Zacks Investment Research Lowers Summit Midstream Partners (NYSE:SMLP) to Hold

Zacks Investment Research cut shares of Summit Midstream Partners (NYSE:SMLP) from a buy rating to a hold rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “Summit Midstream Partners, LP is focused on owning and operating midstream energy infrastructure that are located in unconventional resource basins. It provides fee-based natural gas gathering and compression services in two unconventional resource basins: the Piceance Basin and the Fort Worth Basin. Summit Midstream Partners, LP is headquartered in Dallas, Texas. “

SMLP has been the subject of several other research reports. Wells Fargo & Company boosted their price target on Summit Midstream Partners from $14.00 to $15.00 and gave the company an underweight rating in a research note on Thursday, May 13th. TheStreet raised Summit Midstream Partners from a d rating to a c- rating in a research note on Wednesday, March 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The company has an average rating of Hold and a consensus price target of $20.33.

Shares of SMLP opened at $28.99 on Tuesday. The firm has a market cap of $195.54 million, a P/E ratio of 0.45 and a beta of 3.26. Summit Midstream Partners has a fifty-two week low of $8.85 and a fifty-two week high of $29.70. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 1.74. The firm has a 50-day simple moving average of $24.05.

Summit Midstream Partners (NYSE:SMLP) last announced its quarterly earnings results on Friday, May 7th. The pipeline company reported $0.12 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.80) by $0.92. The business had revenue of $99.32 million during the quarter, compared to analysts’ expectations of $86.41 million. Summit Midstream Partners had a negative return on equity of 1.15% and a net margin of 51.79%. On average, equities analysts predict that Summit Midstream Partners will post -2.63 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in SMLP. Acadian Asset Management LLC boosted its position in Summit Midstream Partners by 70.1% during the first quarter. Acadian Asset Management LLC now owns 2,712 shares of the pipeline company’s stock worth $64,000 after purchasing an additional 1,118 shares during the period. UBS Group AG boosted its position in Summit Midstream Partners by 207.2% during the first quarter. UBS Group AG now owns 8,424 shares of the pipeline company’s stock worth $199,000 after purchasing an additional 5,682 shares during the period. Federated Hermes Inc. acquired a new position in shares of Summit Midstream Partners during the first quarter worth approximately $742,000. First Trust Advisors LP lifted its holdings in shares of Summit Midstream Partners by 10.3% during the first quarter. First Trust Advisors LP now owns 78,177 shares of the pipeline company’s stock worth $761,000 after buying an additional 7,284 shares during the last quarter. Finally, Blackstone Group Inc. acquired a new position in shares of Summit Midstream Partners during the first quarter worth approximately $866,000. 32.99% of the stock is owned by hedge funds and other institutional investors.

Summit Midstream Partners Company Profile

Summit Midstream Partners, LP focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. The company provides natural gas gathering, compression, treating, and processing services, as well as crude oil and produced water gathering services.

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