Noble Financial Issues Pessimistic Forecast for SMC Earnings

Summit Midstream Partners, LP (NYSE:SMC) – Equities researchers at Noble Financial reduced their FY2027 EPS estimates for Summit Midstream Partners in a research report issued on Thursday, April 2nd. Noble Financial analyst M. Reichman now expects that the company will post earnings of $0.96 per share for the year, down from their prior forecast of $1.07. Noble Financial currently has a “Outperform” rating and a $47.00 price target on the stock.

SMC has been the subject of a number of other reports. Summit Redstone set a $47.00 price objective on Summit Midstream Partners in a research note on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Midstream Partners in a research note on Friday, March 27th. Finally, Zacks Research upgraded Summit Midstream Partners to a “hold” rating in a report on Friday, December 19th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $47.00.

Summit Midstream Partners Stock Performance

Shares of Summit Midstream Partners stock opened at $29.67 on Friday. The firm has a fifty day moving average of $29.88 and a two-hundred day moving average of $26.16. The stock has a market capitalization of $562.86 million, a price-to-earnings ratio of -8.15 and a beta of 0.85. Summit Midstream Partners has a 52 week low of $19.13 and a 52 week high of $35.26.

Summit Midstream Partners (NYSE:SMC) last announced its quarterly earnings data on Monday, March 16th. The company reported ($0.66) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.96). The business had revenue of $142.29 million for the quarter, compared to analysts’ expectations of $150.07 million.

Hedge Funds Weigh In On Summit Midstream Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Hsbc Holdings PLC acquired a new position in shares of Summit Midstream Partners in the 4th quarter valued at $250,000. Invesco Ltd. raised its stake in Summit Midstream Partners by 0.3% during the 4th quarter. Invesco Ltd. now owns 971,063 shares of the company’s stock worth $25,908,000 after buying an additional 2,983 shares during the period. Empowered Funds LLC lifted its holdings in Summit Midstream Partners by 10.8% during the fourth quarter. Empowered Funds LLC now owns 81,759 shares of the company’s stock worth $2,181,000 after acquiring an additional 7,953 shares in the last quarter. XTX Topco Ltd bought a new position in Summit Midstream Partners during the fourth quarter worth about $531,000. Finally, Bridgeway Capital Management LLC grew its stake in Summit Midstream Partners by 7.8% in the fourth quarter. Bridgeway Capital Management LLC now owns 109,759 shares of the company’s stock valued at $2,928,000 after acquiring an additional 7,953 shares during the period. 42.97% of the stock is owned by institutional investors.

Summit Midstream Partners Company Profile

Summit Midstream Partners is a publicly traded master limited partnership that provides gathering, compression, processing and transportation services for natural gas, natural gas liquids (NGLs) and crude oil in key U.S. onshore basins. The company’s assets include a network of intrastate and interstate pipelines, processing plants, fractionators and storage facilities designed to serve producers, marketers and end users throughout the Appalachian, Gulf Coast, Mid-Continent and Western Canadian Sedimentary basins.

In the Appalachian region, Summit operates extensive gathering lines and multiple gas-processing complexes connected to the Mountaineer NGL Hub, one of the largest fractionation and storage hubs in the Mid-Atlantic.