Summit Midstream Partners, LP (SMLP) Downgraded to “Sell” at BidaskClub

BidaskClub lowered shares of Summit Midstream Partners, LP (NYSE:SMLP) from a hold rating to a sell rating in a research report sent to investors on Saturday.

Several other equities research analysts also recently issued reports on the stock. Zacks Investment Research raised shares of Summit Midstream Partners, from a hold rating to a buy rating and set a $26.00 price target on the stock in a research note on Wednesday, July 26th. Barclays PLC downgraded shares of Summit Midstream Partners, from an equal weight rating to an underweight rating and dropped their price target for the stock from $25.00 to $24.00 in a research note on Tuesday, July 18th. ValuEngine raised shares of Summit Midstream Partners, from a sell rating to a hold rating in a research note on Wednesday, October 11th. Citigroup Inc. reaffirmed a neutral rating and set a $24.00 price target (up previously from $22.00) on shares of Summit Midstream Partners, in a research note on Monday, July 24th. Finally, Robert W. Baird dropped their price target on shares of Summit Midstream Partners, from $28.00 to $27.00 and set an outperform rating on the stock in a research note on Friday, August 11th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $25.67.

Summit Midstream Partners, (SMLP) opened at 20.45 on Friday. The company has a 50-day moving average price of $20.83 and a 200 day moving average price of $22.10. Summit Midstream Partners, has a 12-month low of $19.15 and a 12-month high of $26.50. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of 86.65 and a beta of 1.71.

Summit Midstream Partners, (NYSE:SMLP) last released its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $0.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.14. Summit Midstream Partners, had a net margin of 5.78% and a return on equity of 3.55%. The firm had revenue of $101.79 million for the quarter, compared to the consensus estimate of $99.40 million. On average, equities research analysts predict that Summit Midstream Partners, will post $0.34 EPS for the current year.

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The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 14th. Stockholders of record on Tuesday, November 7th will be given a $0.575 dividend. This represents a $2.30 annualized dividend and a dividend yield of 11.25%. The ex-dividend date is Monday, November 6th. Summit Midstream Partners,’s payout ratio is currently 958.37%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. HMI Capital LLC increased its position in shares of Summit Midstream Partners, by 13.0% in the 2nd quarter. HMI Capital LLC now owns 5,114,309 shares of the pipeline company’s stock worth $115,839,000 after purchasing an additional 588,085 shares during the last quarter. Kayne Anderson Capital Advisors LP increased its position in shares of Summit Midstream Partners, by 3.2% in the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 3,138,000 shares of the pipeline company’s stock worth $71,068,000 after purchasing an additional 96,100 shares during the last quarter. Morgan Stanley increased its position in shares of Summit Midstream Partners, by 6.4% in the 1st quarter. Morgan Stanley now owns 1,182,900 shares of the pipeline company’s stock worth $28,391,000 after purchasing an additional 71,310 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Summit Midstream Partners, by 3.5% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,068,307 shares of the pipeline company’s stock worth $24,197,000 after purchasing an additional 36,213 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of Summit Midstream Partners, by 65.2% in the 1st quarter. Bank of America Corp DE now owns 742,062 shares of the pipeline company’s stock worth $17,809,000 after purchasing an additional 292,919 shares during the last quarter. 49.82% of the stock is owned by institutional investors.

About Summit Midstream Partners,

Summit Midstream Partners, LP focuses on developing, owning and operating midstream energy infrastructure assets. The Company’s segments include the Utica Shale, which includes its ownership interest in Ohio Gathering, as well as Summit Utica; the Williston Basin, which includes Bison Midstream, Polar and Divide and Tioga Midstream; the Marcellus Shale, which includes Mountaineer Midstream; the Barnett Shale, which includes DFW Midstream Services LLC (DFW Midstream), and the Piceance Basin /DJ Basins, which includes Grand River and Niobrara G&P.

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