Summit Midstream Partners LP (NYSE:SMLP) declared a quarterly dividend on Friday, October 26th, Wall Street Journal reports. Investors of record on Wednesday, November 7th will be paid a dividend of 0.575 per share by the pipeline company on Wednesday, November 14th. This represents a $2.30 annualized dividend and a dividend yield of 14.08%. The ex-dividend date of this dividend is Tuesday, November 6th.
Summit Midstream Partners has increased its dividend payment by an average of 4.1% per year over the last three years. Summit Midstream Partners has a payout ratio of -479.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Summit Midstream Partners to earn $1.19 per share next year, which means the company may not be able to cover its $2.30 annual dividend with an expected future payout ratio of 193.3%.
Shares of Summit Midstream Partners stock opened at $16.33 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 1.22. Summit Midstream Partners has a twelve month low of $13.10 and a twelve month high of $22.95. The stock has a market capitalization of $1.23 billion, a P/E ratio of 9.44 and a beta of 1.96.
Several brokerages recently weighed in on SMLP. SunTrust Banks set a $19.00 price target on Summit Midstream Partners and gave the company a “hold” rating in a research note on Sunday, August 5th. Royal Bank of Canada reiterated a “buy” rating and set a $20.00 price objective on shares of Summit Midstream Partners in a research note on Tuesday, August 7th. ValuEngine upgraded Summit Midstream Partners from a “strong sell” rating to a “sell” rating in a research note on Tuesday. Barclays boosted their price objective on Summit Midstream Partners from $16.00 to $17.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 29th. Finally, Zacks Investment Research lowered Summit Midstream Partners from a “buy” rating to a “hold” rating in a research note on Thursday, August 9th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Summit Midstream Partners has an average rating of “Hold” and an average price target of $18.56.
In other Summit Midstream Partners news, insider Brad N. Graves sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $15.93, for a total transaction of $79,650.00. Following the completion of the sale, the insider now directly owns 41,225 shares in the company, valued at approximately $656,714.25. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Brock M. Degeyter sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $16.85, for a total value of $50,550.00. Following the transaction, the insider now owns 54,744 shares in the company, valued at $922,436.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,400 shares of company stock valued at $210,800.
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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