Westwood Holdings Group Inc. cut its holdings in Summit Midstream Partners LP (NYSE:SMLP) by 34.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 305,822 shares of the pipeline company’s stock after selling 158,683 shares during the period. Westwood Holdings Group Inc.’s holdings in Summit Midstream Partners were worth $2,976,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the stock. OppenheimerFunds Inc. raised its stake in Summit Midstream Partners by 0.5% in the 1st quarter. OppenheimerFunds Inc. now owns 13,549,110 shares of the pipeline company’s stock valued at $131,833,000 after purchasing an additional 70,246 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Summit Midstream Partners by 5.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 800,392 shares of the pipeline company’s stock valued at $11,446,000 after purchasing an additional 44,794 shares during the last quarter. Citigroup Inc. raised its stake in Summit Midstream Partners by 174.3% in the 1st quarter. Citigroup Inc. now owns 289,501 shares of the pipeline company’s stock valued at $2,817,000 after purchasing an additional 183,972 shares during the last quarter. Bank of Montreal Can raised its stake in Summit Midstream Partners by 3,503.5% in the 1st quarter. Bank of Montreal Can now owns 190,013 shares of the pipeline company’s stock valued at $1,849,000 after purchasing an additional 184,740 shares during the last quarter. Finally, West Family Investments Inc. raised its stake in Summit Midstream Partners by 36.9% in the 4th quarter. West Family Investments Inc. now owns 185,574 shares of the pipeline company’s stock valued at $1,865,000 after purchasing an additional 50,000 shares during the last quarter. Institutional investors and hedge funds own 33.55% of the company’s stock.
A number of research analysts have recently commented on the stock. Zacks Investment Research raised shares of Summit Midstream Partners from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a research note on Thursday, April 11th. Royal Bank of Canada downgraded shares of Summit Midstream Partners from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $17.00 to $10.00 in a research note on Monday, April 29th. TheStreet downgraded shares of Summit Midstream Partners from a “c-” rating to a “d+” rating in a research note on Friday, May 17th. Credit Suisse Group downgraded shares of Summit Midstream Partners from an “outperform” rating to an “underperform” rating and dropped their price objective for the company from $15.00 to $9.00 in a research note on Thursday, March 14th. Finally, Wells Fargo & Co reaffirmed a “hold” rating and set a $16.00 price objective (up previously from $10.00) on shares of Summit Midstream Partners in a research note on Monday, March 4th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $14.11.
Shares of NYSE SMLP traded down $0.21 on Friday, reaching $6.69. 1,061 shares of the company traded hands, compared to its average volume of 279,116. Summit Midstream Partners LP has a fifty-two week low of $6.62 and a fifty-two week high of $17.73. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.51 and a quick ratio of 0.51. The company has a market cap of $564.77 million, a P/E ratio of 112.00 and a beta of 1.65.
Summit Midstream Partners (NYSE:SMLP) last posted its quarterly earnings data on Thursday, May 9th. The pipeline company reported $0.01 EPS for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.16). Summit Midstream Partners had a net margin of 1.78% and a return on equity of 13.50%. The company had revenue of $131.41 million for the quarter, compared to analyst estimates of $104.77 million. As a group, equities research analysts anticipate that Summit Midstream Partners LP will post 0.69 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Wednesday, May 8th were given a dividend of $0.2875 per share. This represents a $1.15 dividend on an annualized basis and a yield of 17.19%. The ex-dividend date of this dividend was Tuesday, May 7th. Summit Midstream Partners’s dividend payout ratio (DPR) is presently 1,916.67%.
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Summit Midstream Partners 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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