Summit Midstream Partners (NYSE:SMLP) Upgraded by ValuEngine to Hold

ValuEngine upgraded shares of Summit Midstream Partners (NYSE:SMLP) from a sell rating to a hold rating in a research note released on Tuesday morning, ValuEngine reports.

A number of other research analysts have also commented on SMLP. Zacks Investment Research upgraded shares of Summit Midstream Partners from a sell rating to a hold rating in a research report on Thursday, November 7th. Barclays reiterated a sell rating and issued a $4.00 price objective on shares of Summit Midstream Partners in a research report on Wednesday, October 16th. SunTrust Banks dropped their price objective on Summit Midstream Partners from $7.00 to $6.00 and set a hold rating for the company in a research note on Tuesday, October 15th. Wells Fargo & Co set a $6.00 target price on Summit Midstream Partners and gave the stock a hold rating in a research report on Monday, August 12th. Finally, Royal Bank of Canada reduced their target price on Summit Midstream Partners to $6.00 and set a market perform rating for the company in a research report on Monday, August 19th. Two investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $6.69.

SMLP stock opened at $2.95 on Tuesday. The firm has a 50 day moving average of $4.19 and a 200-day moving average of $5.79. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 1.80. Summit Midstream Partners has a 12 month low of $2.87 and a 12 month high of $14.45. The firm has a market capitalization of $253.21 million, a P/E ratio of 49.17 and a beta of 1.55.

Summit Midstream Partners (NYSE:SMLP) last posted its earnings results on Friday, November 8th. The pipeline company reported ($0.21) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.37). Summit Midstream Partners had a positive return on equity of 6.81% and a negative net margin of 0.88%. The firm had revenue of $100.19 million for the quarter, compared to the consensus estimate of $115.74 million. Sell-side analysts predict that Summit Midstream Partners will post 0.16 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, November 7th were paid a $0.287 dividend. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $1.15 dividend on an annualized basis and a yield of 38.92%. Summit Midstream Partners’s dividend payout ratio is presently 1,916.67%.

Large investors have recently modified their holdings of the company. Full Sail Capital LLC bought a new stake in shares of Summit Midstream Partners during the 3rd quarter worth $39,000. Sheaff Brock Investment Advisors LLC bought a new position in Summit Midstream Partners in the second quarter valued at $78,000. Teacher Retirement System of Texas bought a new position in Summit Midstream Partners in the third quarter valued at $83,000. Virtu Financial LLC purchased a new stake in Summit Midstream Partners during the third quarter valued at about $96,000. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Summit Midstream Partners during the third quarter valued at about $97,000. 29.51% of the stock is currently owned by hedge funds and other institutional investors.

Summit Midstream Partners Company Profile

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Summit Midstream Partners (NYSE:SMLP)

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