Summit Midstream (NYSE:SMLP) was upgraded by equities research analysts at US Capital Advisors from a “sell” rating to a “hold” rating in a note issued to investors on Friday.
A number of other research analysts also recently issued reports on SMLP. ValuEngine upgraded shares of Summit Midstream from a “hold” rating to a “buy” rating in a research report on Monday, December 11th. Credit Suisse Group initiated coverage on shares of Summit Midstream in a research report on Thursday, January 4th. They set an “outperform” rating and a $22.00 target price on the stock. SunTrust Banks set a $24.00 target price on shares of Summit Midstream and gave the company a “hold” rating in a research report on Monday, January 29th. Zacks Investment Research downgraded shares of Summit Midstream from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 6th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $20.00 target price on shares of Summit Midstream in a research report on Tuesday, March 6th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Summit Midstream currently has an average rating of “Hold” and an average price target of $21.43.
Shares of NYSE SMLP opened at $13.55 on Friday. The company has a market capitalization of $1,036.59, a PE ratio of 8.26 and a beta of 1.77. Summit Midstream has a 52-week low of $13.30 and a 52-week high of $24.75. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.13 and a current ratio of 1.13.
Summit Midstream (NYSE:SMLP) last issued its quarterly earnings results on Thursday, February 22nd. The pipeline company reported $0.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.04. Summit Midstream had a net margin of 17.59% and a return on equity of 12.62%. The firm had revenue of $126.20 million for the quarter. equities research analysts expect that Summit Midstream will post 0.8 EPS for the current year.
In other Summit Midstream news, insider Steven J. Newby acquired 15,000 shares of the stock in a transaction on Friday, March 9th. The shares were purchased at an average price of $15.88 per share, for a total transaction of $238,200.00. Following the completion of the acquisition, the insider now owns 38,812 shares in the company, valued at approximately $616,334.56. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA acquired a new position in Summit Midstream during the third quarter worth $105,000. Jane Street Group LLC acquired a new position in Summit Midstream during the fourth quarter worth $204,000. Raymond James Financial Services Advisors Inc. acquired a new position in Summit Midstream during the fourth quarter worth $211,000. Institutional & Family Asset Management LLC acquired a new position in Summit Midstream during the third quarter worth $309,000. Finally, Penbrook Management LLC acquired a new position in Summit Midstream during the fourth quarter worth $646,000. Hedge funds and other institutional investors own 50.36% of the company’s stock.
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Summit Midstream 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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