Summit Midstream Partners (SMLP) Downgraded by Royal Bank of Canada

Summit Midstream Partners (NYSE:SMLP) was downgraded by analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report issued on Monday, The Fly reports.

A number of other research firms also recently issued reports on SMLP. Wells Fargo & Co reaffirmed a “hold” rating and issued a $16.00 target price (up previously from $10.00) on shares of Summit Midstream Partners in a research report on Monday, March 4th. Robert W. Baird downgraded Summit Midstream Partners from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $23.00 to $10.00 in a research report on Thursday, March 7th. Credit Suisse Group downgraded Summit Midstream Partners from an “outperform” rating to an “underperform” rating and lowered their target price for the company from $15.00 to $9.00 in a research report on Thursday, March 14th. Finally, Zacks Investment Research cut Summit Midstream Partners from a “buy” rating to a “hold” rating in a report on Thursday, March 21st. Three research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $15.22.

NYSE:SMLP opened at $8.87 on Monday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $664.82 million, a P/E ratio of 147.83 and a beta of 1.79. Summit Midstream Partners has a 52-week low of $8.85 and a 52-week high of $17.73.

Summit Midstream Partners (NYSE:SMLP) last released its earnings results on Tuesday, February 26th. The pipeline company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.15. The business had revenue of $133.67 million for the quarter, compared to the consensus estimate of $109.40 million. Summit Midstream Partners had a return on equity of 13.80% and a net margin of 8.36%. On average, analysts anticipate that Summit Midstream Partners will post 0.79 earnings per share for the current year.

Large investors have recently modified their holdings of the company. Canton Hathaway LLC bought a new stake in shares of Summit Midstream Partners in the fourth quarter valued at approximately $30,000. Gradient Investments LLC bought a new stake in shares of Summit Midstream Partners in the fourth quarter valued at approximately $44,000. Bank of Montreal Can boosted its stake in shares of Summit Midstream Partners by 53.9% in the fourth quarter. Bank of Montreal Can now owns 5,273 shares of the pipeline company’s stock valued at $53,000 after buying an additional 1,847 shares during the period. Tortoise Index Solutions LLC boosted its stake in shares of Summit Midstream Partners by 102.5% in the fourth quarter. Tortoise Index Solutions LLC now owns 14,414 shares of the pipeline company’s stock valued at $145,000 after buying an additional 7,297 shares during the period. Finally, Private Advisor Group LLC bought a new stake in shares of Summit Midstream Partners in the fourth quarter valued at approximately $153,000. Institutional investors own 38.84% 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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