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Earnings
Summit Midstream reports Q4 EPS ($3.79), may not compare to consensus 6c » 07:02
02/28/20
02/28
07:02
02/28/20
07:02
SMLP

Summit Midstream

$2.30 /

-0.13 (-5.35%)

Reports Q4 revenue…

Reports Q4 revenue $112.25M, consensus $112.23M. Heath Deneke, President and CEO, commented, "SMLP has taken a number of actions since the fourth quarter of 2019 to prepare for a challenging macro environment in 2020. In general, we expect a reduction in our customers' 2020 drilling and completion activities compared to 2019 as a result of a weakening commodity price backdrop, together with more limited access to capital in the upstream sector. Our 2020 adjusted EBITDA guidance of $260 million to $285 million is based on current plans from our customers, with the lower end of guidance incorporating a substantial amount of risking to each customer's development timelines and production forecasts, which we believe reflects the current market backdrop. If our customers perform consistently with the recent forecasts that they have provided, we will be positioned to achieve the high end of our guidance range. We expect 2020 total capital expenditures of $50 million to $70 million, including maintenance capex and approximately $10 million related to our equity method investment in Double E."

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Over a quarter ago
Downgrade
Summit Midstream downgraded to Underweight at Wells Fargo » 09:24
01/07/20
01/07
09:24
01/07/20
09:24
SMLP

Summit Midstream

$3.47 /

+0.22 (+6.77%)

As previously reported,…

As previously reported, Wells Fargo analyst Praneeth Satish downgraded Summit Midstream to Underweight from Equal Weight with a price target of $3.50, down from $5. The analyst cited its elevated leverage, a potential distribution reduction in early 2020, and generally unfavorable volume trends across most of Summit Midstream's operating regions.

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Downgrade
Summit Midstream downgraded to Underweight from Equal Weight at Wells Fargo » 07:34
01/07/20
01/07
07:34
01/07/20
07:34
SMLP

Summit Midstream

$3.47 /

+0.22 (+6.77%)

Wells Fargo analyst…

Wells Fargo analyst Praneeth Satish downgraded Summit Midstream to Underweight from Equal Weight with a price target of $3.50, down from $5.

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Conference/Events
Wells Fargo to hold a symposium » 08:24
12/12/19
12/12
08:24
12/12/19
08:24
NGL

NGL Energy Partners

$10.68 /

-0.13 (-1.20%)

, PBFX

PBF Logistics

$20.67 /

+0.3 (+1.47%)

, OMP

Oasis Midstream Partners

$16.63 /

-0.08 (-0.48%)

, NBLX

Noble Midstream

$23.53 /

-0.13 (-0.55%)

, MMLP

Martin Midstream Partners

$4.27 /

+0.015 (+0.35%)

, SMLP

Summit Midstream

$3.32 /

-0.01 (-0.30%)

, XEL

Xcel Energy

$62.19 /

+0.37 (+0.60%)

, WTR

Aqua America

$45.70 /

+0.205 (+0.45%)

, POR

Portland General Electric

$55.13 /

-0.005 (-0.01%)

, OGS

One Gas

$90.01 /

+1.06 (+1.19%)

, NWE

NorthWestern

$70.59 /

-0.16 (-0.23%)

, SUN

Sunoco LP

$30.12 /

-0.265 (-0.87%)

, SO

Southern Company

$60.70 /

+0.38 (+0.63%)

, SJI

South Jersey Industries

$31.54 /

+0.66 (+2.14%)

, ES

Eversource

$81.35 /

+0.37 (+0.46%)

, IDA

Idacorp

$105.83 /

+0.61 (+0.58%)

, MDU

MDU Resources

$28.93 /

+0.275 (+0.96%)

18th Annual Midstream and…

18th Annual Midstream and Utility Symposium will be held in New York on December 11-12 with webcasted company presentations to begin on December 12 at 8:15 am; not all company presentations may be webcasted.Webcast Link

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Hot Stocks
Summit Midstream rises 10.9% » 12:00
12/10/19
12/10
12:00
12/10/19
12:00
SMLP

Summit Midstream

$3.35 /

+0.33 (+10.93%)

Summit Midstream is up…

Summit Midstream is up 10.9%, or 33c to $3.35.

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Syndicate
Summit Midstream files to sell 51.2M shares of common stock for holders  17:12
11/19/19
11/19
17:12
11/19/19
17:12
SMLP

Summit Midstream

$3.79 /

-0.05 (-1.30%)

 
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Earnings
Summit Midstream reports Q3 EPS (21c), consensus 15c » 07:02
11/08/19
11/08
07:02
11/08/19
07:02
SMLP

Summit Midstream

$4.64 /

-0.15 (-3.13%)

Reports Q3 revenue…

Reports Q3 revenue $100.19M, consensus $114.16M. Heath Deneke, president and CEO, commented, "Excluding the remediation expenses and operational issues in the Williston Basin segment, third quarter of 2019 results were in line with expectations and reflected volumetric growth and drilling activity consistent with our expectations from last quarter. Volumes increased sequentially across six of our eight reportable segments, and we expect this trend to continue across many of our gathering and processing systems through the end of the year, with another 40 new well connections scheduled in the fourth quarter. Taking into account the Williston Basin issues experienced in the third quarter, we now expect full year 2019 adjusted EBITDA to be around $290 million."

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Recommendations
Summit Midstream price target lowered to $6 from $9 at RBC Capital » 09:05
08/19/19
08/19
09:05
08/19/19
09:05
SMLP

Summit Midstream

$5.07 /

+0.04 (+0.80%)

RBC Capital analyst…

RBC Capital analyst Elvira Scotto lowered her price target on Summit Midstream to $6 and kept her Sector Perform rating after the company reduced its FY19 adjusted EBITDA outlook to the low end of prior $295M-$315M guided range. The analyst notes that Summit Midstream's appointment of a new CEO is a positive given his expertise in the overlapping with Crestwood Equity (CEQP) Bakken, Permian, and Marcellus region, but she is "struggling" with the company's high leverage in the absence of any planned asset sales.

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Hot Stocks
Summit Midstream appoints Heath Deneke as CEO » 07:01
08/09/19
08/09
07:01
08/09/19
07:01
SMLP

Summit Midstream

$6.50 /

+0.08 (+1.25%)

Summit Midstream…

Summit Midstream announced that its board has appointed Heath Deneke to serve as president and CEO of Summit Midstream, effective September 16. Deneke will also join the board of Summit Midstream GP, LLC. Leonard Mallett, who has been serving as president and CEO of Summit Midstream Partners on an interim basis since February, will continue to serve as the company's COO and will report to Deneke. Deneke joins Summit Midstream Partners from Crestwood Equity Partners, where he most recently served as executive VP, COO and a member of the office of the chairman since August 2017, where he was responsible for commercial development and operations of its midstream businesses, including assets in the Bakken, Barnett, Fayetteville, Marcellus, Powder River and Permian basins.

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Earnings
Summit Midstream reports Q2 EPS (3c), consensus 14c » 07:00
08/09/19
08/09
07:00
08/09/19
07:00
SMLP

Summit Midstream

$6.50 /

+0.08 (+1.25%)

Reports Q2 revenue…

Reports Q2 revenue $99.69M, consensus $110.02M. Leonard Mallett, interim President and CEO, commented, "SMLP's second quarter of 2019 results were driven by adjusted EBITDA growth in our Utica Shale, Ohio Gathering, and DJ Basin segments. In addition, our quarterly results benefitted from an enhanced focus on expense control, which we expect will have a greater impact on our financial results in the second half of the year. We are encouraged by the outlook for the second half of 2019, and have already seen many of our customers increase completion activity across our systems. With respect to our financial guidance, we expect for full year 2019 adjusted EBITDA to be at the low end of our $295M-$315M range, primarily due to a more moderated ramp of volume growth in our Permian Basin and Utica Shale segments."

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