,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Summit Midstream Partners by 5,417.0% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,517 shares of the company’s stock valued at $135,000 after purchasing an additional 5,417 shares during the period. Deutsche Bank AG bought a new position in shares of Summit Midstream Partners in the fourth quarter valued at $186,000. Goldman Sachs Group Inc. bought a new position in shares of Summit Midstream Partners during the fourth quarter valued at about $215,000. Finally, Hsbc Holdings PLC purchased a new stake in Summit Midstream Partners during the fourth quarter worth about $250,000. 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.