Summit Midstream Partners, LP Common Units Representing Limited Partner Interest (SMLP)

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Summit Midstream Partners just reported results for the first quarter of 2024.

After lagging in 2023, the energy sector returned to the top of all sector returns in Q1 with a 13.5% return. This was driven by rising oil prices during the quarter. All segments of the energy sector were up, but the refiners were outstanding.

MPLX is using its financial flexibility to make another acquisition.

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite gaining around 0.3% on Friday. The Dow traded down 0.49% to 39,585.67 while the NASDAQ rose 0.26% to 16,444.91. The S&P 500 also rose, gaining, 0.01% to 5,241.56.

Shares of Cutera, Inc. (NASDAQCUTR) fell sharply during Friday’s session after the company reported worse-than-expected fourth quarter adjusted EPS results.

Summit Midstream Partners shares surge after announcing $625 million cash sale of Summit Midstream Utica, reducing leverage and shifting portfolio focus.

U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 200 points. The Dow traded down 0.54% to 39,565.50 while the NASDAQ rose 0.04% to 16,408.74. The S&P 500 also fell, dropping, 0.14% to 5,233.98.

U.S. stocks were mixed, with the Dow Jones index falling around 50 points on Friday.

SMLP stock results show that Summit Midstream Partners beat on revenue for the fourth quarter of 2023.

Summit Midstream reported Q4 FY23 revenue of $127.32M. Adjusted EBITDA was $75.0M, up from $50.3M last year. EPS loss improved. Company expects $260M-$300M EBITDA in FY24.

Companies Reporting Before The Bell • EHang Holdings (NASDAQEH) is expected to report quarterly loss at $0.10 per share on revenue of $7.83 million.

Companies Reporting Before The Bell • AudioCodes (NASDAQAUDC) is estimated to report quarterly earnings at $0.18 per share on revenue of $61.52 million.

Gainers Vericity, Inc. (NASDAQVERY) shares climbed 87.4% to $11.12 after iA Financial Group announced it will acquire the company.

Summit Midstream Partners LP (NYSESMLP) shares are trading higher by around 14% after the company disclosed its external advisors are evaluating strategic alternatives for the Partnership to maximize its unitholder value, including continued 

Once you account for the rise in skilled labor and commodity costs, home prices mirror those of 1950. Expect a slow deflation of prices.

Companies Reporting Before The Bell • CNH Industrial (NYSECNHI) is estimated to report quarterly earnings at $0.32 per share on revenue of $5.08 billion.

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