Cushing Asset Management LP lifted its position in shares of Summit Midstream Partners LP (NYSE:SMLP) by 0.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,565,073 shares of the pipeline company’s stock after purchasing an additional 5,853 shares during the quarter. Cushing Asset Management LP owned 2.10% of Summit Midstream Partners worth $32,084,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of SMLP. HMI Capital LLC raised its position in shares of Summit Midstream Partners by 12.7% during the fourth quarter. HMI Capital LLC now owns 5,806,686 shares of the pipeline company’s stock worth $119,037,000 after purchasing an additional 652,422 shares during the period. Harvest Fund Advisors LLC raised its position in shares of Summit Midstream Partners by 14.9% during the third quarter. Harvest Fund Advisors LLC now owns 3,365,477 shares of the pipeline company’s stock worth $67,310,000 after purchasing an additional 437,548 shares during the period. Kayne Anderson Capital Advisors LP grew its holdings in Summit Midstream Partners by 5.5% during the fourth quarter. Kayne Anderson Capital Advisors LP now owns 3,329,950 shares of the pipeline company’s stock worth $68,258,000 after buying an additional 172,380 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Summit Midstream Partners by 28.9% during the third quarter. JPMorgan Chase & Co. now owns 676,736 shares of the pipeline company’s stock worth $13,738,000 after buying an additional 151,725 shares in the last quarter. Finally, Neuberger Berman Group LLC grew its holdings in Summit Midstream Partners by 326.0% during the third quarter. Neuberger Berman Group LLC now owns 105,399 shares of the pipeline company’s stock worth $2,108,000 after buying an additional 80,660 shares in the last quarter. 50.37% of the stock is currently owned by institutional investors.
Several brokerages recently issued reports on SMLP. Robert W. Baird set a $22.00 price target on Summit Midstream Partners and gave the stock a “buy” rating in a report on Thursday, March 8th. Barclays decreased their price target on Summit Midstream Partners from $22.00 to $21.00 and set an “underweight” rating for the company in a report on Wednesday, March 7th. SunTrust Banks decreased their price target on Summit Midstream Partners to $19.00 and set a “hold” rating for the company in a report on Tuesday, March 6th. Royal Bank of Canada reiterated a “buy” rating and set a $20.00 price target on shares of Summit Midstream Partners in a report on Tuesday, March 6th. Finally, Zacks Investment Research downgraded Summit Midstream Partners from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $21.43.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 14th. Shareholders of record on Wednesday, February 7th were paid a $0.575 dividend. The ex-dividend date of this dividend was Tuesday, February 6th. This represents a $2.30 dividend on an annualized basis and a yield of 14.84%. Summit Midstream Partners’s dividend payout ratio (DPR) is presently 234.70%.
In other Summit Midstream Partners news, insider Steven J. Newby acquired 15,000 shares of Summit Midstream Partners stock in a transaction on Friday, March 9th. The stock was purchased at an average price of $15.88 per share, for a total transaction of $238,200.00. Following the purchase, the insider now directly owns 38,812 shares of the company’s stock, valued at $616,334.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.
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Summit Midstream Partners Company Profile
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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