Brookfield Asset Management Inc. purchased a new position in shares of Summit Midstream (NYSE:SMLP) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,445,112 shares of the pipeline company’s stock, valued at approximately $29,625,000. Brookfield Asset Management Inc. owned 1.94% of Summit Midstream at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in SMLP. Arrow Investment Advisors LLC raised its stake in shares of Summit Midstream by 15.2% in the 3rd quarter. Arrow Investment Advisors LLC now owns 34,052 shares of the pipeline company’s stock valued at $681,000 after purchasing an additional 4,504 shares in the last quarter. BNP Paribas Arbitrage SA acquired a new stake in shares of Summit Midstream in the 3rd quarter valued at about $105,000. Westwood Holdings Group Inc. raised its stake in shares of Summit Midstream by 1.4% in the 4th quarter. Westwood Holdings Group Inc. now owns 417,558 shares of the pipeline company’s stock valued at $8,560,000 after purchasing an additional 5,716 shares in the last quarter. Cushing Asset Management LP raised its stake in shares of Summit Midstream by 0.4% in the 4th quarter. Cushing Asset Management LP now owns 1,565,073 shares of the pipeline company’s stock valued at $32,084,000 after purchasing an additional 5,853 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Summit Midstream by 1.5% in the 4th quarter. First Trust Advisors LP now owns 415,255 shares of the pipeline company’s stock valued at $8,513,000 after purchasing an additional 6,242 shares in the last quarter. 50.37% of the stock is owned by hedge funds and other institutional investors.
SMLP stock traded up $0.15 during midday trading on Thursday, reaching $14.65. The company had a trading volume of 263,822 shares, compared to its average volume of 293,029. The company has a market cap of $1,040.32, a price-to-earnings ratio of 8.93 and a beta of 1.77. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.96. Summit Midstream has a 1 year low of $13.10 and a 1 year high of $24.75.
Summit Midstream (NYSE:SMLP) last released its quarterly earnings results on Thursday, February 22nd. The pipeline company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.04. Summit Midstream had a net margin of 17.59% and a return on equity of 12.62%. The business had revenue of $126.20 million for the quarter. research analysts anticipate that Summit Midstream will post 0.72 EPS for the current year.
SMLP has been the topic of several research reports. ValuEngine lowered shares of Summit Midstream from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Credit Suisse Group started coverage on shares of Summit Midstream in a research report on Thursday, January 4th. They issued an “outperform” rating and a $22.00 target price for the company. SunTrust Banks set a $24.00 price objective on shares of Summit Midstream and gave the company a “hold” rating in a report on Monday, January 29th. Zacks Investment Research cut shares of Summit Midstream from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 6th. Finally, Royal Bank of Canada restated a “buy” rating and set a $20.00 target price on shares of Summit Midstream in a report on Tuesday, March 6th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $21.43.
In related news, insider Steven J. Newby purchased 15,000 shares of the firm’s stock in a transaction on Friday, March 9th. The shares were bought at an average cost of $15.88 per share, for a total transaction of $238,200.00. Following the transaction, the insider now directly owns 38,812 shares of the company’s stock, valued at approximately $616,334.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.
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Summit Midstream Profile
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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