Summit Midstream Partners (NYSE:SMC) Given New $43.00 Price Target at TD Cowen

Key Points

• TD Cowen raised Summit Midstream Partners’ price target to $43 from $39 and maintained a “buy” rating, implying approximately 24.1% upside from the prior close. The analyst consensus is also a “Moderate Buy” with a $43 target.
• Summit reported quarterly EPS of $0.11, beating estimates by $0.47, though revenue of $155.01 million fell short of the $169 million consensus estimate.
• The company authorized a $35 million stock repurchase program, allowing it to buy back up to 6.5% of outstanding shares; insiders own roughly 43% of the stock.

Summit Midstream Partners (NYSE:SMC - Get Free Report) had its target price upped by stock analysts at TD Cowen from $39.00 to $43.00 in a research note issued to investors on Wednesday. The brokerage currently has a "buy" rating on the stock. TD Cowen's target price would indicate a potential upside of 24.11% from the stock's previous close.

Other equities research analysts also recently issued reports about the stock. Summit Redstone set a $39.00 price objective on shares of Summit Midstream Partners in a research report on Monday, August 3rd. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Summit Midstream Partners in a report on Friday. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.00.

Summit Midstream Partners Stock Performance

NYSE:SMC opened at $34.65 on Wednesday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.20 and a current ratio of 1.20. Summit Midstream Partners has a 52-week low of $19.13 and a 52-week high of $35.05. The firm has a market cap of $704.69 million, a price-to-earnings ratio of -31.21 and a beta of 0.71. The business's fifty day moving average is $29.96 and its 200 day moving average is $29.92.

Summit Midstream Partners (NYSE:SMC - Get Free Report) last issued its earnings results on Monday, August 10th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of ($0.36) by $0.47. The business had revenue of $155.01 million during the quarter, compared to the consensus estimate of $169.00 million. Summit Midstream Partners had a negative return on equity of 0.04% and a negative net margin of 0.06%. Research analysts predict that Summit Midstream Partners will post -0.93 EPS for the current year.

Summit Midstream Partners announced that its Board of Directors has initiated a stock repurchase plan on Monday, June 1st that authorizes the company to buyback $35.00 million in shares. This buyback authorization authorizes the company to repurchase up to 6.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, VP James David Johnston sold 2,600 shares of the stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $29.72, for a total value of $77,272.00. Following the transaction, the vice president owned 75,357 shares of the company's stock, valued at $2,239,610.04. This represents a 3.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jerry L. Peters sold 10,000 shares of the firm's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $32.00, for a total transaction of $320,000.00. Following the sale, the director owned 16,979 shares in the company, valued at approximately $543,328. This trade represents a 37.07% decrease in their position. The SEC filing for this sale provides additional information. 42.96% of the stock is owned by insiders.

Institutional Investors Weigh In On Summit Midstream Partners

Large investors have recently added to or reduced their stakes in the company. Nuveen LLC boosted its stake in shares of Summit Midstream Partners by 3.1% in the 4th quarter. Nuveen LLC now owns 21,498 shares of the company's stock valued at $574,000 after purchasing an additional 656 shares in the last quarter. Hsbc Holdings PLC raised its position in Summit Midstream Partners by 11.7% in the 1st quarter. Hsbc Holdings PLC now owns 10,446 shares of the company's stock worth $322,000 after purchasing an additional 1,096 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Summit Midstream Partners in the first quarter worth $46,000. Invesco Ltd. boosted its position in Summit Midstream Partners by 0.3% during the third quarter. Invesco Ltd. now owns 968,080 shares of the company's stock valued at $19,884,000 after buying an additional 2,975 shares during the period. Finally, Empowered Funds LLC boosted its position in Summit Midstream Partners by 5.4% during the first quarter. Empowered Funds LLC now owns 59,481 shares of the company's stock valued at $2,016,000 after buying an additional 3,041 shares during the period. Hedge funds and other institutional investors own 42.97% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source