Summit Midstream Partners (NYSE:SMLP) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Summit Midstream Partners (NYSE:SMLP) from a sell rating to a hold rating in a research note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “Summit Midstream Partners, LP is focused on owning and operating midstream energy infrastructure that are located in unconventional resource basins. It provides fee-based natural gas gathering and compression services in two unconventional resource basins: the Piceance Basin and the Fort Worth Basin. Summit Midstream Partners, LP is headquartered in Dallas, Texas. “

A number of other equities analysts also recently commented on SMLP. SunTrust Banks decreased their target price on Summit Midstream Partners from $7.00 to $6.00 and set a hold rating for the company in a report on Tuesday, October 15th. Royal Bank of Canada decreased their target price on Summit Midstream Partners to $6.00 and set a market perform rating for the company in a report on Monday, August 19th. ValuEngine raised Summit Midstream Partners from a strong sell rating to a sell rating in a research note on Wednesday, October 2nd. Wells Fargo & Co set a $6.00 price target on Summit Midstream Partners and gave the stock a hold rating in a research note on Monday, August 12th. Finally, Credit Suisse Group set a $5.00 price target on Summit Midstream Partners and gave the stock a sell rating in a research note on Friday, August 16th. Three analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. The stock has an average rating of Hold and an average price target of $6.69.

Shares of Summit Midstream Partners stock traded down $0.23 during midday trading on Thursday, reaching $4.42. 717,602 shares of the company’s stock traded hands, compared to its average volume of 390,529. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.23 and a current ratio of 0.23. The company has a market cap of $373.80 million, a PE ratio of 73.67 and a beta of 1.66. The stock has a 50 day moving average of $4.85 and a 200-day moving average of $6.39. Summit Midstream Partners has a 12 month low of $4.05 and a 12 month high of $15.23.

Summit Midstream Partners (NYSE:SMLP) last announced its earnings results on Friday, November 8th. The pipeline company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.37). The business had revenue of $100.19 million for the quarter, compared to the consensus estimate of $115.74 million. Summit Midstream Partners had a net margin of 13.00% and a return on equity of 12.35%. On average, equities analysts anticipate that Summit Midstream Partners will post 0.32 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, November 7th will be paid a $0.287 dividend. The ex-dividend date of this dividend is Wednesday, November 6th. This represents a $1.15 annualized dividend and a yield of 25.97%. Summit Midstream Partners’s payout ratio is 1,916.67%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp lifted its holdings in Summit Midstream Partners by 3.3% in the second quarter. Van ECK Associates Corp now owns 72,785 shares of the pipeline company’s stock valued at $542,000 after acquiring an additional 2,292 shares during the period. Sheaff Brock Investment Advisors LLC lifted its holdings in Summit Midstream Partners by 61.9% in the third quarter. Sheaff Brock Investment Advisors LLC now owns 17,000 shares of the pipeline company’s stock valued at $83,000 after acquiring an additional 6,500 shares during the period. First Trust Advisors LP lifted its holdings in Summit Midstream Partners by 10.3% in the first quarter. First Trust Advisors LP now owns 78,177 shares of the pipeline company’s stock valued at $761,000 after acquiring an additional 7,284 shares during the period. BNP Paribas Arbitrage SA lifted its holdings in Summit Midstream Partners by 49.1% in the second quarter. BNP Paribas Arbitrage SA now owns 29,972 shares of the pipeline company’s stock valued at $223,000 after acquiring an additional 9,870 shares during the period. Finally, California Public Employees Retirement System lifted its holdings in Summit Midstream Partners by 6.8% in the third quarter. California Public Employees Retirement System now owns 162,626 shares of the pipeline company’s stock valued at $790,000 after acquiring an additional 10,381 shares during the period. 30.59% of the stock is currently owned by hedge funds and other institutional investors.

About Summit Midstream Partners

Summit Midstream Partners, LP focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. The company provides natural gas gathering, treating, and processing services, as well as crude oil and produced water gathering services.

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