Wall Street brokerages expect Summit Midstream Partners LP (NYSE:SMLP) to report $106.24 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Summit Midstream Partners’ earnings, with the highest sales estimate coming in at $109.48 million and the lowest estimate coming in at $103.00 million. Summit Midstream Partners posted sales of $101.79 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 4.4%. The company is scheduled to issue its next earnings results on Thursday, August 2nd.
On average, analysts expect that Summit Midstream Partners will report full-year sales of $451.05 million for the current fiscal year, with estimates ranging from $428.40 million to $470.00 million. For the next financial year, analysts anticipate that the firm will report sales of $477.01 million per share, with estimates ranging from $454.10 million to $504.00 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Summit Midstream Partners.
Get Summit Midstream Partners alerts:Summit Midstream Partners (NYSE:SMLP) last released its quarterly earnings data on Thursday, May 3rd. The pipeline company reported ($0.18) EPS for the quarter, missing the consensus estimate of $0.12 by ($0.30). The business had revenue of $117.32 million during the quarter, compared to analysts’ expectations of $106.68 million. Summit Midstream Partners had a net margin of 17.59% and a return on equity of 13.23%.
Several research firms have recently commented on SMLP. Zacks Investment Research downgraded shares of Summit Midstream Partners from a “buy” rating to a “hold” rating in a report on Thursday, May 10th. Wells Fargo & Co downgraded shares of Summit Midstream Partners from an “outperform” rating to a “market perform” rating and set a $16.00 price objective on the stock. in a report on Monday, May 7th. Barclays dropped their price objective on shares of Summit Midstream Partners from $21.00 to $15.00 and set an “underweight” rating on the stock in a report on Tuesday, April 17th. Deutsche Bank began coverage on shares of Summit Midstream Partners in a report on Thursday, April 19th. They issued a “hold” rating and a $17.00 price objective on the stock. Finally, ValuEngine downgraded shares of Summit Midstream Partners from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 2nd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Summit Midstream Partners currently has a consensus rating of “Hold” and a consensus target price of $19.22.
SMLP stock opened at $16.30 on Friday. The firm has a market capitalization of $1.22 billion, a PE ratio of 9.94 and a beta of 1.83. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.05. Summit Midstream Partners has a 12 month low of $13.10 and a 12 month high of $24.75.
In related news, insider Brad N. Graves sold 5,000 shares of the business’s stock in a transaction on Thursday, May 17th. The shares were sold at an average price of $15.53, for a total value of $77,650.00. Following the completion of the transaction, the insider now directly owns 61,225 shares in the company, valued at approximately $950,824.25. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Brock M. Degeyter sold 9,000 shares of the business’s stock in a transaction on Tuesday, May 22nd. The shares were sold at an average price of $16.06, for a total transaction of $144,540.00. Following the completion of the transaction, the insider now owns 63,744 shares of the company’s stock, valued at $1,023,728.64. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,000 shares of company stock valued at $377,140.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Brookfield Asset Management Inc. acquired a new position in Summit Midstream Partners during the fourth quarter worth $29,625,000. Raymond James Financial Services Advisors Inc. acquired a new position in Summit Midstream Partners during the fourth quarter worth $211,000. Penbrook Management LLC acquired a new position in Summit Midstream Partners during the fourth quarter worth $646,000. Guggenheim Capital LLC raised its position in Summit Midstream Partners by 62.1% during the fourth quarter. Guggenheim Capital LLC now owns 71,385 shares of the pipeline company’s stock worth $1,463,000 after acquiring an additional 27,337 shares during the period. Finally, Citigroup Inc. raised its position in Summit Midstream Partners by 94.4% during the first quarter. Citigroup Inc. now owns 190,110 shares of the pipeline company’s stock worth $2,671,000 after acquiring an additional 92,316 shares during the period. Hedge funds and other institutional investors own 45.76% of the company’s stock.
Summit Midstream Partners Company Profile
Summit Midstream Partners, LP focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. The company provides natural gas gathering, treating, and processing services, as well as crude oil and produced water gathering services.
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