SunTrust Banks Brokers Decrease Earnings Estimates for Summit Midstream Partners LP (NYSE:SMLP)

Summit Midstream Partners LP (NYSE:SMLP) – Equities research analysts at SunTrust Banks lowered their Q3 2020 earnings estimates for shares of Summit Midstream Partners in a report issued on Monday, August 12th. SunTrust Banks analyst T. Richardson now anticipates that the pipeline company will earn $0.12 per share for the quarter, down from their previous estimate of $0.14. SunTrust Banks also issued estimates for Summit Midstream Partners’ Q4 2020 earnings at $0.11 EPS and FY2021 earnings at $0.39 EPS.

Summit Midstream Partners (NYSE:SMLP) last issued its quarterly earnings data on Friday, August 9th. The pipeline company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.19). The company had revenue of $99.69 million during the quarter, compared to analysts’ expectations of $108.50 million. Summit Midstream Partners had a return on equity of 12.03% and a net margin of 13.00%.

Several other equities analysts have also issued reports on SMLP. Barclays reaffirmed a “sell” rating and issued a $6.00 target price on shares of Summit Midstream Partners in a report on Thursday, July 18th. Citigroup lowered Summit Midstream Partners from a “buy” rating to a “neutral” rating and reduced their target price for the company from $13.00 to $6.50 in a report on Wednesday, June 19th. TheStreet lowered Summit Midstream Partners from a “c-” rating to a “d+” rating in a report on Friday, May 17th. Zacks Investment Research lowered Summit Midstream Partners from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. Finally, Wells Fargo & Co set a $6.00 target price on Summit Midstream Partners and gave the company a “hold” rating in a report on Monday. Four analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Summit Midstream Partners has a consensus rating of “Hold” and a consensus price target of $9.56.

Shares of Summit Midstream Partners stock opened at $5.05 on Wednesday. The company has a market cap of $434.95 million, a PE ratio of 84.17 and a beta of 1.59. Summit Midstream Partners has a 52 week low of $4.96 and a 52 week high of $17.45. The business has a 50 day moving average price of $7.16 and a 200-day moving average price of $8.86. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 1.46.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were issued a $0.287 dividend. This represents a $1.15 annualized dividend and a dividend yield of 22.73%. The ex-dividend date was Tuesday, August 6th. Summit Midstream Partners’s dividend payout ratio is presently 1,916.67%.

Hedge funds have recently added to or reduced their stakes in the company. Creative Planning grew its stake in Summit Midstream Partners by 116.1% during the 1st quarter. Creative Planning now owns 76,300 shares of the pipeline company’s stock valued at $742,000 after acquiring an additional 41,000 shares in the last quarter. BNP Paribas Arbitrage SA purchased a new position in Summit Midstream Partners during the 1st quarter valued at about $196,000. Bank of Montreal Can grew its stake in Summit Midstream Partners by 3,503.5% during the 1st quarter. Bank of Montreal Can now owns 190,013 shares of the pipeline company’s stock valued at $1,849,000 after acquiring an additional 184,740 shares in the last quarter. Alps Advisors Inc. purchased a new position in Summit Midstream Partners during the 1st quarter valued at about $105,000. Finally, Arrow Investment Advisors LLC grew its stake in Summit Midstream Partners by 33.2% during the 1st quarter. Arrow Investment Advisors LLC now owns 42,852 shares of the pipeline company’s stock valued at $417,000 after acquiring an additional 10,690 shares in the last quarter. 32.30% of the stock is owned by institutional investors.

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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Earnings History and Estimates for Summit Midstream Partners (NYSE:SMLP)

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