Summit Midstream Partners (SMLP) Hits New 12-Month Low at $9.34

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Summit Midstream Partners LP (NYSE:SMLP) shares hit a new 52-week low on Thursday . The stock traded as low as $9.34 and last traded at $9.73, with a volume of 46971 shares. The stock had previously closed at $10.04.

SMLP has been the topic of several research reports. Robert W. Baird lowered 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. Credit Suisse Group lowered Summit Midstream Partners from an “outperform” rating to an “underperform” rating and cut their price objective for the company from $15.00 to $9.00 in a research report on Thursday. Wells Fargo & Co reissued a “hold” rating and issued a $16.00 price objective (up from $10.00) on shares of Summit Midstream Partners in a research report on Monday, March 4th. Finally, Zacks Investment Research lowered Summit Midstream Partners from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 15th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $16.30.

The company has a debt-to-equity ratio of 1.36, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market cap of $774.25 million, a P/E ratio of 162.83 and a beta of 1.81.

Summit Midstream Partners (NYSE:SMLP) last released its quarterly earnings data on Tuesday, February 26th. The pipeline company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.21 by $0.18. Summit Midstream Partners had a return on equity of 13.80% and a net margin of 8.36%. On average, analysts anticipate that Summit Midstream Partners LP will post 0.96 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 14th. Stockholders of record on Thursday, February 7th were paid a dividend of $0.575 per share. The ex-dividend date of this dividend was Wednesday, February 6th. This represents a $2.30 annualized dividend and a dividend yield of 23.57%. Summit Midstream Partners’s dividend payout ratio is presently 3,833.33%.

Institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC acquired a new position in Summit Midstream Partners in the third quarter worth about $2,208,000. MetLife Investment Advisors LLC acquired a new position in Summit Midstream Partners in the third quarter valued at approximately $1,843,000. Fort Washington Investment Advisors Inc. OH boosted its stake in Summit Midstream Partners by 105.2% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 149,233 shares of the pipeline company’s stock valued at $1,500,000 after acquiring an additional 76,500 shares during the period. First Trust Advisors LP acquired a new position in Summit Midstream Partners in the fourth quarter valued at approximately $712,000. Finally, Kayne Anderson Capital Advisors LP boosted its stake in Summit Midstream Partners by 2.3% in the third quarter. Kayne Anderson Capital Advisors LP now owns 3,174,437 shares of the pipeline company’s stock valued at $45,386,000 after acquiring an additional 70,680 shares during the period. Institutional investors own 38.94% of the company’s stock.

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Summit Midstream Partners Company Profile (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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