Summit Midstream Partners (NYSE:SMLP) had its price target reduced by Wells Fargo & Co from $18.00 to $16.00 in a research report sent to investors on Monday morning. Wells Fargo & Co currently has a hold rating on the pipeline company’s stock.
Other research analysts have also issued research reports about the company. Zacks Investment Research lowered Summit Midstream Partners from a buy rating to a hold rating in a research report on Thursday, August 9th. SunTrust Banks set a $19.00 target price on Summit Midstream Partners and gave the stock a hold rating in a research report on Sunday, August 5th. Royal Bank of Canada reiterated a buy rating and issued a $20.00 target price on shares of Summit Midstream Partners in a research report on Tuesday, August 7th. Finally, Barclays lifted their target price on Summit Midstream Partners from $15.00 to $16.00 and gave the stock an underweight rating in a research report on Tuesday, June 12th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $19.00.
Shares of SMLP opened at $14.50 on Monday. The company has a market capitalization of $1.13 billion, a PE ratio of 8.93 and a beta of 1.94. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 1.22. Summit Midstream Partners has a 52 week low of $13.10 and a 52 week high of $22.95.
Summit Midstream Partners (NYSE:SMLP) last issued its earnings results on Thursday, August 2nd. The pipeline company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.05). The firm had revenue of $128.18 million during the quarter, compared to analyst estimates of $106.24 million. Summit Midstream Partners had a return on equity of 7.98% and a net margin of 4.33%. equities analysts expect that Summit Midstream Partners will post -0.48 earnings per share for the current year.
In related news, insider Brad N. Graves sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $15.93, for a total transaction of $79,650.00. Following the completion of the transaction, the insider now owns 41,225 shares in the company, valued at approximately $656,714.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brock M. Degeyter sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $16.85, for a total value of $50,550.00. Following the transaction, the insider now owns 54,744 shares of the company’s stock, valued at approximately $922,436.40. The disclosure for this sale can be found here. Insiders have sold a total of 14,000 shares of company stock valued at $228,420 in the last 90 days.
Large investors have recently added to or reduced their stakes in the stock. Centaurus Financial Inc. acquired a new position in Summit Midstream Partners during the 2nd quarter valued at approximately $101,000. Tower Research Capital LLC TRC acquired a new position in Summit Midstream Partners during the 2nd quarter valued at approximately $136,000. BNP Paribas Arbitrage SA boosted its position in Summit Midstream Partners by 46.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 11,251 shares of the pipeline company’s stock valued at $158,000 after purchasing an additional 3,569 shares during the period. Koch Industries Inc. acquired a new position in Summit Midstream Partners during the 1st quarter valued at approximately $167,000. Finally, California Public Employees Retirement System bought a new stake in Summit Midstream Partners during the 2nd quarter valued at $242,000. Institutional investors and hedge funds own 43.93% of the company’s stock.
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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