Summit Midstream Partners (NYSE:SMLP) Stock Price Up 7.8%

Shares of Summit Midstream Partners LP (NYSE:SMLP) rose 7.8% during mid-day trading on Friday . The company traded as high as $7.44 and last traded at $7.44. Approximately 528,864 shares changed hands during mid-day trading, an increase of 12% from the average daily volume of 473,467 shares. The stock had previously closed at $6.90.

SMLP has been the subject of a number of research analyst reports. Robert W. Baird downgraded shares of Summit Midstream Partners from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $23.00 to $10.00 in a research report on Thursday, March 7th. Zacks Investment Research downgraded shares of Summit Midstream Partners from a “buy” rating to a “hold” rating in a research report on Friday, March 15th. Royal Bank of Canada downgraded shares of Summit Midstream Partners from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $17.00 to $10.00 in a research report on Monday, April 29th. Credit Suisse Group downgraded shares of Summit Midstream Partners from an “outperform” rating to an “underperform” rating and cut their target price for the stock from $15.00 to $9.00 in a research report on Thursday, March 14th. Finally, Wells Fargo & Co restated a “hold” rating and set a $16.00 price target (up previously from $10.00) on shares of Summit Midstream Partners in a research note on Monday, March 4th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. Summit Midstream Partners presently has an average rating of “Hold” and a consensus price target of $12.94.

The firm has a 50 day simple moving average of $7.37. The firm has a market cap of $615.25 million, a P/E ratio of 124.00 and a beta of 1.65. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.51 and a current ratio of 0.51.

Summit Midstream Partners (NYSE:SMLP) last announced its quarterly earnings results on Thursday, May 9th. The pipeline company reported $0.01 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.16). Summit Midstream Partners had a return on equity of 13.50% and a net margin of 1.78%. The business had revenue of $131.41 million for the quarter, compared to analyst estimates of $104.77 million. Analysts predict that Summit Midstream Partners LP will post 0.58 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of Montreal Can increased its stake in shares of Summit Midstream Partners by 53.9% during the 4th quarter. Bank of Montreal Can now owns 5,273 shares of the pipeline company’s stock worth $53,000 after purchasing an additional 1,847 shares during the last quarter. First Trust Advisors LP acquired a new position in Summit Midstream Partners in the 4th quarter valued at $712,000. Private Advisor Group LLC acquired a new position in Summit Midstream Partners in the 4th quarter valued at $153,000. Rafferty Asset Management LLC grew its stake in 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 buying an additional 4,952 shares during the last quarter. Finally, Usca Ria LLC acquired a new position in Summit Midstream Partners in the 4th quarter valued at $626,000. Institutional investors own 33.55% of the company’s stock.

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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