ValuEngine Downgrades Summit Midstream Partners (SMLP) to Hold

Summit Midstream Partners (NYSE:SMLP) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

Several other analysts have also recently weighed in on SMLP. BidaskClub raised shares of Summit Midstream Partners from a “sell” rating to a “hold” rating in a research note on Thursday, October 5th. Zacks Investment Research raised shares of Summit Midstream Partners from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Tuesday, October 10th. Credit Suisse Group initiated coverage on shares of Summit Midstream Partners in a research note on Thursday, January 4th. They issued an “outperform” rating and a $22.00 price target for the company. Finally, SunTrust Banks set a $24.00 price target on shares of Summit Midstream Partners and gave the company a “hold” rating in a research note on Monday, January 29th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $24.43.

Shares of Summit Midstream Partners (NYSE:SMLP) traded down $0.30 during midday trading on Friday, reaching $22.25. 213,716 shares of the company traded hands, compared to its average volume of 189,218. Summit Midstream Partners has a one year low of $18.30 and a one year high of $24.90. The stock has a market cap of $1,658.74, a PE ratio of 13.40 and a beta of 1.64. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.84 and a current ratio of 0.84.

Summit Midstream Partners (NYSE:SMLP) last posted its quarterly earnings results on Wednesday, November 1st. The pipeline company reported $1.22 earnings per share for the quarter. Summit Midstream Partners had a net margin of 24.14% and a return on equity of 11.61%. The business had revenue of $124.95 million during the quarter, compared to analysts’ expectations of $97.20 million. research analysts anticipate that Summit Midstream Partners will post 1.6 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of SMLP. Wells Fargo & Company MN lifted its holdings in shares of Summit Midstream Partners by 6.0% in the 2nd quarter. Wells Fargo & Company MN now owns 51,647 shares of the pipeline company’s stock worth $1,170,000 after acquiring an additional 2,938 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Summit Midstream Partners by 5.9% in the 2nd quarter. Alliancebernstein L.P. now owns 10,004 shares of the pipeline company’s stock worth $227,000 after acquiring an additional 560 shares during the last quarter. Stifel Financial Corp lifted its holdings in shares of Summit Midstream Partners by 97.4% in the 2nd quarter. Stifel Financial Corp now owns 22,140 shares of the pipeline company’s stock worth $501,000 after acquiring an additional 10,925 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Summit Midstream Partners by 3.5% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,068,307 shares of the pipeline company’s stock worth $24,197,000 after acquiring an additional 36,213 shares during the last quarter. Finally, Green Square Capital LLC acquired a new position in shares of Summit Midstream Partners in the 2nd quarter worth approximately $816,000. Hedge funds and other institutional investors own 48.78% of the company’s stock.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Summit Midstream Partners (NYSE:SMLP)

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