Summit Midstream Partners LP (NYSE:SMLP)’s share price crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $7.44 and traded as high as $6.90. Summit Midstream Partners shares last traded at $6.85, with a volume of 2,760 shares changing hands.
SMLP has been the subject of several research analyst reports. Wells Fargo & Co reiterated a “hold” rating and set a $16.00 target price (up from $10.00) on shares of Summit Midstream Partners in a research note on Monday, March 4th. Robert W. Baird cut Summit Midstream Partners from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $23.00 to $10.00 in a research note on Thursday, March 7th. Credit Suisse Group cut Summit Midstream Partners from an “outperform” rating to an “underperform” rating and reduced their target price for the company from $15.00 to $9.00 in a research note on Thursday, March 14th. Finally, Zacks Investment Research cut Summit Midstream Partners from a “buy” rating to a “hold” rating in a research note on Friday, March 15th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $12.94.
The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 1.46. The stock has a market capitalization of $579.69 million, a price-to-earnings ratio of 114.83 and a beta of 1.65. The company’s 50-day moving average is $7.44.
Summit Midstream Partners (NYSE:SMLP) last posted its quarterly earnings results on Thursday, May 9th. The pipeline company reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.16). The firm had revenue of $131.41 million for the quarter, compared to analyst estimates of $104.77 million. Summit Midstream Partners had a net margin of 1.78% and a return on equity of 13.50%. On average, equities research analysts expect that Summit Midstream Partners LP will post 0.69 earnings per share for the current year.
Several hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can lifted its stake in shares of Summit Midstream Partners by 53.9% in the 4th quarter. Bank of Montreal Can now owns 5,273 shares of the pipeline company’s stock valued at $53,000 after acquiring an additional 1,847 shares during the last quarter. First Trust Advisors LP bought a new position in shares of Summit Midstream Partners in the 4th quarter valued at $712,000. Private Advisor Group LLC bought a new position in shares of Summit Midstream Partners in the 4th quarter valued at $153,000. Rafferty Asset Management LLC lifted its stake in shares of Summit Midstream Partners by 3.8% in the 4th quarter. Rafferty Asset Management LLC now owns 133,864 shares of the pipeline company’s stock valued at $1,345,000 after acquiring an additional 4,952 shares during the last quarter. Finally, Usca Ria LLC bought a new position in shares of Summit Midstream Partners in the 4th quarter valued at $626,000. 33.55% of the stock is currently owned by institutional investors and hedge funds.
About Summit Midstream Partners (NYSE:SMLP)
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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