Summit Midstream Partners (NYSE:SMC) Releases Earnings Results

Key Points

• Summit Midstream Partners reported an earnings per share (EPS) of ($0.66) for the quarter, with a negative net margin of 26.34% and a negative return on equity of 1.51%.
• The company's stock price closed at $24.26 after a decline of $0.18, with a one year range of $23.53 to $45.89.
• Wall Street analysts downgraded Summit Midstream Partners from a "hold" to a "sell" rating, indicating a negative outlook on the stock.

Summit Midstream Partners (NYSE:SMC - Get Free Report) issued its quarterly earnings results on Monday. The company reported ($0.66) EPS for the quarter, Zacks reports. Summit Midstream Partners had a negative net margin of 26.34% and a negative return on equity of 1.51%.

Summit Midstream Partners Price Performance

NYSE:SMC traded down $0.18 on Monday, hitting $24.26. The company's stock had a trading volume of 73,193 shares, compared to its average volume of 61,207. The stock has a fifty day moving average of $25.25 and a two-hundred day moving average of $31.28. Summit Midstream Partners has a one year low of $23.53 and a one year high of $45.89.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered Summit Midstream Partners from a "hold" rating to a "sell" rating in a report on Monday.

Institutional Trading of Summit Midstream Partners

Institutional investors and hedge funds have recently bought and sold shares of the business. Jane Street Group LLC grew its position in shares of Summit Midstream Partners by 243.0% in the first quarter. Jane Street Group LLC now owns 34,862 shares of the company's stock valued at $1,181,000 after purchasing an additional 24,699 shares during the last quarter. Empowered Funds LLC boosted its holdings 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 purchasing an additional 3,041 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Summit Midstream Partners by 320.2% in the 1st quarter. Millennium Management LLC now owns 204,265 shares of the company's stock valued at $6,923,000 after purchasing an additional 155,655 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Summit Midstream Partners by 138.5% in the 2nd quarter. Geode Capital Management LLC now owns 231,443 shares of the company's stock valued at $5,678,000 after purchasing an additional 134,388 shares in the last quarter. Institutional investors own 42.97% of the company's stock.

Summit Midstream Partners Company Profile

Summit Midstream Corporation focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. It operates natural gas, crude oil, and produced water gathering systems in four unconventional resource basins, including the Williston Basin in North Dakota, which includes the Bakken and Three Forks shale formations; the Denver-Julesburg Basin that consists of the Niobrara and Codell shale formations in Colorado and Wyoming; the Fort Worth Basin in Texas, which comprises the Barnett Shale formation; and the Piceance Basin in Colorado, which includes the Mesaverde formation, as well as the emerging Mancos and Niobrara Shale formations.

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