Brokerages Set Summit Midstream Partners LP (SMLP) PT at $18.86

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Summit Midstream Partners LP (NYSE:SMLP) has received a consensus rating of “Hold” from the twelve analysts that are covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $18.86.

Several equities research analysts have commented on SMLP shares. Wells Fargo & Co cut shares of Summit Midstream Partners from an “outperform” rating to a “market perform” rating and set a $16.00 price target on the stock. in a research report on Monday, May 7th. Zacks Investment Research raised shares of Summit Midstream Partners from a “hold” rating to a “strong-buy” rating and set a $18.00 price target on the stock in a research report on Wednesday, May 2nd. ValuEngine cut shares of Summit Midstream Partners from a “sell” rating to a “strong sell” rating in a 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 report on Tuesday, June 12th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and issued a $20.00 target price on shares of Summit Midstream Partners in a report on Tuesday, August 7th.

In related news, 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 value of $50,550.00. Following the transaction, the insider now owns 54,744 shares in the company, valued at approximately $922,436.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Brad N. Graves sold 5,000 shares of the company’s stock in a transaction dated Monday, June 18th. The shares were sold at an average price of $15.62, for a total transaction of $78,100.00. Following the completion of the transaction, the insider now owns 56,225 shares in the company, valued at approximately $878,234.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,000 shares of company stock worth $226,870.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. OppenheimerFunds Inc. grew its position in shares of Summit Midstream Partners by 5.3% during the 2nd quarter. OppenheimerFunds Inc. now owns 8,738,063 shares of the pipeline company’s stock worth $134,566,000 after purchasing an additional 436,758 shares in the last quarter. Kayne Anderson Capital Advisors LP grew its position in shares of Summit Midstream Partners by 12.3% during the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 3,103,757 shares of the pipeline company’s stock worth $47,787,000 after purchasing an additional 340,287 shares in the last quarter. Brookfield Asset Management Inc. grew its position in shares of Summit Midstream Partners by 33.9% during the 1st quarter. Brookfield Asset Management Inc. now owns 1,934,549 shares of the pipeline company’s stock worth $27,180,000 after purchasing an additional 489,437 shares in the last quarter. Bank of America Corp DE grew its position in shares of Summit Midstream Partners by 7.9% during the 2nd quarter. Bank of America Corp DE now owns 836,123 shares of the pipeline company’s stock worth $12,876,000 after purchasing an additional 61,305 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its position in shares of Summit Midstream Partners by 40.1% during the 2nd quarter. CIBC Private Wealth Group LLC now owns 819,502 shares of the pipeline company’s stock worth $12,620,000 after purchasing an additional 234,671 shares in the last quarter. Institutional investors and hedge funds own 46.27% of the company’s stock.

Shares of NYSE:SMLP opened at $17.05 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.22. Summit Midstream Partners has a one year low of $13.10 and a one year high of $22.95. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 9.88 and a beta of 1.93.

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 14th. Stockholders of record on Tuesday, August 7th were issued a $0.575 dividend. The ex-dividend date was Monday, August 6th. This represents a $2.30 dividend on an annualized basis and a dividend yield of 13.49%. Summit Midstream Partners’s payout ratio is 140.24%.

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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Analyst Recommendations for Summit Midstream Partners (NYSE:SMLP)

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