California Public Employees Retirement System Invests $1.55 Million in Summit Midstream Partners LP (NYSE:SMLP)

California Public Employees Retirement System acquired a new stake in Summit Midstream Partners LP (NYSE:SMLP) during the first quarter, HoldingsChannel reports. The firm acquired 158,745 shares of the pipeline company’s stock, valued at approximately $1,545,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its holdings in shares of 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 acquiring an additional 44,794 shares during the last quarter. Bank of Montreal Can increased its holdings in shares of 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 acquiring an additional 184,740 shares during the last quarter. West Family Investments Inc. grew its stake in Summit Midstream Partners by 36.9% during the 4th quarter. West Family Investments Inc. now owns 185,574 shares of the pipeline company’s stock worth $1,865,000 after buying an additional 50,000 shares during the last quarter. Rafferty Asset Management LLC grew its stake in Summit Midstream Partners by 3.8% during the 4th quarter. Rafferty Asset Management LLC now owns 133,864 shares of the pipeline company’s stock worth $1,345,000 after buying an additional 4,952 shares during the last quarter. Finally, Jane Street Group LLC grew its stake in Summit Midstream Partners by 107.5% during the 4th quarter. Jane Street Group LLC now owns 90,849 shares of the pipeline company’s stock worth $913,000 after buying an additional 47,060 shares during the last quarter. Institutional investors and hedge funds own 33.55% of the company’s stock.

NYSE:SMLP opened at $6.50 on Friday. The company has a market cap of $564.77 million, a P/E ratio of 108.33 and a beta of 1.65. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 1.46. Summit Midstream Partners LP has a 52-week low of $6.45 and a 52-week high of $17.73.

Summit Midstream Partners (NYSE:SMLP) last posted its quarterly earnings data on Thursday, May 9th. The pipeline company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.16). Summit Midstream Partners had a return on equity of 13.50% and a net margin of 1.78%. The company had revenue of $131.41 million for the quarter, compared to analyst estimates of $104.77 million. On average, research analysts expect that Summit Midstream Partners LP will post 0.69 EPS for the current fiscal year.

A number of research analysts recently issued reports on SMLP shares. Zacks Investment Research upgraded Summit Midstream Partners from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research note on Thursday, April 18th. Wells Fargo & Co restated a “hold” rating and set a $16.00 price target (up previously from $10.00) on shares of Summit Midstream Partners in a research note on Monday, March 4th. Royal Bank of Canada downgraded Summit Midstream Partners from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $17.00 to $10.00 in a research note on Monday, April 29th. Robert W. Baird downgraded Summit Midstream Partners from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $23.00 to $10.00 in a research note on Thursday, March 7th. Finally, Credit Suisse Group downgraded Summit Midstream Partners from an “outperform” rating to an “underperform” rating and dropped their price target for the stock from $15.00 to $9.00 in a research note on Thursday, March 14th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Summit Midstream Partners has a consensus rating of “Hold” and a consensus target price of $14.11.

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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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Institutional Ownership by Quarter for Summit Midstream Partners (NYSE:SMLP)

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