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

Key Points

• Summit Midstream reported quarterly EPS of $0.58, beating the $0.12 consensus estimate by $0.46; revenue of $183.01 million also exceeded expectations of $168 million.
• Despite the earnings beat, the company reported a slightly negative net margin and negative return on equity for the quarter.
• Shares rose 3.2% to $28 in Monday mid-day trading. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $43.

Summit Midstream Partners (NYSE:SMC - Get Free Report) released its quarterly earnings results on Monday. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.12 by $0.46, Zacks reports. The business had revenue of $183.01 million for the quarter, compared to analysts' expectations of $168.00 million. Summit Midstream Partners had a negative return on equity of 0.04% and a negative net margin of 0.06%.

Summit Midstream Partners Trading Up 3.2%

Shares of NYSE:SMC traded up $0.87 during mid-day trading on Monday, hitting $28.00. The stock had a trading volume of 130,172 shares, compared to its average volume of 73,830. The company's 50 day moving average is $31.72 and its 200-day moving average is $30.64. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.94 and a current ratio of 0.94. Summit Midstream Partners has a 12-month low of $20.97 and a 12-month high of $36.47. The company has a market cap of $568.66 million, a PE ratio of -25.22 and a beta of 0.88.

Analyst Ratings Changes

SMC has been the subject of several recent research reports. Zacks Research lowered shares of Summit Midstream Partners from a "strong-buy" rating to a "hold" rating in a research report on Monday, November 2nd. TD Cowen lifted their price objective on shares of Summit Midstream Partners from $39.00 to $43.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Summit Redstone set a $39.00 price target on shares of Summit Midstream Partners in a research note on Monday, August 3rd. Finally, Weiss Ratings raised Summit Midstream Partners from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, August 21st. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $43.00.

Insiders Place Their Bets

In related news, VP James Johnston sold 2,600 shares of the business's stock in a transaction that occurred on Thursday, October 1st. The shares were 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 approximately $2,219,816.07. The trade was a 3.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 42.96% of the stock is currently owned by company insiders.

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.