Summit Midstream Partners PT Raised to $53.00 (SMLP)
Investment analysts at RBC Capital boosted their target price on shares of Summit Midstream Partners (NASDAQ:SMLP) from $50.00 to $53.00 in a note issued to investors on Monday. RBC Capital’s target price would suggest a potential upside of 8.94% from the stock’s previous close.
Several other analysts have also recently commented on the stock. Analysts at Citigroup Inc. initiated coverage on shares of Summit Midstream Partners in a research note on Wednesday, June 18th. They set a “buy” rating and a $54.50 price target on the stock. Separately, analysts at Barclays reiterated an “overweight” rating on shares of Summit Midstream Partners in a research note on Friday, May 23rd. They now have a $50.00 price target on the stock, up previously from $44.00. Finally, analysts at Goldman Sachs upgraded shares of Summit Midstream Partners from a “neutral” rating to a “buy” rating in a research note on Friday, May 16th. They now have a $52.00 price target on the stock, up previously from $43.00. Four analysts have rated the stock with a buy rating, The stock has an average rating of “Buy” and an average target price of $50.90.
Shares of Summit Midstream Partners (NASDAQ:SMLP) traded up 0.78% during mid-day trading on Monday, hitting $49.03. 10,362 shares of the company’s stock traded hands. Summit Midstream Partners has a 52-week low of $30.66 and a 52-week high of $53.35. The stock’s 50-day moving average is $50.60 and its 200-day moving average is $44.48. The company has a market cap of $2.884 billion and a price-to-earnings ratio of 76.98.
Summit Midstream Partners (NASDAQ:SMLP) last released its earnings results on Thursday, August 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by $0.17. The company had revenue of $80.80 million for the quarter, compared to the consensus estimate of $83.90 million. On average, analysts predict that Summit Midstream Partners will post $0.76 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, August 14th. Shareholders of record on Thursday, August 7th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date of this dividend is Tuesday, August 5th. This is a positive change from Summit Midstream Partners’s previous quarterly dividend of $0.50.
Summit Midstream Partners, LP is engaged in owning and operating midstream energy infrastructure that is located in North America.
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