Summit Midstream Partners LP (SMLP) Receives $19.00 Average Target Price from Brokerages

Summit Midstream Partners LP (NYSE:SMLP) has received an average rating of “Hold” from the twelve brokerages that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, six have given a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $19.00.

Several research firms have commented on SMLP. Barclays upped their price objective on shares of Summit Midstream Partners from $15.00 to $16.00 and gave the company an “underweight” rating in a report on Tuesday, June 12th. SunTrust Banks set a $19.00 price objective on shares of Summit Midstream Partners and gave the company a “hold” rating in a report on Sunday, August 5th. Royal Bank of Canada reaffirmed a “buy” rating and set a $20.00 price objective on shares of Summit Midstream Partners in a report on Tuesday, August 7th. Finally, Zacks Investment Research downgraded shares of Summit Midstream Partners from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 17th.

Shares of NYSE:SMLP opened at $16.15 on Wednesday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $1.22 billion, a P/E ratio of 9.85 and a beta of 1.94. Summit Midstream Partners has a fifty-two week low of $13.10 and a fifty-two week high of $22.95.

Summit Midstream Partners (NYSE:SMLP) last issued its quarterly earnings results on Thursday, August 2nd. The pipeline company reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.05). The company had revenue of $128.18 million during the quarter, compared to analysts’ expectations of $106.24 million. Summit Midstream Partners had a return on equity of 7.98% and a net margin of 4.33%. analysts expect that Summit Midstream Partners will post -0.48 EPS for the current year.

In other news, insider Brock M. Degeyter sold 3,000 shares of the company’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $16.85, for a total transaction of $50,550.00. Following the sale, the insider now directly owns 54,744 shares in the company, valued at $922,436.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Brad N. Graves sold 5,000 shares of the company’s stock in a transaction dated Monday, June 18th. The shares were sold at an average price of $15.62, for a total value of $78,100.00. Following the sale, the insider now owns 56,225 shares in the company, valued at $878,234.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,000 shares of company stock worth $226,870.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wells Fargo & Company MN increased its position in shares of Summit Midstream Partners by 29.8% in the first quarter. Wells Fargo & Company MN now owns 82,133 shares of the pipeline company’s stock worth $1,154,000 after purchasing an additional 18,848 shares during the last quarter. Evergreen Capital Management LLC increased its position in shares of Summit Midstream Partners by 6.5% in the first quarter. Evergreen Capital Management LLC now owns 384,360 shares of the pipeline company’s stock worth $5,400,000 after purchasing an additional 23,560 shares during the last quarter. Citigroup Inc. increased its position in shares of Summit Midstream Partners by 94.4% in the first quarter. Citigroup Inc. now owns 190,110 shares of the pipeline company’s stock worth $2,671,000 after purchasing an additional 92,316 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in shares of Summit Midstream Partners by 46.5% in the first quarter. BNP Paribas Arbitrage SA now owns 11,251 shares of the pipeline company’s stock worth $158,000 after purchasing an additional 3,569 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in shares of Summit Midstream Partners by 13.2% in the first quarter. Van ECK Associates Corp now owns 51,511 shares of the pipeline company’s stock worth $724,000 after purchasing an additional 6,002 shares during the last quarter. Hedge funds and other institutional investors own 43.93% of the company’s stock.

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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Analyst Recommendations for Summit Midstream Partners (NYSE:SMLP)

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