Summit Midstream Partners Receives Overweight Rating from Barclays (SMLP)
Summit Midstream Partners (NASDAQ:SMLP)‘s stock had its “overweight” rating reaffirmed by stock analysts at Barclays in a report issued on Monday. They currently have a $55.00 price objective on the stock, up from their previous price objective of $53.00. Barclays’ price objective would indicate a potential upside of 13.05% from the company’s current price.
Summit Midstream Partners (NASDAQ:SMLP) traded up 1.23% on Monday, hitting $49.2501. The stock had a trading volume of 20,474 shares. 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 $2.897 billion and a P/E ratio of 76.98.
Summit Midstream Partners (NASDAQ:SMLP) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.05 EPS for the quarter, missing the Thomson Reuters 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. Analysts expect that Summit Midstream Partners will post $0.76 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, August 14th. Investors of record on Thursday, August 7th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.28%. The ex-dividend date is Tuesday, August 5th. This is an increase from Summit Midstream Partners’s previous quarterly dividend of $0.50.
SMLP has been the subject of a number of other recent research reports. Analysts at RBC Capital raised their price target on shares of Summit Midstream Partners from $50.00 to $53.00 in a research note on Monday. Separately, 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. 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 investment analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and an average target price of $51.90.
Summit Midstream Partners, LP is engaged in owning and operating midstream energy infrastructure that is located in North America.
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