Summit Midstream Partners (SMLP) Announces Quarterly Earnings, Misses Expectations By $0.17 EPS
Summit Midstream Partners (NASDAQ:SMLP) issued its quarterly earnings data on Thursday. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by $0.17, AnalystRatings.Net reports. The company had revenue of $80.80 million for the quarter, compared to the consensus estimate of $83.90 million.
In other Summit Midstream Partners news, Insider Steven J. Newby sold 936 shares of the stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $51.58, for a total value of $48,278.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Shares of Summit Midstream Partners (NASDAQ:SMLP) traded down 0.50% on Thursday, hitting $48.02. The stock had a trading volume of 49,542 shares. Summit Midstream Partners has a 52-week low of $30.66 and a 52-week high of $53.35. The stock’s 50-day moving average is $50.6 and its 200-day moving average is $44.45. The company has a market cap of $2.825 billion and a price-to-earnings ratio of 76.36.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, August 14th. Investors of record on Thursday, August 7th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.31%. The ex-dividend date is Tuesday, August 5th. This is an increase from Summit Midstream Partners’s previous quarterly dividend of $0.50.
A number of analysts have recently weighed in on SMLP shares. Analysts at Citigroup Inc. initiated coverage on shares of Summit Midstream Partners in a research note on Wednesday, June 18th. They set a “buy” rating and a $54.50 price target on the stock. On a related note, analysts at Barclays reiterated an “overweight” rating on shares of Summit Midstream Partners in a research note on Friday, May 23rd. They now have a $50.00 price target on the stock, up previously from $44.00. Finally, analysts at Goldman Sachs upgraded shares of Summit Midstream Partners from a “neutral” rating to a “buy” rating in a research note on Friday, May 16th. They now have a $52.00 price target on the stock, up previously from $43.00. Five research analysts have rated the stock with a buy rating, The stock currently has an average rating of “Buy” and an average target price of $50.30.
Summit Midstream Partners, LP is engaged in owning and operating midstream energy infrastructure that is located in North America.
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