Summit Midstream Partners Records Significant Gains, Shares up by 13.72%

  • Stock Market News
Summit Midstream Partners Records Significant Gains, Shares up by 13.72%
Credit: © Reuters.

Summit Midstream (NYSE: SMLP ) Partners, LP (NYSE: SMLP) is in the spotlight today, Tuesday, as one of the top gainers in the market. The company's shares have seen a significant increase of 13.72% on the day, bringing the share price to $15.52.

The company focuses on owning, developing, and operating midstream energy infrastructure assets, primarily shale formations across the continental United States. The services provided by Summit Midstream Partners encompass natural gas gathering, compression, treating, and processing, as well as crude oil and produced water gathering. Among its unconventional resource basins are the Utica and Point Pleasant shale formations located in southeastern Ohio.

Trading volumes for Summit Midstream Partners have been robust today with approximately 50,474 shares exchanged so far. This compares to an average 30-day volume of 14,480 shares. Over the past week, the stock has seen a modest movement of 0.52%.

According to InvestingPro data, Summit Midstream Partners has a market capitalization of 173.8M USD and a negative P/E ratio of -2.05. The company has seen a revenue decline of -2.93% LTM2023.Q2, and its gross profit margin stands at 55.27%. Additionally, the stock's price is at 62.03% of its 52-week high.

InvestingPro Tips indicate that the company's valuation implies a strong free cash flow yield and it's trading at a low Price/Book multiple of 0.22. However, it's important for investors to note that the company's revenue has been declining at an accelerating rate, and it has not been profitable over the last twelve months. These tips, along with many others, are part of the InvestingPro product that provides additional insights for investors.

The past year has seen Summit Midstream Partners' share prices fluctuate between a 52-week high of $21.49 and a low of $13.

For those interested in learning more about Summit Midstream Partners, LP, and its operations, further information can be found on the company's website.

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