SunTrust Banks Comments on Summit Midstream Partners LP’s FY2018 Earnings (NYSE:SMLP)
Summit Midstream Partners LP (NYSE:SMLP) – Analysts at SunTrust Banks lifted their FY2018 earnings per share (EPS) estimates for shares of Summit Midstream Partners in a research report issued to clients and investors on Tuesday, November 13th, Zacks Investment Research reports. SunTrust Banks analyst T. Richardson now anticipates that the pipeline company will post earnings of $0.54 per share for the year, up from their prior forecast of ($0.48). SunTrust Banks also issued estimates for Summit Midstream Partners’ FY2019 earnings at $0.55 EPS.
SMLP has been the topic of several other reports. Credit Suisse Group set a $15.00 price target on Summit Midstream Partners and gave the company an “outperform” rating in a report on Tuesday, November 20th. Barclays increased their price target on Summit Midstream Partners from $16.00 to $17.00 and gave the company an “underweight” rating in a report on Wednesday, August 29th. Zacks Investment Research cut Summit Midstream Partners from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 15th. Goldman Sachs Group raised Summit Midstream Partners from a “neutral” rating to a “buy” rating and set a $19.00 price target on the stock in a report on Monday, October 8th. Finally, Wells Fargo & Co lowered their price target on Summit Midstream Partners from $18.00 to $16.00 and set a “hold” rating on the stock in a report on Monday, September 24th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. Summit Midstream Partners currently has an average rating of “Hold” and an average price target of $18.10.
Summit Midstream Partners (NYSE:SMLP) last released its quarterly earnings results on Thursday, November 8th. The pipeline company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.39. The firm had revenue of $127.48 million for the quarter, compared to analysts’ expectations of $111.72 million. Summit Midstream Partners had a positive return on equity of 11.70% and a negative net margin of 2.92%.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 14th. Investors of record on Wednesday, November 7th were issued a $0.575 dividend. The ex-dividend date was Tuesday, November 6th. This represents a $2.30 dividend on an annualized basis and a yield of 17.97%. Summit Midstream Partners’s dividend payout ratio is currently 140.24%.
In related news, insider Brad N. Graves sold 5,000 shares of the firm’s stock in a transaction on Wednesday, October 17th. The stock was sold at an average price of $14.84, for a total value of $74,200.00. Following the transaction, the insider now directly owns 36,225 shares of the company’s stock, valued at approximately $537,579. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 10,400 shares of company stock worth $160,250.
A number of institutional investors have recently made changes to their positions in the stock. Bramshill Investments LLC raised its holdings in Summit Midstream Partners by 11.9% in the 3rd quarter. Bramshill Investments LLC now owns 95,519 shares of the pipeline company’s stock worth $1,366,000 after purchasing an additional 10,149 shares during the period. MetLife Investment Advisors LLC purchased a new stake in Summit Midstream Partners in the 3rd quarter worth $1,843,000. Brookfield Asset Management Inc. increased its stake in Summit Midstream Partners by 0.6% in the 3rd quarter. Brookfield Asset Management Inc. now owns 1,878,587 shares of the pipeline company’s stock worth $26,864,000 after buying an additional 11,070 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Summit Midstream Partners in the 3rd quarter worth $2,208,000. Finally, JPMorgan Chase & Co. increased its stake in Summit Midstream Partners by 5.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 800,392 shares of the pipeline company’s stock worth $11,446,000 after buying an additional 44,794 shares in the last quarter. 42.38% of the stock is currently 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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