Ares Management LLC Has $9 Million Holdings in Summit Midstream Partners, LP (NYSE:SMLP)

Ares Management LLC lessened its holdings in shares of Summit Midstream Partners, LP (NYSE:SMLP) by 1.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 296,309 shares of the pipeline company’s stock after selling 5,219 shares during the quarter. Summit Midstream Partners makes up approximately 0.3% of Ares Management LLC’s investment portfolio, making the stock its 20th largest position. Ares Management LLC’s holdings in Summit Midstream Partners were worth $9,002,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. JPMorgan Chase & Co. acquired a new position in shares of Summit Midstream Partners in the first quarter valued at approximately $4,191,000. Liberty Mutual Group Asset Management Inc. acquired a new position in shares of Summit Midstream Partners in the second quarter valued at approximately $4,354,000. Morgan Stanley grew its position in shares of Summit Midstream Partners by 93.2% in the first quarter. Morgan Stanley now owns 104,181 shares of the pipeline company’s stock valued at $2,456,000 after purchasing an additional 50,257 shares during the last quarter. First Trust Advisors LP grew its position in shares of Summit Midstream Partners by 10.3% in the first quarter. First Trust Advisors LP now owns 78,177 shares of the pipeline company’s stock valued at $761,000 after purchasing an additional 7,284 shares during the last quarter. Finally, Blackstone Group Inc. acquired a new position in shares of Summit Midstream Partners in the first quarter valued at approximately $866,000. 31.83% of the stock is currently owned by hedge funds and other institutional investors.

NYSE SMLP traded down $0.68 on Thursday, hitting $37.51. 66 shares of the company’s stock were exchanged, compared to its average volume of 58,452. The stock has a 50-day moving average of $35.01 and a 200-day moving average of $30.55. The company has a current ratio of 0.09, a quick ratio of 0.09 and a debt-to-equity ratio of 0.73. Summit Midstream Partners, LP has a 52 week low of $9.63 and a 52 week high of $46.64. The stock has a market cap of $253.00 million, a price-to-earnings ratio of 0.84 and a beta of 3.32.

Summit Midstream Partners (NYSE:SMLP) last released its earnings results on Friday, August 6th. The pipeline company reported $0.83 earnings per share for the quarter, topping the consensus estimate of ($0.52) by $1.35. Summit Midstream Partners had a negative return on equity of 0.87% and a net margin of 30.54%. The firm had revenue of $100.04 million during the quarter, compared to analysts’ expectations of $86.82 million. As a group, analysts predict that Summit Midstream Partners, LP will post -2.43 earnings per share for the current year.

Several research firms have recently commented on SMLP. Zacks Investment Research raised Summit Midstream Partners from a “hold” rating to a “strong-buy” rating and set a $41.00 target price on the stock in a research report on Friday, July 23rd. Royal Bank of Canada boosted their price target on Summit Midstream Partners from $20.00 to $26.00 and gave the company a “sector perform” rating in a research note on Tuesday, June 22nd. TheStreet cut Summit Midstream Partners from a “c-” rating to a “d+” rating in a research note on Friday, August 6th. Finally, Wells Fargo & Company boosted their price target on Summit Midstream Partners from $15.00 to $17.00 and gave the company an “underweight” rating in a research note on Thursday, June 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $28.00.

Summit Midstream Partners Company Profile

Summit Midstream Partners LP engages in the development, ownership, and operation of midstream energy infrastructure assets that are located in unconventional resource basins, primarily shale formations. It operates through the following segments: Utica Shale, Ohio Gathering, Williston Basin, DJ Basin, Permian Basin, Piceance Basin, Barnett Shale, and Marcellus Shale.

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Institutional Ownership by Quarter for Summit Midstream Partners (NYSE:SMLP)

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