Raymond James & Associates reduced its holdings in Summit Midstream (NYSE:SMLP) by 25.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,809 shares of the pipeline company’s stock after selling 12,141 shares during the quarter. Raymond James & Associates’ holdings in Summit Midstream were worth $714,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in SMLP. Neuberger Berman Group LLC increased its holdings in shares of Summit Midstream by 326.0% in the third quarter. Neuberger Berman Group LLC now owns 105,399 shares of the pipeline company’s stock worth $2,108,000 after acquiring an additional 80,660 shares in the last quarter. Spirit of America Management Corp NY boosted its position in shares of Summit Midstream by 2.0% during the fourth quarter. Spirit of America Management Corp NY now owns 373,958 shares of the pipeline company’s stock worth $7,666,000 after buying an additional 7,400 shares during the period. First Trust Advisors LP boosted its position in shares of Summit Midstream by 1.5% during the fourth quarter. First Trust Advisors LP now owns 415,255 shares of the pipeline company’s stock worth $8,513,000 after buying an additional 6,242 shares during the period. Wells Fargo & Company MN boosted its position in shares of Summit Midstream by 24.9% during the fourth quarter. Wells Fargo & Company MN now owns 63,285 shares of the pipeline company’s stock worth $1,298,000 after buying an additional 12,634 shares during the period. Finally, Raymond James Financial Services Advisors Inc. acquired a new position in shares of Summit Midstream during the fourth quarter worth about $211,000. Institutional investors own 50.11% of the company’s stock.
In related news, insider Steven J. Newby purchased 15,000 shares of Summit Midstream stock in a transaction that occurred on Friday, March 9th. The stock was purchased at an average cost of $15.88 per share, with a total value of $238,200.00. Following the completion of the transaction, the insider now owns 38,812 shares of the company’s stock, valued at approximately $616,334.56. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Brad N. Graves sold 5,000 shares of the stock in a transaction that occurred on Tuesday, April 17th. The shares were sold at an average price of $15.37, for a total value of $76,850.00. Following the transaction, the insider now directly owns 66,225 shares of the company’s stock, valued at $1,017,878.25. The disclosure for this sale can be found here.
Shares of NYSE SMLP opened at $15.35 on Tuesday. Summit Midstream has a 52 week low of $13.10 and a 52 week high of $24.75. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.96. The company has a market cap of $1,122.35, a P/E ratio of 9.36 and a beta of 1.77.
Summit Midstream (NYSE:SMLP) last issued its quarterly earnings results on Thursday, February 22nd. The pipeline company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.21 by $0.04. Summit Midstream had a return on equity of 12.62% and a net margin of 17.59%. The firm had revenue of $126.20 million during the quarter. equities research analysts anticipate that Summit Midstream will post 0.72 EPS for the current year.
Several research analysts have recently weighed in on SMLP shares. Royal Bank of Canada reaffirmed a “buy” rating and set a $20.00 price objective on shares of Summit Midstream in a research report on Tuesday, March 6th. Robert W. Baird set a $22.00 price objective on Summit Midstream and gave the stock a “buy” rating in a research report on Thursday, March 8th. Citigroup raised Summit Midstream from a “neutral” rating to a “buy” rating in a research report on Tuesday, March 27th. ValuEngine cut Summit Midstream from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Finally, SunTrust Banks reduced their price objective on Summit Midstream to $19.00 and set a “hold” rating for the company in a research report on Tuesday, March 6th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. Summit Midstream presently has a consensus rating of “Hold” and a consensus price target of $19.88.
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About Summit Midstream
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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