Zacks Investment Research upgraded shares of Summit Midstream Partners (NYSE:SMLP) from a hold rating to a strong-buy rating in a report released on Thursday. They currently have $19.00 target price on the pipeline company’s stock.
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. “
SMLP has been the subject of several other reports. Goldman Sachs Group raised Summit Midstream Partners from a neutral rating to a buy rating and set a $19.00 price objective for the company in a report on Monday, October 8th. Barclays boosted their price target on Summit Midstream Partners from $16.00 to $17.00 and gave the stock an underweight rating in a report on Wednesday, August 29th. Credit Suisse Group initiated coverage on Summit Midstream Partners in a research report on Thursday, October 11th. They issued an outperform rating and a $18.00 price objective for the company. ValuEngine raised Summit Midstream Partners from a strong sell rating to a sell rating in a research report on Tuesday, October 23rd. Finally, Royal Bank of Canada reaffirmed a buy rating and issued a $20.00 price objective on shares of Summit Midstream Partners in a research report on Tuesday, August 7th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Hold and an average target price of $18.56.
Summit Midstream Partners (NYSE:SMLP) last issued its quarterly earnings data on Thursday, August 2nd. The pipeline company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.05). The firm had revenue of $128.18 million for the quarter, compared to analyst estimates of $106.24 million. Summit Midstream Partners had a return on equity of 7.98% and a net margin of 4.33%. As a group, research analysts predict that Summit Midstream Partners will post -0.48 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 14th. Stockholders of record on Wednesday, November 7th will be given a $0.575 dividend. This represents a $2.30 dividend on an annualized basis and a dividend yield of 14.08%. The ex-dividend date is Tuesday, November 6th. Summit Midstream Partners’s dividend payout ratio is currently 140.24%.
In other Summit Midstream Partners news, insider Brad N. Graves sold 5,000 shares of the business’s stock in a transaction dated Wednesday, October 17th. The stock was sold at an average price of $14.84, for a total transaction of $74,200.00. Following the completion of the sale, the insider now owns 36,225 shares of the company’s stock, valued at $537,579. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Brock M. Degeyter sold 3,000 shares of the business’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $16.85, for a total value of $50,550.00. Following the sale, the insider now directly owns 54,744 shares of the company’s stock, valued at approximately $922,436.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,400 shares of company stock valued at $210,800.
A number of hedge funds have recently bought and sold shares of the business. Advisors Asset Management Inc. grew its position in Summit Midstream Partners by 108.8% during the second quarter. Advisors Asset Management Inc. now owns 33,201 shares of the pipeline company’s stock valued at $511,000 after acquiring an additional 17,300 shares during the period. California Public Employees Retirement System purchased a new stake in Summit Midstream Partners during the second quarter valued at about $242,000. PVG Asset Management Corp purchased a new stake in Summit Midstream Partners during the second quarter valued at about $271,000. Centaurus Financial Inc. purchased a new stake in Summit Midstream Partners during the second quarter valued at about $101,000. Finally, Tower Research Capital LLC TRC purchased a new stake in Summit Midstream Partners during the second quarter valued at about $136,000. 43.94% of the stock is 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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