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Thursday, October 22, 2020

Summit Midstream Partners LP (NYSE:SMLP) is Waving the Bull Flag

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Summit Midstream Partners LP (SMLP) shares are trading at higher $0.78 and the avg recommendation for the stock is Hold.

To add more color to this target, the company’s high over the last year is $5.30 and the low is $0.50. Over the last 52 weeks, SMLP is down -82.19% while the S&P 500 is up 18.03%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, SMLP reported a profit of $21.14 million. Summit Midstream Partners LP also saw revenues increase to $92.01 million. In addition, SMLP has free cash flow of $77.94 million as of 06-2020. The company’s EBITDA came in at $53.07 million which compares well with its peers.

SMLP booked profit margins of -74.50%, its Return on Equity (ROE) is -60.20%, and its Return on Assets is -11.40%. All told, it is clear that, SMLP needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. SMLP has a short ratio of 0.27 and outstanding shares of 44.65M.

Company Outlook

SMLP has seen increased volume after this news and investors are putting their support behind the value proposition. Traders will also note the company’s earnings per share came in at -3.00. Summit Midstream Partners LP SMLP also noted assets of $2.59 billion at the end of the last quarter. Investors should also keep an eye on sector updates as SMLP has historically followed its peers on positive news.

All told, Summit Midstream Partners LP SMLP has strung together solid data and demonstrated underlying fundamentals. At its current valuation, SMLP represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Summit Midstream Partners LP SMLP is now commanding a market cap of 44.79M and a float of 2.48M. SMLP is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of SMLP stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in SMLP, either long or short, and we have not been compensated for this article.

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