Summit Midstream Partners, LP (NYSE:SMLP) was upgraded by investment analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday, November 9th.
A number of other equities analysts have also recently issued reports on SMLP. Zacks Investment Research raised Summit Midstream Partners, from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a report on Wednesday, July 26th. ValuEngine raised Summit Midstream Partners, from a “sell” rating to a “hold” rating in a research note on Thursday, November 9th. Citigroup Inc. reissued 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. Robert W. Baird reduced their price target on Summit Midstream Partners, from $28.00 to $27.00 and set an “outperform” rating for the company in a report on Friday, August 11th. Finally, Barclays PLC cut Summit Midstream Partners, from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $25.00 to $24.00 in a report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $25.50.
Shares of Summit Midstream Partners, (SMLP) traded up $0.10 during midday trading on Thursday, reaching $19.40. The company’s stock had a trading volume of 101,800 shares, compared to its average volume of 188,660. Summit Midstream Partners, has a 1 year low of $18.65 and a 1 year high of $26.50. The stock has a market capitalization of $1,410.00, a P/E ratio of 11.63 and a beta of 1.69. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.12.
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HMI Capital LLC boosted its holdings in Summit Midstream Partners, by 13.0% in the 2nd quarter. HMI Capital LLC now owns 5,114,309 shares of the pipeline company’s stock valued at $115,839,000 after purchasing an additional 588,085 shares during the period. Harvest Fund Advisors LLC increased its position in shares of Summit Midstream Partners, by 14.9% in the third quarter. Harvest Fund Advisors LLC now owns 3,365,477 shares of the pipeline company’s stock valued at $67,310,000 after acquiring an additional 437,548 shares during the period. First Trust Advisors LP purchased a new position in shares of Summit Midstream Partners, in the second quarter valued at about $9,143,000. JPMorgan Chase & Co. boosted its stake in shares of Summit Midstream Partners, by 28.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 676,736 shares of the pipeline company’s stock valued at $13,738,000 after purchasing an additional 151,725 shares in the last quarter. Finally, Kayne Anderson Capital Advisors LP boosted its stake in Summit Midstream Partners, by 3.2% during the second quarter. Kayne Anderson Capital Advisors LP now owns 3,138,000 shares of the pipeline company’s stock worth $71,068,000 after acquiring an additional 96,100 shares in the last quarter. 49.79% of the stock is owned by institutional investors.
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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