Noble Financial Issues Pessimistic Outlook for SMC Earnings

Key Points

• Noble Financial cut its FY2027 EPS estimate for Summit Midstream Partners from $1.07 to $0.96 and kept an "Outperform" rating with a $47 price target.
• Summit missed recent quarterly expectations, reporting EPS of ($0.66) versus a $0.30 consensus and revenue of $142.3M versus $150.1M expected; the stock trades near $29.67 with a market cap of about $563M and a negative PE.
• Analyst sentiment is mixed (one Buy, one Hold, one Sell) with a consensus "Hold" and $47 target, while institutional ownership is ~42.97% as several funds substantially increased positions.

Summit Midstream Partners, LP (NYSE:SMC - Free Report) - Analysts at Noble Financial reduced their FY2027 earnings estimates for shares of Summit Midstream Partners in a research note issued to investors on Thursday, April 2nd. Noble Financial analyst M. Reichman now forecasts that the company will earn $0.96 per share for the year, down from their prior estimate of $1.07. Noble Financial has a "Outperform" rating and a $47.00 price target on the stock.

SMC has been the subject of a number of other research reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Summit Midstream Partners in a research report on Friday, March 27th. Zacks Research raised shares of Summit Midstream Partners to a "hold" rating in a research report on Friday, December 19th. Finally, Summit Redstone set a $47.00 target price on shares of Summit Midstream Partners in a research report on Thursday, December 18th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Summit Midstream Partners presently has an average rating of "Hold" and a consensus target price of $47.00.

Summit Midstream Partners Stock Performance

NYSE:SMC opened at $29.67 on Friday. The stock has a 50-day simple moving average of $29.85 and a 200 day simple moving average of $26.11. Summit Midstream Partners has a 52-week low of $19.13 and a 52-week high of $35.26. The company has a market cap of $562.86 million, a PE ratio of -8.15 and a beta of 0.85.

Summit Midstream Partners (NYSE:SMC - Get Free Report) last released its quarterly earnings results on Monday, March 16th. The company reported ($0.66) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.96). The business had revenue of $142.29 million during the quarter, compared to analysts' expectations of $150.07 million.

Hedge Funds Weigh In On Summit Midstream Partners

A number of institutional investors have recently added to or reduced their stakes in SMC. Millennium Management LLC raised its position in Summit Midstream Partners by 320.2% during the first quarter. Millennium Management LLC now owns 204,265 shares of the company's stock worth $6,923,000 after acquiring an additional 155,655 shares in the last quarter. Empowered Funds LLC grew its position in shares of Summit Midstream Partners by 5.4% in the 1st quarter. Empowered Funds LLC now owns 59,481 shares of the company's stock valued at $2,016,000 after acquiring an additional 3,041 shares during the period. Jane Street Group LLC grew its position in shares of Summit Midstream Partners by 243.0% in the 1st quarter. Jane Street Group LLC now owns 34,862 shares of the company's stock valued at $1,181,000 after acquiring an additional 24,699 shares during the period. Geode Capital Management LLC increased its stake in shares of Summit Midstream Partners by 138.5% during the 2nd quarter. Geode Capital Management LLC now owns 231,443 shares of the company's stock worth $5,678,000 after purchasing an additional 134,388 shares during the last quarter. Finally, Rhumbline Advisers acquired a new position in shares of Summit Midstream Partners during the 2nd quarter worth about $239,000. 42.97% of the stock is currently owned by institutional investors and hedge funds.

Summit Midstream Partners Company Profile

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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