Relative Strength Index (RSI)
|Bid||0.0000 x 2200|
|Ask||1.5000 x 1000|
|Day's Range||0.8200 - 0.8900|
|52 Week Range||0.5000 - 8.0000|
|Beta (5Y Monthly)||3.46|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 07, 2020 - Aug 11, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Feb 06, 2020|
|1y Target Est||0.90|
With me today to discuss our first quarter of 2020 financial and operating results is Heath Deneke, our President and Chief Executive Officer; Marc Stratton, our Chief Financial Officer, along with other members of our senior management team. Look, I'm very excited about the definitive agreements we signed to acquire Summit Investments, which is the owner of our general partner.
Summit Midstream Partners, LP (NYSE: SMLP) announced today its financial and operating results for the three months ended March 31, 2020, including net income of $5.3 million, adjusted EBITDA of $66.1 million and DCF of $34.2 million. Operated natural gas volume throughput averaged 1,281 MMcf/d and liquids volume throughput averaged 98 Mbbl/d in the quarter. Natural gas volume throughput benefitted from the on-time commissioning of a five-well pad site behind our Utica Shale gathering system in mid-March 2020. This pad site is generating aggregate production rates in excess of 160 MMcf/d, which exceeded the expectations set forth in our original financial guidance by more than 15%. We expect this system will be a growth driver for us over the next several quarters as natural gas forward pricing has strengthened in the second half of 2020 and will incentivize upstream activity in this and other natural gas-focused basins in which we operate.
Summit Midstream Partners, LP (NYSE: SMLP) announced today that it has entered into a definitive agreement with Energy Capital Partners II, LLC ("ECP") to acquire Summit Midstream Partners, LLC ("Summit Investments"), the privately held company that indirectly owns SMLP's general partner, Summit Midstream GP, LLC (the "GP"), as well as 5.9 million SMLP common units owned separately by ECP, for $35 million in cash plus warrants covering 10 million SMLP common units (the "GP Buy-in Transaction"). Pursuant to terms of the GP Buy-in Transaction, at closing, ECP will loan the full $35 million of cash proceeds to SMLP under a first-lien senior secured credit agreement which will bear interest at 8.0% per annum and the principal on which will be paid at maturity on March 31, 2021 (the "ECP Loan"). SMLP intends to utilize the proceeds of the ECP Loan to enhance its liquidity position and for general corporate purposes. The acquisition will result in a more simplified corporate structure whereby Summit Investments, and all of its subsidiaries, will become wholly owned subsidiaries of SMLP, and SMLP will be governed by a board consisting of a majority of independent directors.
Moody's Investors Service (Moody's) downgraded Summit Midstream Partners, LP's (SMLP) Corporate Family Rating (CFR) to B2 from Ba3, Probability of Default Rating to B2-PD from Ba3-PD, perpetual preferred units rating to Caa2 from B3 and Speculative Grade Liquidity (SGL) Rating to SGL-4 from SGL-3. Moody's concurrently downgraded Summit Midstream Holdings, LLC's (Summit) senior unsecured notes rating to Caa1 from B1.
Summit Midstream Partners, LP (NYSE: SMLP) announced that on April 10, 2020, it received a formal notice from the New York Stock Exchange ("NYSE") indicating noncompliance with the continued listing standard set forth in Rule 802.01C of the NYSE Listed Company Manual because the average closing price of SMLP's common units had fallen below $1.00 per unit over a period of 30 consecutive trading days, which is the minimum average unit price for continued listing on the NYSE. SMLP has six months following the receipt of the formal noncompliance notice to cure the deficiency and regain compliance. During this period, SMLP's common units will continue trading on the NYSE under its existing ticker symbol, with the addition of a suffix indicating the "below criteria" status of its common units, as "SMLP.BC."
Summit Midstream Partners, LP (NYSE: SMLP) announced today that it has filed its 2019 Annual Report on Form 10-K with the Securities and Exchange Commission. This report contains SMLP's audited financial statements for the fiscal year ended December 31, 2019. A copy of the report is available for viewing and downloading on SMLP's website at www.summitmidstream.com.
Summit Midstream Partners, LP (NYSE: SMLP) announced today that its 2019 tax packages, including the Schedule K-1, are now available online and may be accessed at https://partnerdatalink.com/Summit. SMLP will begin mailing the 2019 tax packages to unitholders on Tuesday, March 3, 2020.
Summit Midstream Partners, LP (NYSE: SMLP) announced today its financial and operating results for the three months ended December 31, 2019, including a net loss of $327.1 million, adjusted EBITDA of $77.5 million, DCF of $47.1 million, and a quarterly distribution coverage ratio of 4.0x. Net loss for the quarter was primarily related to a $336.7 million non-cash impairment associated with our equity investments in Ohio Gathering and Ohio Condensate due to an expected decrease in customer activity as a result of lower forward commodity prices. Net loss also included a $14.2 million non-cash impairment related to the $12.0 million sale of a natural gas gathering and processing sub-system in the Piceance Basin ("RRG West") in December 2019, and $5.7 million of restructuring, severance and transaction expenses associated with the November 2019 DPPO amendment and our ongoing initiative to reduce our cost structure.
Summit Midstream Partners, LP (NYSE: SMLP) announced today that the board of directors of its general partner, Summit Midstream GP, LLC, has declared a quarterly cash distribution of $0.125 per unit on all of its outstanding common units for the quarter ended December 31, 2019, or $0.50 per unit on an annualized basis. This distribution represents a 56.5% reduction from the previous quarter, and will be paid on February 14, 2020, to unitholders of record as of the close of business on February 7, 2020.
Summit Midstream Partners LP (NYSE: SMLP) will move its corporate headquarters from The Woodlands to downtown Houston on March 1, according to a press release. The midstream energy infrastructure company will occupy the 41st and 42nd floors of One Shell Plaza, at 910 Louisiana St. Summit's current headquarters office is at 1790 Hughes Landing Blvd., Suite 500, in The Woodlands. Summit moved to The Woodlands from Dallas in 2015.
Summit Midstream Partners, LP (NYSE: SMLP) announced today that, effective March 1, 2020, it will relocate its corporate headquarters from The Woodlands, Texas to downtown Houston, Texas. In addition to relocating corporate teams from The Woodlands, this move will also include a relocation of Summit's Finance and Accounting functions currently located in Atlanta, Georgia, where the company was founded. This decision represents an opportunity to enhance Summit's corporate culture and effectiveness by bringing its employees together in a single location while significantly reducing the cost associated with operating multiple corporate office locations.
Summit Midstream Partners, LP (NYSE: SMLP) announced today that it has entered into agreements with TPG, a global alternative asset firm ("TPG"), for the purchase of up to $80 million of redeemable, preferred interests in Summit Permian Transmission Holdco, LLC ("Permian Holdco"), a newly created, unrestricted subsidiary of SMLP that indirectly owns SMLP's 70% interest in Double E Pipeline, LLC ("Double E"). In connection with the transaction, TPG will fund the next $80 million of Permian Holdco's capital calls associated with Double E. The investment by TPG will be made by TPG Energy Solutions ("TES"), the firm's energy-specific structured equity vehicle.
Alerian announced the results of the December quarterly review for the Alerian Index Series. All changes will be implemented as of the close of business on Friday, December 20, 2019.
Summit Midstream Partners, LP (NYSE: SMLP) announced today that the board of directors of its general partner, Summit Midstream GP, LLC, has declared a distribution of $47.50 per Series A Preferred Unit, which will be paid on December 16, 2019 to holders of record at the close of business on December 2, 2019.
- Third quarter 2019 net loss of $10.6 million , adjusted EBITDA of $72.0 million and Distributable Cash Flow ("DCF") of $41.7 million - SMLP reported a distribution coverage ratio of 1.75x for ...
Is Summit Midstream Partners LP (NYSE:SMLP) a good stock to buy right now? We at Insider Monkey like to examine what billionaires and hedge funds think of a company before spending days of research on it. Given their 2 and 20 payment structure, hedge funds have more incentives and resources than the average investor. The […]
THE WOODLANDS, Texas, Oct. 24, 2019 /PRNewswire/ -- Summit Midstream Partners, LP (SMLP) announced today that the board of directors of its general partner, Summit Midstream GP, LLC, has declared a quarterly cash distribution of $0.2875 per unit on all of its outstanding common units, or $1.15 per unit on an annualized basis, for the quarter ended September 30, 2019. This distribution will be paid on November 14, 2019, to unitholders of record as of the close of business on November 7, 2019. SMLP will host a conference call at 10:00 a.m. Eastern on Friday, November 8, 2019, to discuss its quarterly results. Interested parties may participate in the call by dialing 847-585-4405 or toll-free 888-771-4371 and entering the passcode 49087220. The conference call will also be webcast live and can be accessed through the Investors section of SMLP's website at www.summitmidstream.com.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Summit Midstream Partners Holdings, LLC and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Summit Midstream Partners, LP and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
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