Summit Midstream Partners (NYSE:SMC) Issues Quarterly Earnings Results

by · The Cerbat Gem

Summit Midstream Partners (NYSE:SMC – Get Free Report) released its quarterly earnings results on Monday. The company reported ($0.43) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.06, FiscalAI reports. The firm had revenue of $139.14 million for the quarter, compared to analysts’ expectations of $139.88 million.

Summit Midstream Partners Price Performance

Shares of NYSE SMC traded up $0.06 during mid-day trading on Monday, hitting $29.84. The company had a trading volume of 37,318 shares, compared to its average volume of 59,682. The company has a market capitalization of $565.99 million, a PE ratio of -8.20 and a beta of 0.83. The business’s 50-day simple moving average is $30.36 and its 200 day simple moving average is $27.49. Summit Midstream Partners has a 1-year low of $19.13 and a 1-year high of $33.50.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated 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 given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Summit Midstream Partners has an average rating of “Hold” and a consensus target price of $47.00.

Read Our Latest Stock Analysis on SMC

Hedge Funds Weigh In On Summit Midstream Partners

Large investors have recently bought and sold shares of the business. New York State Common Retirement Fund purchased a new position in Summit Midstream Partners in the second quarter valued at $96,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Summit Midstream Partners by 5,417.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,517 shares of the company’s stock worth $135,000 after purchasing an additional 5,417 shares during the last quarter. Deutsche Bank AG purchased a new position in shares of Summit Midstream Partners during the fourth quarter worth about $186,000. Goldman Sachs Group Inc. purchased a new position in shares of Summit Midstream Partners during the fourth quarter worth about $215,000. Finally, Rhumbline Advisers purchased a new position in shares of Summit Midstream Partners during the second quarter worth about $239,000. Hedge funds and other institutional investors own 42.97% of the company’s stock.

Summit Midstream Partners Company Profile

(Get Free Report)

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.

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