Summit Midstream Partners (NYSE:SMLP) insider Brad N. Graves sold 5,000 shares of the company’s stock in a transaction dated Thursday, May 17th. The shares were sold at an average price of $15.53, for a total transaction of $77,650.00. Following the completion of the sale, the insider now directly owns 61,225 shares of the company’s stock, valued at $950,824.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
NYSE SMLP traded up $0.30 during trading hours on Friday, hitting $15.75. 188,107 shares of the stock were exchanged, compared to its average volume of 278,875. The stock has a market capitalization of $1.16 billion, a P/E ratio of 9.60 and a beta of 1.76. Summit Midstream Partners has a 12-month low of $13.10 and a 12-month high of $24.75. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.05.
Summit Midstream Partners (NYSE:SMLP) last posted its quarterly earnings results on Thursday, February 22nd. The pipeline company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.04. The firm had revenue of $126.20 million during the quarter. Summit Midstream Partners had a net margin of 17.59% and a return on equity of 13.23%. equities research analysts expect that Summit Midstream Partners will post 0.49 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, May 15th. Investors of record on Tuesday, May 8th were issued a dividend of $0.575 per share. The ex-dividend date of this dividend was Monday, May 7th. This represents a $2.30 annualized dividend and a yield of 14.60%. Summit Midstream Partners’s dividend payout ratio is currently 140.24%.
A number of equities research analysts have recently commented on the stock. ValuEngine cut shares of Summit Midstream Partners from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. US Capital Advisors raised shares of Summit Midstream Partners from a “sell” rating to a “hold” rating in a report on Friday, April 6th. Zacks Investment Research raised shares of Summit Midstream Partners from a “sell” rating to a “hold” rating in a report on Wednesday, April 11th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $20.00 target price on shares of Summit Midstream Partners in a report on Tuesday, March 6th. Finally, Deutsche Bank assumed coverage on shares of Summit Midstream Partners in a report on Thursday, April 19th. They issued a “hold” rating and a $17.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $19.00.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Brookfield Asset Management Inc. raised its holdings in Summit Midstream Partners by 33.9% during the first quarter. Brookfield Asset Management Inc. now owns 1,934,549 shares of the pipeline company’s stock worth $27,180,000 after purchasing an additional 489,437 shares in the last quarter. Guggenheim Capital LLC raised its holdings in Summit Midstream Partners by 288.0% during the first quarter. Guggenheim Capital LLC now owns 276,984 shares of the pipeline company’s stock worth $3,891,000 after purchasing an additional 205,599 shares in the last quarter. UBS Group AG raised its holdings in Summit Midstream Partners by 44.9% during the first quarter. UBS Group AG now owns 316,676 shares of the pipeline company’s stock worth $4,449,000 after purchasing an additional 98,197 shares in the last quarter. Westwood Holdings Group Inc. raised its holdings in Summit Midstream Partners by 31.2% during the first quarter. Westwood Holdings Group Inc. now owns 547,985 shares of the pipeline company’s stock worth $7,699,000 after purchasing an additional 130,427 shares in the last quarter. Finally, Koch Industries Inc. purchased a new position in Summit Midstream Partners during the first quarter worth about $167,000. 48.73% of the stock is owned by hedge funds and other institutional investors.
Summit Midstream Partners 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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