Summit Midstream Partners LP (NYSE:SMLP) declared a quarterly dividend on Thursday, July 25th, NASDAQ reports. Investors of record on Wednesday, August 7th will be given a dividend of 0.287 per share by the pipeline company on Wednesday, August 14th. This represents a $1.15 annualized dividend and a yield of 15.29%. The ex-dividend date is Tuesday, August 6th.
Summit Midstream Partners has raised its dividend by an average of 0.4% per year over the last three years. Summit Midstream Partners has a dividend payout ratio of -239.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Summit Midstream Partners to earn $0.68 per share next year, which means the company may not be able to cover its $1.15 annual dividend with an expected future payout ratio of 169.1%.
SMLP stock opened at $7.51 on Monday. The firm has a market capitalization of $621.04 million, a price-to-earnings ratio of 125.17 and a beta of 1.59. 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 has a 12-month low of $6.45 and a 12-month high of $17.73. The firm has a fifty day moving average price of $7.35.
Summit Midstream Partners (NYSE:SMLP) last released its earnings results on Thursday, May 9th. The pipeline company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.16). The firm had revenue of $131.41 million during the quarter, compared to analyst estimates of $104.77 million. Summit Midstream Partners had a net margin of 1.78% and a return on equity of 13.50%. Equities analysts anticipate that Summit Midstream Partners will post 0.59 earnings per share for the current year.
Several equities analysts recently issued reports on SMLP shares. Zacks Investment Research lowered shares of Summit Midstream Partners from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. Citigroup lowered shares of Summit Midstream Partners from a “buy” rating to a “neutral” rating and dropped their target price for the company from $13.00 to $6.50 in a report on Wednesday, June 19th. Barclays restated a “sell” rating and issued a $6.00 target price on shares of Summit Midstream Partners in a report on Thursday, July 18th. Royal Bank of Canada lowered shares of Summit Midstream Partners from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from $17.00 to $10.00 in a report on Monday, April 29th. Finally, TheStreet lowered shares of Summit Midstream Partners from a “c-” rating to a “d+” rating in a report on Friday, May 17th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. Summit Midstream Partners has an average rating of “Hold” and an average price target of $11.72.
About Summit Midstream Partners
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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