Summit Midstream Partners (NYSE:SMC) Rating Lowered to "Hold" at Zacks Research

Key Points

• Zacks Research downgraded Summit Midstream Partners from “strong buy” to “hold.” Other analyst ratings are mixed, leaving MarketBeat’s consensus at “Moderate Buy” with an average price target of $43.
• For its latest reported quarter, Summit posted earnings of $0.11 per share, beating the consensus estimate of a $0.36-per-share loss, while revenue of $155.01 million fell short of the $169 million forecast.
• The stock opened at $29.92 and has traded between $20.80 and $36.47 over the past 12 months.

Summit Midstream Partners (NYSE:SMC - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Monday, Zacks reports.

Other analysts also recently issued research reports about the company. TD Cowen raised 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. Summit Redstone set a $39.00 price objective on Summit Midstream Partners in a research report on Monday, August 3rd. Finally, Weiss Ratings upgraded Summit Midstream Partners from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, August 21st. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $43.00.

Summit Midstream Partners Stock Performance

NYSE SMC opened at $29.92 on Monday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.45. The firm has a 50-day simple moving average of $32.10 and a 200 day simple moving average of $30.62. Summit Midstream Partners has a twelve month low of $20.80 and a twelve month high of $36.47.

Summit Midstream Partners (NYSE:SMC - Get Free Report) last released its earnings results on Monday, August 10th. The company reported $0.11 earnings per share for the quarter, topping 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 business had revenue of $155.01 million for the quarter, compared to the consensus estimate of $169.00 million. As a group, research analysts forecast that Summit Midstream Partners will post 0.40 EPS for the current fiscal year.

Insider Buying and Selling at Summit Midstream Partners

In related news, VP James Johnston sold 2,600 shares of the company's stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $30.51, for a total value of $79,326.00. Following the sale, the vice president owned 72,757 shares of the company's stock, valued at $2,219,816.07. The trade was a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 42.96% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Odyssean LLC bought a new stake in shares of Summit Midstream Partners in the 2nd quarter valued at approximately $448,000. Cetera Investment Advisers lifted its position in shares of Summit Midstream Partners by 104.1% during the 1st quarter. Cetera Investment Advisers now owns 56,533 shares of the company's stock worth $1,710,000 after buying an additional 28,840 shares during the period. Renaissance Technologies LLC bought a new position in shares of Summit Midstream Partners during the 1st quarter worth approximately $680,000. State Street Corp lifted its position in shares of Summit Midstream Partners by 3.3% during the 2nd quarter. State Street Corp now owns 184,546 shares of the company's stock worth $5,256,000 after buying an additional 5,939 shares during the period. Finally, Engineers Gate Manager LP bought a new position in shares of Summit Midstream Partners during the 2nd quarter worth approximately $305,000. Institutional investors own 42.97% of the company's stock.

Summit Midstream Partners Company Profile

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.

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