Summit Midstream Partners (SMLP) Lowered to “Hold” at Zacks Investment Research

Summit Midstream Partners (NYSE:SMLP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.

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. “

A number of other research analysts also recently issued reports on the stock. Credit Suisse Group downgraded shares of Summit Midstream Partners from an “outperform” rating to an “underperform” rating and reduced their price target for the stock from $15.00 to $9.00 in a research report on Thursday. Robert W. Baird cut shares of Summit Midstream Partners from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $23.00 to $10.00 in a report on Thursday, March 7th. Finally, Wells Fargo & Co reaffirmed a “hold” rating and issued a $16.00 price objective (up previously from $10.00) on shares of Summit Midstream Partners in a report on Monday, March 4th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $16.30.

NYSE SMLP opened at $9.78 on Friday. Summit Midstream Partners has a 12 month low of $9.28 and a 12 month high of $17.73. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $774.25 million, a price-to-earnings ratio of 163.00 and a beta of 1.81.

Summit Midstream Partners (NYSE:SMLP) last posted its quarterly earnings data on Tuesday, February 26th. The pipeline company reported $0.39 EPS for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.18. Summit Midstream Partners had a net margin of 8.36% and a return on equity of 13.80%. On average, research analysts expect that Summit Midstream Partners will post 0.96 EPS for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the business. Canton Hathaway LLC acquired a new position in Summit Midstream Partners during the 4th quarter valued at about $30,000. Gradient Investments LLC purchased a new stake in Summit Midstream Partners in the fourth quarter valued at $44,000. Bank of Montreal Can boosted its holdings in Summit Midstream Partners by 53.9% in the fourth quarter. Bank of Montreal Can now owns 5,273 shares of the pipeline company’s stock valued at $53,000 after purchasing an additional 1,847 shares during the last quarter. Tortoise Index Solutions LLC boosted its holdings in Summit Midstream Partners by 102.5% in the fourth quarter. Tortoise Index Solutions LLC now owns 14,414 shares of the pipeline company’s stock valued at $145,000 after purchasing an additional 7,297 shares during the last quarter. Finally, Wiley BROS. Aintree Capital LLC purchased a new stake in Summit Midstream Partners in the fourth quarter valued at $179,000. 38.94% of the stock is currently owned by hedge funds and other institutional investors.

About Summit Midstream Partners

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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