Summit Midstream Partners LP (SMLP) Given Consensus Rating of “Buy” by Analysts
Summit Midstream Partners LP (NYSE:SMLP) has earned a consensus recommendation of “Buy” from the six ratings firms that are covering the stock. Three investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $28.50.
Several analysts have issued reports on SMLP shares. Zacks Investment Research downgraded shares of Summit Midstream Partners from a “hold” rating to a “sell” rating in a research note on Saturday, May 6th. Credit Suisse Group AG downgraded shares of Summit Midstream Partners from an “outperform” rating to a “neutral” rating and cut their target price for the company from $30.00 to $28.00 in a research note on Friday, January 27th. Finally, Barclays PLC reissued an “equal weight” rating and set a $25.00 target price (down from $27.00) on shares of Summit Midstream Partners in a research note on Tuesday, March 14th.
In other Summit Midstream Partners news, insider Steven J. Newby sold 29,000 shares of the business’s stock in a transaction on Friday, March 17th. The shares were sold at an average price of $23.23, for a total transaction of $673,670.00. Following the sale, the insider now directly owns 23,812 shares of the company’s stock, valued at approximately $553,152.76. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.
Hedge funds have recently made changes to their positions in the stock. Mosaic Family Wealth LLC increased its stake in shares of Summit Midstream Partners by 112.7% in the third quarter. Mosaic Family Wealth LLC now owns 6,499 shares of the pipeline company’s stock valued at $149,000 after buying an additional 3,443 shares during the period. Alliancebernstein L.P. purchased a new stake in shares of Summit Midstream Partners during the first quarter valued at about $227,000. Raymond James Financial Services Advisors Inc. increased its stake in shares of Summit Midstream Partners by 3.4% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 10,340 shares of the pipeline company’s stock valued at $260,000 after buying an additional 340 shares during the period. Stifel Financial Corp purchased a new stake in shares of Summit Midstream Partners during the first quarter valued at about $269,000. Finally, South Texas Money Management Ltd. purchased a new stake in shares of Summit Midstream Partners during the first quarter valued at about $277,000. 42.10% of the stock is currently owned by institutional investors.
Summit Midstream Partners (NYSE:SMLP) traded down 0.42% during midday trading on Tuesday, hitting $23.65. The stock had a trading volume of 71,440 shares. The stock’s market cap is $1.71 billion. The firm has a 50 day moving average price of $23.59 and a 200 day moving average price of $23.62. Summit Midstream Partners has a one year low of $19.95 and a one year high of $26.50.
The company also recently announced a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Monday, May 8th were paid a dividend of $0.575 per share. This represents a $2.30 annualized dividend and a yield of 9.68%. The ex-dividend date was Thursday, May 4th. Summit Midstream Partners’s dividend payout ratio (DPR) is currently -55.16%.
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About Summit Midstream Partners
Summit Midstream Partners, LP focuses on developing, owning and operating midstream energy infrastructure assets. The Company’s segments include the Utica Shale, which includes its ownership interest in Ohio Gathering, as well as Summit Utica; the Williston Basin, which includes Bison Midstream, Polar and Divide and Tioga Midstream; the Marcellus Shale, which includes Mountaineer Midstream; the Barnett Shale, which includes DFW Midstream Services LLC (DFW Midstream), and the Piceance Basin /DJ Basins, which includes Grand River and Niobrara G&P.
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