SUMMIT MIDSTREAM PARTNERS Reports 2Q FY2023 Earnings Results on August 9th
August 27, 2023
🌥️Earnings Overview
On August 9 2023, SUMMIT MIDSTREAM PARTNERS ($NYSE:SMLP) released their earnings results for the second quarter of FY2023 (ending June 30 2023). Total revenue was USD 97.9 million, a slight decrease of 1.2% compared to the same quarter of the prior year. Net income was notably higher than the prior year, reported at USD -13.5 million compared to -91.8 million in the second quarter of FY2022.
Price History
The stock opened at a price of $15.5 and closed at the same price, registering an increase of 0.9% from its previous closing price of 15.4. Despite the impressive increase, the volume of shares traded was relatively low. Overall, SUMMIT MIDSTREAM PARTNERS had a successful quarter with its stock continuing to rise. During the second quarter, the company reported a strong financial performance and has indicated that they are looking to continue these profits into FY2023. The company also stated that they are continuing to explore opportunities to increase shareholder value through strategic partnerships and other initiatives.
Additionally, SUMMIT MIDSTREAM PARTNERS is focusing on its environmental, social, and governance initiatives in order to achieve long-term success. In response to the results, investors have responded positively, with many analysts looking favorably on the company’s future prospects. Going forward, SUMMIT MIDSTREAM PARTNERS will continue to focus on maintaining a strong financial performance while also considering how to best invest in their ESG initiatives. Ultimately, with positive earnings results and a focus on the future, SUMMIT MIDSTREAM PARTNERS looks poised to continue achieving success throughout the year. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for SMLP. More…
| Total Revenues | Net Income | Net Margin |
| 384.8 | -82.24 | -14.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for SMLP. More…
| Operations | Investing | Financing |
| 90.22 | -321.66 | 230.61 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for SMLP. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 2.51k | 1.78k | 70.92 |
Key Ratios Snapshot
Some of the financial key ratios for SMLP are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -2.0% | -27.0% | 10.7% |
| FCF Margin | ROE | ROA |
| 11.0% | 3.5% | 1.0% |
Analysis
GoodWhale performed an analysis of SUMMIT MIDSTREAM PARTNERS’s wellbeing and according to our Star Chart, the company is strong in liquidity, medium in profitability, and weak in asset, dividend, and growth. We classified SUMMIT MIDSTREAM PARTNERS as an ‘elephant’ – a type of company that is rich in assets after deducting off liabilities. Investors that may be interested in such a company are those looking for a relatively safe investment with a steady cash flow and secure future. SUMMIT MIDSTREAM PARTNERS has an intermediate health score of 6/10 considering its cashflows and debt, making it likely to pay off debt and fund future operations. More…
Peers
The energy sector is highly competitive, with companies vying for market share in the exploration, production, and distribution of oil and gas. Among the many companies in this sector are Summit Midstream Partners LP and its competitors, Williams Companies Inc, Evolve Transition Infrastructure LP, and Western Midstream Partners LP. All of these companies are striving to be the best in their respective fields, and each has its own advantages and disadvantages.
– Williams Companies Inc ($NYSE:WMB)
The Williams Companies Inc is engaged in energy transportation and infrastructure businesses in the United States and Canada. The company owns and operates natural gas pipelines and storage assets, as well as provides gathering, processing and natural gas liquids fractionation services. As of December 31, 2020, the company’s assets included approximately 32,000 miles of gathering, transmission and interstate natural gas pipelines; approximately 1,300 miles of oil sands pipeline; approximately 12,000 miles of NGL transportation pipelines; and approximately 50 natural gas processing plants. The Williams Companies Inc has a market cap of 37.09B as of 2022, a Return on Equity of 17.09%.
– Evolve Transition Infrastructure LP ($NYSEAM:SNMP)
Evolve Transition Infrastructure LP is a Canadian closed-end investment fund that invests in North American infrastructure assets. The fund has a market capitalization of $48.28 million and a return on equity of 9.33%. The fund’s objective is to generate stable, long-term cash flow and to provide investors with a monthly cash distribution.
– Western Midstream Partners LP ($NYSE:WES)
The company’s market cap is 10.65B as of 2022, a Return on Equity of 29.31%. The company is engaged in the business of natural gas and crude oil transportation, gathering, processing and fractionation in the United States. The company owns and operates natural gas and crude oil pipelines and gathering systems, as well as natural gas processing and fractionation facilities. The company’s operations are conducted through its subsidiaries.
Summary
Investors in Summit Midstream Partners’ stock had a mixed reaction to the company’s second quarter earnings results for FY2023. Total revenue was only slightly down from the prior year, at 97.9 million, but net income improved significantly, from -91.8 million to -13.5 million. This suggests that the company is recovering from its losses the year before, and investors may be cautiously optimistic about the future. The stock price has remained relatively flat since the announcement, indicating that investors are still uncertain about the company’s prospects in the long-term.
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