Summit Midstream Partners, LP (NYSE:SMLP) announced a quarterly dividend on Friday, October 27th, Wall Street Journal reports. Stockholders of record on Tuesday, November 7th will be paid a dividend of 0.575 per share by the pipeline company on Tuesday, November 14th. This represents a $2.30 dividend on an annualized basis and a dividend yield of 11.47%. The ex-dividend date is Monday, November 6th.
Summit Midstream Partners, has raised its dividend payment by an average of 10.1% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Summit Midstream Partners, has a dividend payout ratio of 2,555.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Summit Midstream Partners, to earn $0.40 per share next year, which means the company may not be able to cover its $2.30 annual dividend with an expected future payout ratio of 575.0%.
Shares of Summit Midstream Partners, (SMLP) opened at $20.05 on Friday. Summit Midstream Partners, has a 1 year low of $19.15 and a 1 year high of $26.50. The company has a quick ratio of 1.00, a current ratio of 0.84 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $1,479.45, a PE ratio of 12.08, a PEG ratio of 77.12 and a beta of 1.70.
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Several research analysts recently commented on the company. Citigroup Inc. restated 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. BidaskClub lowered Summit Midstream Partners, from a “hold” rating to a “sell” rating in a report on Friday, September 15th. 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 report on Thursday. Finally, Barclays PLC lowered Summit Midstream Partners, from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $25.00 to $24.00 in a report on Tuesday, July 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. Summit Midstream Partners, has an average rating of “Hold” and a consensus target price of $25.67.
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.
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