Key Points
- Insider sale: VP James David Johnston sold 2,600 Summit Midstream shares for approximately $79,326 under a pre-arranged Rule 10b5-1 plan, reducing his ownership by 3.45% to 72,757 shares.
- Financial performance: Summit Midstream reported quarterly earnings of $0.11 per share, beating expectations for a $0.36 loss, while revenue of $155.01 million fell short of the $169 million estimate.
- Analyst outlook: Analysts maintain a “Moderate Buy” consensus with an average price target of $43, above the stock’s reported opening price of $30.90; institutional investors own 42.97% of the company.
Summit Midstream Partners, LP (NYSE:SMC - Get Free Report) VP James David Johnston sold 2,600 shares of the company's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $30.51, for a total value of $79,326.00. Following the sale, the vice president directly owned 72,757 shares in the company, valued at $2,219,816.07. This trade represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Summit Midstream Partners Stock Up 0.9%
NYSE SMC opened at $30.90 on Friday. The stock has a 50 day moving average price of $32.72 and a 200-day moving average price of $30.96. Summit Midstream Partners, LP has a one year low of $19.83 and a one year high of $36.47. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market capitalization of $627.46 million, a P/E ratio of -27.83 and a beta of 0.80.
Summit Midstream Partners (NYSE:SMC - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.47. The company had revenue of $155.01 million for the quarter, compared to analysts' expectations of $169.00 million. Summit Midstream Partners had a negative net margin of 0.06% and a negative return on equity of 0.04%. As a group, equities analysts predict that Summit Midstream Partners, LP will post 0.4 EPS for the current fiscal year.
Institutional Trading of Summit Midstream Partners
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Deltroit Asset Management UK LLP bought a new stake in Summit Midstream Partners in the fourth quarter worth about $18,864,000. Cetera Investment Advisers grew its stake in shares of Summit Midstream Partners by 104.1% during the first quarter. Cetera Investment Advisers now owns 56,533 shares of the company's stock valued at $1,710,000 after buying an additional 28,840 shares during the last quarter. JB Capital Partners LP bought a new position in shares of Summit Midstream Partners during the fourth quarter valued at approximately $612,000. Renaissance Technologies LLC purchased a new stake in shares of Summit Midstream Partners in the first quarter worth approximately $680,000. Finally, Odyssean LLC purchased a new stake in shares of Summit Midstream Partners in the second quarter worth approximately $448,000. 42.97% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several research firms recently commented on SMC. Summit Redstone set a $39.00 price target on Summit Midstream Partners in a research report on Monday, August 3rd. Weiss Ratings upgraded Summit Midstream Partners from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, August 21st. Finally, TD Cowen raised their price objective on Summit Midstream Partners from $39.00 to $43.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $43.00.
Check Out Our Latest Stock Analysis on Summit Midstream Partners
Summit Midstream Partners Company Profile
(
Get Free Report)
Summit Midstream Partners, now operating as Summit Midstream Corporation, is a midstream energy company that develops, owns and operates gathering and processing infrastructure for natural gas, crude oil and produced water. Its services generally include gathering, compression, dehydration, treating, processing and transportation support, connecting producers' wells with downstream pipelines and processing facilities.
The company serves several major U.S. oil and gas producing regions through a portfolio of gathering systems.
Further Reading
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