Summit Midstream Partners (NYSE:SMC) Posts Earnings Results, Beats Estimates By $0.46 EPS

Summit Midstream Partners (NYSE:SMC) issued its quarterly earnings results on Monday. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.46, Zacks reports. The company had revenue of $183.01 million during the quarter, compared to the consensus estimate of $158.60 million. Summit Midstream Partners had a negative return on equity of 0.04% and a negative net margin of 0.06%.

Summit Midstream Partners Price Performance

SMC opened at $28.00 on Tuesday. Summit Midstream Partners has a 52-week low of $20.97 and a 52-week high of $36.47. The stock’s 50 day moving average price is $31.60 and its 200-day moving average price is $30.64. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.94 and a quick ratio of 0.94.

Insider Transactions at Summit Midstream Partners

In other news, VP James Johnston sold 2,600 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $30.51, for a total transaction of $79,326.00. Following the transaction, the vice president directly owned 72,757 shares of the company’s stock, valued at $2,219,816.07. This represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 42.96% of the company’s stock.

Analysts Set New Price Targets

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

About Summit Midstream Partners

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.