Summit Midstream Partners (NYSE:SMLP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, November 15th. The firm presently has a $22.00 price objective on the pipeline company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.53% from the stock’s previous close.
According to Zacks, “Summit Midstream Partners, LP is focused on owning and operating midstream energy infrastructure that are located in unconventional resource basins. It provides fee-based natural gas gathering and compression services in two unconventional resource basins: the Piceance Basin and the Fort Worth Basin. Summit Midstream Partners, LP is headquartered in Dallas, Texas. “
A number of other research analysts also recently issued reports on the stock. BidaskClub upgraded shares of Summit Midstream Partners from a “sell” rating to a “hold” rating in a research report on Thursday, November 9th. ValuEngine upgraded shares of Summit Midstream Partners from a “sell” rating to a “hold” rating in a research note on Thursday, November 9th. Robert W. Baird reduced their price target on shares of Summit Midstream Partners from $28.00 to $27.00 and set an “outperform” rating for the company in a research report on Friday, August 11th. Citigroup restated a “neutral” rating and set a $24.00 price target (up previously from $22.00) on shares of Summit Midstream Partners in a research report on Monday, July 24th. Finally, Barclays downgraded shares of Summit Midstream Partners from an “equal weight” rating to an “underweight” rating and lowered their price target 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 given a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $25.50.
Shares of Summit Midstream Partners (NYSE SMLP) opened at $19.55 on Wednesday. The firm has a market cap of $1,412.72, a P/E ratio of 11.42 and a beta of 1.67. Summit Midstream Partners has a 1-year low of $18.30 and a 1-year high of $26.50. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.12.
A number of hedge funds have recently made changes to their positions in SMLP. BNP Paribas Arbitrage SA purchased a new position in shares of Summit Midstream Partners in the 3rd quarter worth about $105,000. Solaris Asset Management LLC increased its holdings in Summit Midstream Partners by 32.7% in the 2nd 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 in the last quarter. Alliancebernstein L.P. increased its holdings in Summit Midstream Partners by 5.9% in the 2nd quarter. Alliancebernstein L.P. now owns 10,004 shares of the pipeline company’s stock worth $227,000 after buying an additional 560 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Summit Midstream Partners during the 2nd quarter valued at about $242,000. Finally, Institutional & Family Asset Management LLC bought a new position in shares of Summit Midstream Partners during the 3rd quarter valued at approximately $309,000. 48.77% of the stock is owned by institutional investors.
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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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