Summit Midstream Partners (NYSE:SMLP) Posts Earnings Results

Summit Midstream Partners (NYSE:SMLPGet Rating) issued its quarterly earnings results on Thursday. The pipeline company reported ($9.53) EPS for the quarter, reports. The company had revenue of $99.06 million during the quarter. Summit Midstream Partners had a positive return on equity of 0.31% and a negative net margin of 7.28%.

Summit Midstream Partners Trading Up 7.5 %

Shares of Summit Midstream Partners stock opened at $15.60 on Friday. Summit Midstream Partners has a 12-month low of $11.52 and a 12-month high of $39.35. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.81 and a quick ratio of 0.81. The company’s fifty day simple moving average is $15.06 and its two-hundred day simple moving average is $17.51.

Institutional Investors Weigh In On Summit Midstream Partners

Several institutional investors and hedge funds have recently modified their holdings of SMLP. Protective Life Corp bought a new stake in shares of Summit Midstream Partners in the first quarter worth approximately $184,000. Cetera Advisors LLC grew its stake in shares of Summit Midstream Partners by 19.9% in the first quarter. Cetera Advisors LLC now owns 14,301 shares of the pipeline company’s stock worth $213,000 after acquiring an additional 2,370 shares during the period. Citigroup Inc. grew its position in Summit Midstream Partners by 20.3% during the first quarter. Citigroup Inc. now owns 17,660 shares of the pipeline company’s stock valued at $263,000 after buying an additional 2,976 shares during the period. AEGON USA Investment Management LLC grew its position in Summit Midstream Partners by 42.6% during the first quarter. AEGON USA Investment Management LLC now owns 27,496 shares of the pipeline company’s stock valued at $409,000 after buying an additional 8,208 shares during the period. Finally, Farallon Capital Management LLC bought a new stake in Summit Midstream Partners during the first quarter valued at approximately $641,000. 24.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on SMLP shares. StockNews.com lowered shares of Summit Midstream Partners from a “buy” rating to a “hold” rating in a report on Wednesday. Royal Bank of Canada reduced their target price on shares of Summit Midstream Partners from $31.00 to $17.00 in a report on Tuesday, May 31st.

About Summit Midstream Partners

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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, compression, treating, and processing services, as well as crude oil and produced water gathering services.

See Also

Earnings History for Summit Midstream Partners (NYSE:SMLP)

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