Wells Fargo & Company Boosts Summit Midstream Partners (NYSE:SMLP) Price Target to $17.00

Summit Midstream Partners (NYSE:SMLP) had its price target lifted by Wells Fargo & Company from $15.00 to $17.00 in a research note issued to investors on Thursday, Price Targets.com reports. The firm currently has an underweight rating on the pipeline company’s stock.

SMLP has been the topic of several other reports. Zacks Investment Research upgraded shares of Summit Midstream Partners from a hold rating to a buy rating and set a $31.00 target price on the stock in a research report on Wednesday. TheStreet raised shares of Summit Midstream Partners from a d rating to a c- rating in a report on Wednesday, March 10th. Finally, Royal Bank of Canada upped their price target on shares of Summit Midstream Partners from $20.00 to $26.00 and gave the company a sector perform rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. Summit Midstream Partners currently has an average rating of Hold and a consensus target price of $24.67.

Shares of SMLP opened at $29.54 on Thursday. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 1.74. The business’s 50-day moving average is $25.32. Summit Midstream Partners has a twelve month low of $8.85 and a twelve month high of $30.25. The firm has a market capitalization of $199.25 million, a price-to-earnings ratio of 0.46 and a beta of 3.26.

Summit Midstream Partners (NYSE:SMLP) last issued its earnings results on Friday, May 7th. The pipeline company reported $0.12 earnings per share for the quarter, topping the consensus estimate of ($0.80) by $0.92. Summit Midstream Partners had a net margin of 51.79% and a negative return on equity of 1.15%. The company had revenue of $99.32 million for the quarter, compared to analyst estimates of $86.41 million. Sell-side analysts predict that Summit Midstream Partners will post -2.63 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ares Management LLC purchased a new position in shares of Summit Midstream Partners during the fourth quarter valued at approximately $3,899,000. JPMorgan Chase & Co. purchased a new position in shares of Summit Midstream Partners during the first quarter valued at approximately $4,191,000. Guggenheim Capital LLC purchased a new position in shares of Summit Midstream Partners during the fourth quarter valued at approximately $1,749,000. NYL Investors LLC purchased a new position in shares of Summit Midstream Partners during the fourth quarter valued at approximately $946,000. Finally, CQS US LLC purchased a new position in shares of Summit Midstream Partners during the first quarter valued at approximately $1,336,000. 32.99% of the stock is currently owned by 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, compression, treating, and processing services, as well as crude oil and produced water gathering services.

Further Reading: What economic reports are most valuable to investors?

Receive News & Ratings for Summit Midstream Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Midstream Partners and related companies with MarketBeat.com's FREE daily email newsletter.