Summit Midstream Partners, LP (NYSE:SMLP) was upgraded by research analysts at BidaskClub from a “sell” rating to a “hold” rating in a research note issued on Friday, September 8th.
Other research analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of Summit Midstream Partners, from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Citigroup Inc. reaffirmed a “neutral” rating and issued a $24.00 price target (up previously from $22.00) on shares of Summit Midstream Partners, in a research note on Monday, July 24th. ValuEngine downgraded shares of Summit Midstream Partners, from a “hold” rating to a “sell” rating in a report on Saturday, May 27th. Barclays PLC downgraded shares of Summit Midstream Partners, from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $25.00 to $24.00 in a report on Tuesday, July 18th. Finally, Robert W. Baird lowered their price objective on shares of Summit Midstream Partners, from $28.00 to $27.00 and set an “outperform” rating on the stock in a report on Friday, August 11th. Two equities 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 stock. The stock currently has a consensus rating of “Hold” and an average target price of $26.17.
Summit Midstream Partners, (NYSE:SMLP) traded down 0.71% during midday trading on Friday, hitting $21.10. 86,449 shares of the stock were exchanged. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of 89.41 and a beta of 1.72. The company has a 50 day moving average price of $20.96 and a 200 day moving average price of $22.73. Summit Midstream Partners, has a one year low of $19.15 and a one year high of $26.50.
Summit Midstream Partners, (NYSE:SMLP) last announced its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $0.12 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.14. Summit Midstream Partners, had a net margin of 5.78% and a return on equity of 3.55%. The firm had revenue of $101.79 million for the quarter, compared to analyst estimates of $99.40 million. Equities analysts anticipate that Summit Midstream Partners, will post $0.33 EPS for the current year.
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Institutional investors and hedge funds have recently modified their holdings of the stock. Solaris Asset Management LLC increased its holdings in Summit Midstream Partners, by 32.7% during the second quarter. Solaris Asset Management LLC now owns 5,275 shares of the pipeline company’s stock worth $119,000 after buying an additional 1,300 shares during the last quarter. Alliancebernstein L.P. acquired a new position in Summit Midstream Partners, during the first quarter worth $227,000. Proficio Capital Partners LLC acquired a new position in Summit Midstream Partners, during the second quarter worth $242,000. Stifel Financial Corp acquired a new position in Summit Midstream Partners, during the first quarter worth $269,000. Finally, South Texas Money Management Ltd. acquired a new position in Summit Midstream Partners, during the first quarter worth $277,000. Institutional investors and hedge funds own 49.82% of the company’s stock.
About Summit Midstream Partners,
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.
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