Zacks Investment Research Lowers Summit Midstream Partners (NYSE:SMLP) to Sell
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. “
Other equities research analysts also recently issued reports about the company. TheStreet downgraded Summit Midstream Partners from a c- rating to a d+ rating in a research report on Friday, May 17th. Wells Fargo & Co set a $6.00 target price on Summit Midstream Partners and gave the stock a hold rating in a research report on Monday, August 12th. Citigroup downgraded Summit Midstream Partners from a buy rating to a neutral rating and decreased their target price for the stock from $13.00 to $6.50 in a research report on Wednesday, June 19th. Barclays reaffirmed a sell rating and set a $6.00 price objective on shares of Summit Midstream Partners in a report on Thursday, July 18th. Finally, Royal Bank of Canada downgraded Summit Midstream Partners from an outperform rating to a sector perform rating and decreased their price objective for the company from $17.00 to $10.00 in a report on Monday, April 29th. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $8.56.
Summit Midstream Partners (NYSE:SMLP) last released its earnings results on Friday, August 9th. The pipeline company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.19). Summit Midstream Partners had a return on equity of 12.35% and a net margin of 13.00%. The firm had revenue of $99.69 million for the quarter, compared to analyst estimates of $108.50 million. On average, equities research analysts anticipate that Summit Midstream Partners will post 0.48 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th were issued a dividend of $0.287 per share. This represents a $1.15 dividend on an annualized basis and a yield of 23.33%. The ex-dividend date of this dividend was Tuesday, August 6th. Summit Midstream Partners’s payout ratio is 1,916.67%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMLP. Invesco Ltd. acquired a new stake in Summit Midstream Partners during the second quarter valued at approximately $103,781,000. Brookfield Asset Management Inc. boosted its holdings in Summit Midstream Partners by 13.8% during the second quarter. Brookfield Asset Management Inc. now owns 3,536,212 shares of the pipeline company’s stock valued at $26,309,000 after purchasing an additional 429,467 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Summit Midstream Partners by 52.3% during the second quarter. JPMorgan Chase & Co. now owns 738,461 shares of the pipeline company’s stock valued at $5,095,000 after purchasing an additional 253,570 shares in the last quarter. Bank of Montreal Can boosted its holdings in Summit Midstream Partners by 3,503.5% during the first quarter. Bank of Montreal Can now owns 190,013 shares of the pipeline company’s stock valued at $1,849,000 after purchasing an additional 184,740 shares in the last quarter. Finally, Citigroup Inc. boosted its holdings in Summit Midstream Partners by 174.3% during the first quarter. Citigroup Inc. now owns 289,501 shares of the pipeline company’s stock valued at $2,817,000 after purchasing an additional 183,972 shares in the last quarter. 31.36% of the stock is currently owned by 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, treating, and processing services, as well as crude oil and produced water gathering services.
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