Why Summit Midstream Partners Shares Are Shooting Higher Today?
Portfolio Pulse from Lekha Gupta
Summit Midstream Partners LP (SMLP) shares rose by 14% after the company announced that it is exploring strategic alternatives to maximize unitholder value, including asset sale. The company also reported expected Q3 adjusted EBITDA of $70 million, up 20% Q/Q, and reaffirmed Q4 guidance at $75 million-$85 million. SMLP also reported significant Q3 volume growth in almost every segment.
October 03, 2023 | 2:38 pm
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POSITIVE IMPACT
SMLP shares rose after the company announced strategic alternatives to maximize unitholder value and reported expected Q3 adjusted EBITDA of $70 million. This could indicate a positive outlook for the company.
The rise in SMLP shares is likely due to the announcement of strategic alternatives to maximize unitholder value, which could include asset sale. The expected Q3 adjusted EBITDA of $70 million, up 20% Q/Q, also indicates a positive financial performance, which could further boost investor confidence in the company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100