Summit Midstream Partners (NYSE:SMLP) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research lowered shares of Summit Midstream Partners (NYSE:SMLP) from a hold rating to a sell rating in a report released on Friday, 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. “

A number of other analysts have also recently weighed in on SMLP. TheStreet cut shares of Summit Midstream Partners from a c- rating to a d+ rating in a research note on Friday, May 17th. Barclays reiterated a sell rating and set a $6.00 target price on shares of Summit Midstream Partners in a research note on Thursday, July 18th. Citigroup cut shares of Summit Midstream Partners from a buy rating to a neutral rating and cut their target price for the company from $13.00 to $6.50 in a research note on Wednesday, June 19th. Royal Bank of Canada cut shares of Summit Midstream Partners from an outperform rating to a sector perform rating and cut their target price for the company from $17.00 to $10.00 in a research note on Monday, April 29th. Finally, Wells Fargo & Co set a $6.00 target price on shares of Summit Midstream Partners and gave the company a hold rating in a research note on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. Summit Midstream Partners currently has an average rating of Hold and a consensus target price of $9.56.

Shares of Summit Midstream Partners stock traded up $0.03 on Friday, reaching $5.08. The stock had a trading volume of 471,300 shares, compared to its average volume of 322,807. The business’s 50-day moving average price is $7.12 and its two-hundred day moving average price is $8.84. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.51 and a current ratio of 0.23. Summit Midstream Partners has a fifty-two week low of $4.77 and a fifty-two week high of $17.45. The stock has a market cap of $435.02 million, a P/E ratio of 84.67 and a beta of 1.59.

Summit Midstream Partners (NYSE:SMLP) last issued its quarterly earnings data on Friday, August 9th. The pipeline company reported ($0.03) earnings per share for the quarter, missing the Zacks’ consensus estimate 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 during the quarter, compared to analyst estimates of $108.50 million. As a group, equities analysts forecast that Summit Midstream Partners will post 0.48 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th were issued a $0.287 dividend. This represents a $1.15 annualized dividend and a yield of 22.60%. The ex-dividend date of this dividend was Tuesday, August 6th. Summit Midstream Partners’s dividend payout ratio (DPR) is presently 1,916.67%.

A number of institutional investors have recently made changes to their positions in the business. Creative Planning raised its stake in shares of Summit Midstream Partners by 116.1% in the 1st quarter. Creative Planning now owns 76,300 shares of the pipeline company’s stock valued at $742,000 after acquiring an additional 41,000 shares during the period. BNP Paribas Arbitrage SA acquired a new stake in Summit Midstream Partners during the 1st quarter valued at $196,000. Bank of Montreal Can grew its holdings in Summit Midstream Partners by 3,503.5% during the 1st 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. Alps Advisors Inc. acquired a new stake in Summit Midstream Partners during the 1st quarter valued at $105,000. Finally, Arrow Investment Advisors LLC grew its holdings in Summit Midstream Partners by 33.2% during the 1st quarter. Arrow Investment Advisors LLC now owns 42,852 shares of the pipeline company’s stock valued at $417,000 after purchasing an additional 10,690 shares in the last quarter. 32.30% of the stock is currently 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, treating, and processing services, as well as crude oil and produced water gathering services.

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