Summit Midstream Partners, LP (SMLP) Upgraded at BidaskClub

BidaskClub upgraded shares of Summit Midstream Partners, LP (NYSE:SMLP) from a sell rating to a hold rating in a report published on Friday.

SMLP has been the topic of several other research reports. Citigroup Inc. reaffirmed a neutral rating and set a $24.00 price objective (up previously from $22.00) on shares of Summit Midstream Partners, in a research note on Monday, July 24th. Robert W. Baird dropped their price objective on Summit Midstream Partners, from $28.00 to $27.00 and set an outperform rating on the stock in a research note on Friday, August 11th. ValuEngine downgraded Summit Midstream Partners, from a hold rating to a sell rating in a research note on Saturday, May 27th. Zacks Investment Research raised Summit Midstream Partners, from a sell rating to a hold rating in a research note on Thursday, June 29th. Finally, Royal Bank Of Canada reaffirmed a buy rating and set a $28.00 price objective on shares of Summit Midstream Partners, in a research note on Tuesday, June 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $26.17.

Summit Midstream Partners, (SMLP) opened at 20.90 on Friday. The company’s 50-day moving average price is $21.33 and its 200 day moving average price is $22.80. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of 88.56 and a beta of 1.72. Summit Midstream Partners, has a 52-week low of $19.15 and a 52-week high of $26.50.

Summit Midstream Partners, (NYSE:SMLP) last issued its quarterly earnings data on Thursday, August 3rd. The pipeline company reported $0.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.14. The business had revenue of $101.79 million for the quarter, compared to the consensus estimate of $99.40 million. Summit Midstream Partners, had a return on equity of 3.55% and a net margin of 5.78%. Equities analysts predict that Summit Midstream Partners, will post $0.33 earnings per share for the current fiscal year.

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The company also recently declared a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, August 7th were paid a $0.575 dividend. This represents a $2.30 annualized dividend and a dividend yield of 11.00%. The ex-dividend date of this dividend was Thursday, August 3rd. Summit Midstream Partners,’s dividend payout ratio is 958.37%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in SMLP. Bank of Montreal Can acquired a new stake in shares of Summit Midstream Partners, in the 1st quarter valued at about $1,104,000. Kayne Anderson Capital Advisors LP raised its stake in shares of Summit Midstream Partners, by 28.9% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 3,041,900 shares of the pipeline company’s stock valued at $72,998,000 after purchasing an additional 681,800 shares during the period. Baird Financial Group Inc. raised its stake in shares of Summit Midstream Partners, by 1.9% in the 1st quarter. Baird Financial Group Inc. now owns 13,710 shares of the pipeline company’s stock valued at $329,000 after purchasing an additional 250 shares during the period. South Texas Money Management Ltd. acquired a new stake in shares of Summit Midstream Partners, in the 1st quarter valued at about $277,000. Finally, Stifel Financial Corp acquired a new stake in shares of Summit Midstream Partners, in the 1st quarter valued at about $269,000. 49.82% of the stock is currently owned by hedge funds and other institutional investors.

Summit Midstream Partners, Company Profile

Summit Midstream Partners, LP focuses on developing, owning and operating midstream energy infrastructure assets. The Company’s segments include the Utica Shale, which includes its ownership interest in Ohio Gathering, as well as Summit Utica; the Williston Basin, which includes Bison Midstream, Polar and Divide and Tioga Midstream; the Marcellus Shale, which includes Mountaineer Midstream; the Barnett Shale, which includes DFW Midstream Services LLC (DFW Midstream), and the Piceance Basin /DJ Basins, which includes Grand River and Niobrara G&P.

Analyst Recommendations for Summit Midstream Partners, (NYSE:SMLP)

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