Key Points
- Summit Midstream Partners VP James David Johnston sold 2,600 shares on July 2 at an average price of $29.72, totaling $77,272. The sale was made under a pre-arranged Rule 10b5-1 trading plan, leaving him with 75,357 shares.
- The company recently beat earnings expectations, reporting Q1 EPS of -$0.43 versus the -$0.49 consensus estimate, though revenue came in slightly below forecasts at $139.14 million.
- Summit Midstream also authorized a $35 million share repurchase program, covering up to 6.5% of outstanding shares. Analysts currently rate the stock a consensus Hold with a $47.00 target price.
Summit Midstream Partners, LP (NYSE:SMC - Get Free Report) VP James David Johnston sold 2,600 shares of the stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $29.72, for a total transaction of $77,272.00. Following the sale, the vice president directly owned 75,357 shares in the company, valued at $2,239,610.04. This trade represents a 3.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Summit Midstream Partners Stock Performance
Shares of NYSE SMC opened at $30.15 on Tuesday. The firm's 50 day moving average price is $29.88 and its 200-day moving average price is $29.18. Summit Midstream Partners, LP has a 52-week low of $19.13 and a 52-week high of $33.50. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.20 and a current ratio of 1.20. The company has a market cap of $613.25 million, a PE ratio of -16.04 and a beta of 0.74.
Summit Midstream Partners (NYSE:SMC - Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.43) earnings per share for the quarter, topping the consensus estimate of ($0.49) by $0.06. Summit Midstream Partners had a negative return on equity of 0.73% and a negative net margin of 1.09%.The firm had revenue of $139.14 million during the quarter, compared to analysts' expectations of $139.88 million. On average, equities research analysts expect that Summit Midstream Partners, LP will post -0.93 EPS for the current fiscal year.
Summit Midstream Partners announced that its board has approved a share repurchase program on Monday, June 1st that authorizes the company to repurchase $35.00 million in shares. This repurchase authorization authorizes the company to buy up to 6.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.
Institutional Investors Weigh In On Summit Midstream Partners
A number of hedge funds have recently modified their holdings of SMC. Millennium Management LLC grew its holdings in Summit Midstream Partners by 320.2% during the first 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 during the period. Empowered Funds LLC lifted its position in shares of Summit Midstream Partners by 5.4% during the 1st 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 in the last quarter. Jane Street Group LLC grew its stake in shares of Summit Midstream Partners by 243.0% during 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 grew 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 valued at $5,678,000 after acquiring an additional 134,388 shares during the period. Finally, Rhumbline Advisers purchased a new stake in Summit Midstream Partners in the 2nd quarter worth approximately $239,000. Institutional investors own 42.97% of the company's stock.
Wall Street Analyst Weigh In
Separately, Weiss Ratings raised Summit Midstream Partners from a "sell (d-)" rating to a "hold (c-)" rating in a report on Wednesday, May 13th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $47.00.
Get Our Latest Report on SMC
About Summit Midstream Partners
(
Get Free Report)
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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