Summit Midstream Partners LP (NYSE:SMLP) saw a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 2,342,800 shares, an increase of 17.2% from the July 31st total of 1,998,900 shares. Based on an average daily volume of 286,900 shares, the days-to-cover ratio is presently 8.2 days. Currently, 5.7% of the shares of the company are sold short.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sheaff Brock Investment Advisors LLC bought a new stake in Summit Midstream Partners in the second quarter valued at about $78,000. Alps Advisors Inc. bought a new stake in Summit Midstream Partners in the first quarter valued at about $105,000. Private Advisor Group LLC bought a new stake in Summit Midstream Partners in the second quarter valued at about $120,000. Perella Weinberg Partners Capital Management LP bought a new stake in Summit Midstream Partners in the second quarter valued at about $145,000. Finally, BNP Paribas Arbitrage SA bought a new stake in Summit Midstream Partners in the first quarter valued at about $196,000. 46.96% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently issued reports on SMLP. Citigroup downgraded shares of Summit Midstream Partners from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $13.00 to $6.50 in a report on Wednesday, June 19th. Wells Fargo & Co set a $6.00 price objective on shares of Summit Midstream Partners and gave the stock a “hold” rating in a report on Monday, August 12th. Royal Bank of Canada dropped their price objective on shares of Summit Midstream Partners to $6.00 and set a “market perform” rating on the stock in a report on Monday, August 19th. TheStreet downgraded shares of Summit Midstream Partners from a “c-” rating to a “d+” rating in a report on Friday, May 17th. Finally, Credit Suisse Group set a $5.00 price objective on shares of Summit Midstream Partners and gave the stock a “sell” rating in a report on Friday, August 16th. Four research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $8.56.
Shares of NYSE:SMLP traded up $0.12 on Friday, hitting $5.18. 162,799 shares of the company were exchanged, compared to its average volume of 249,637. The company’s 50 day moving average price is $5.70 and its two-hundred day moving average price is $7.80. Summit Midstream Partners has a one year low of $4.33 and a one year high of $16.88. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.23 and a current ratio of 0.23. The firm has a market capitalization of $429.23 million, a price-to-earnings ratio of 86.33 and a beta of 1.65.
Summit Midstream Partners (NYSE:SMLP) last posted its earnings results on Friday, August 9th. The pipeline company reported ($0.03) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.19). The business had revenue of $99.69 million during the quarter, compared to the consensus estimate of $108.50 million. Summit Midstream Partners had a net margin of 13.00% and a return on equity of 12.35%. Research analysts predict that Summit Midstream Partners will post 0.32 earnings per share for the current year.
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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