Summit Midstream Partners (NYSE:SMLP) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Summit Midstream Partners (NYSE:SMLP) from a hold rating to a sell rating in a research note published 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. “

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

Summit Midstream Partners stock opened at $5.08 on Friday. The stock has a market cap of $417.65 million, a price-to-earnings ratio of 84.67 and a beta of 1.59. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.23 and a quick ratio of 0.51. Summit Midstream Partners has a 1 year low of $4.77 and a 1 year high of $17.45. The firm has a 50-day moving average of $7.12 and a two-hundred day moving average of $8.84.

Summit Midstream Partners (NYSE:SMLP) last released its quarterly earnings data on Friday, August 9th. The pipeline company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.19). The company had revenue of $99.69 million during the quarter, compared to analysts’ expectations of $108.50 million. Summit Midstream Partners had a net margin of 13.00% and a return on equity of 12.35%. Research analysts expect that Summit Midstream Partners will post 0.48 earnings per share for the current year.

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

Several institutional investors and hedge funds have recently made changes to their positions in SMLP. Sheaff Brock Investment Advisors LLC purchased a new stake in shares of Summit Midstream Partners in the 2nd quarter worth approximately $78,000. Alps Advisors Inc. purchased a new stake in shares of Summit Midstream Partners in the 1st quarter worth approximately $105,000. Private Advisor Group LLC purchased a new stake in shares of Summit Midstream Partners in the 2nd quarter worth approximately $120,000. Perella Weinberg Partners Capital Management LP purchased a new stake in shares of Summit Midstream Partners in the 2nd quarter worth approximately $145,000. Finally, BNP Paribas Arbitrage SA purchased a new stake in shares of Summit Midstream Partners in the 1st quarter worth approximately $196,000. 32.30% of the stock is 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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