Summit Midstream Partners LP (NYSE:SMLP) insider Brock M. Degeyter sold 3,000 shares of the company’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $16.85, for a total transaction of $50,550.00. Following the sale, the insider now owns 54,744 shares in the company, valued at $922,436.40. The sale was disclosed in a filing with the SEC, which is available at this link.
NYSE:SMLP traded up $0.10 during mid-day trading on Friday, hitting $16.90. 467,555 shares of the stock traded hands, compared to its average volume of 237,087. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of 10.30 and a beta of 1.93. Summit Midstream Partners LP has a 52 week low of $13.10 and a 52 week high of $22.95. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.22.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 14th. Investors of record on Tuesday, August 7th were issued a dividend of $0.575 per share. The ex-dividend date of this dividend was Monday, August 6th. This represents a $2.30 annualized dividend and a yield of 13.61%. Summit Midstream Partners’s payout ratio is 140.24%.
SMLP has been the topic of several recent research reports. SunTrust Banks set a $17.00 target price on shares of Summit Midstream Partners and gave the company a “hold” rating in a research report on Sunday, April 22nd. Zacks Investment Research upgraded shares of Summit Midstream Partners from a “hold” rating to a “strong-buy” rating and set a $18.00 target price on the stock in a research report on Wednesday, May 2nd. Barclays upped their target price on shares of Summit Midstream Partners from $15.00 to $16.00 and gave the company an “underweight” rating in a research report on Tuesday, June 12th. ValuEngine cut shares of Summit Midstream Partners from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 2nd. Finally, Wells Fargo & Co cut shares of Summit Midstream Partners from an “outperform” rating to a “market perform” rating and set a $16.00 target price on the stock. in a research report on Monday, May 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $18.88.
A number of large investors have recently modified their holdings of the stock. BNP Paribas Arbitrage SA grew its holdings in Summit Midstream Partners by 46.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 11,251 shares of the pipeline company’s stock valued at $158,000 after purchasing an additional 3,569 shares during the last quarter. Van ECK Associates Corp grew its holdings in Summit Midstream Partners by 13.2% during the 1st quarter. Van ECK Associates Corp now owns 51,511 shares of the pipeline company’s stock valued at $724,000 after purchasing an additional 6,002 shares during the last quarter. Centaurus Financial Inc. bought a new position in Summit Midstream Partners during the 2nd quarter valued at about $101,000. Tower Research Capital LLC TRC bought a new position in Summit Midstream Partners during the 2nd quarter valued at about $136,000. Finally, Jane Street Group LLC bought a new position in Summit Midstream Partners during the 4th quarter valued at about $204,000. Institutional investors own 45.67% of the company’s stock.
Summit Midstream Partners Company 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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