Summit Midstream Partners (SMLP) Releases Earnings Results, Beats Estimates By $0.39 EPS

Summit Midstream Partners (NYSE:SMLP) posted its quarterly earnings results on Thursday. The pipeline company reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.39, Morningstar.com reports. Summit Midstream Partners had a net margin of 4.33% and a return on equity of 7.98%. The business had revenue of $127.48 million for the quarter, compared to the consensus estimate of $111.72 million.

Summit Midstream Partners stock traded down $0.20 during mid-day trading on Friday, hitting $14.93. 682,147 shares of the company’s stock were exchanged, compared to its average volume of 324,458. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 9.10 and a beta of 1.59. Summit Midstream Partners has a 1-year low of $13.10 and a 1-year high of $22.95.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Wednesday, November 7th will be given a dividend of $0.575 per share. This represents a $2.30 annualized dividend and a yield of 15.41%. The ex-dividend date of this dividend is Tuesday, November 6th. Summit Midstream Partners’s payout ratio is 140.24%.

In other Summit Midstream Partners news, insider Brad N. Graves sold 5,000 shares of the company’s stock in a transaction dated Wednesday, October 17th. The shares were sold at an average price of $14.84, for a total transaction of $74,200.00. Following the completion of the sale, the insider now directly owns 36,225 shares in the company, valued at $537,579. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Brock M. Degeyter sold 3,000 shares of the company’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $16.85, for a total transaction of $50,550.00. Following the sale, the insider now owns 54,744 shares of the company’s stock, valued at $922,436.40. The disclosure for this sale can be found here. Insiders have sold 13,400 shares of company stock worth $210,800 over the last three months.

Hedge funds have recently added to or reduced their stakes in the business. Centaurus Financial Inc. bought a new stake in Summit Midstream Partners during the second quarter valued at about $101,000. Tower Research Capital LLC TRC bought a new stake in Summit Midstream Partners during the second quarter valued at about $136,000. California Public Employees Retirement System bought a new stake in Summit Midstream Partners during the second quarter valued at about $242,000. PVG Asset Management Corp bought a new stake in Summit Midstream Partners during the second quarter valued at about $271,000. Finally, Rational Advisors LLC bought a new stake in Summit Midstream Partners during the second quarter valued at about $271,000. Institutional investors own 43.92% of the company’s stock.

A number of research firms have recently weighed in on SMLP. SunTrust Banks set a $19.00 price target on shares of Summit Midstream Partners and gave the stock a “hold” rating in a research note on Sunday, August 5th. Royal Bank of Canada reissued a “buy” rating and set a $20.00 target price on shares of Summit Midstream Partners in a research report on Tuesday, August 7th. ValuEngine raised shares of Summit Midstream Partners from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 23rd. Barclays increased their target price on shares of Summit Midstream Partners from $16.00 to $17.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 29th. Finally, Zacks Investment Research downgraded shares of Summit Midstream Partners from a “buy” rating to a “hold” rating in a research report on Thursday, August 9th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Summit Midstream Partners has a consensus rating of “Hold” and a consensus target price of $18.56.

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Summit Midstream Partners Company Profile

Summit Midstream Partners, LP focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. The company provides natural gas gathering, treating, and processing services, as well as crude oil and produced water gathering services.

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Earnings History for Summit Midstream Partners (NYSE:SMLP)

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