Summit Midstream Partners, LP (SMLP - Free Report) shares soared 9.6% in the last trading session to close at $41.25. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 33.8% gain over the past four weeks.
Summit Midstream extended its rally for the third straight day, driven by optimism over the improving energy market. Multiple vaccine rollouts and accelerating economic growth is improving the energy demand picture. Moreover, lower U.S. crude inventories are boosting oil prices creating a favorable environment for higher production. This will, in turn, increase demand for midstream assets. Summit Midstream, with multiple energy infrastructure assets in several shale formations, is well-positioned to generate higher profits from this situation.
This midstream firm is expected to post quarterly loss of $0.67 per share in its upcoming report, which represents a year-over-year change of +55.3%. Revenues are expected to be $86.72 million, down 5.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Summit Midstream Partners, LP, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SMLP going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
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The only question is “Will you get into the right stocks early when their growth potential is greatest?”
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Summit Midstream Partners, LP (SMLP - Free Report) shares soared 9.6% in the last trading session to close at $41.25. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 33.8% gain over the past four weeks.
Summit Midstream extended its rally for the third straight day, driven by optimism over the improving energy market. Multiple vaccine rollouts and accelerating economic growth is improving the energy demand picture. Moreover, lower U.S. crude inventories are boosting oil prices creating a favorable environment for higher production. This will, in turn, increase demand for midstream assets. Summit Midstream, with multiple energy infrastructure assets in several shale formations, is well-positioned to generate higher profits from this situation.
This midstream firm is expected to post quarterly loss of $0.67 per share in its upcoming report, which represents a year-over-year change of +55.3%. Revenues are expected to be $86.72 million, down 5.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Summit Midstream Partners, LP, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SMLP going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How To Profit From Trillions On Spending For Infrastructure >>
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