Summit Midstream Partners (NYSE:SMLP) Lifted to “Hold” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Summit Midstream Partners (NYSE:SMLP) from a sell rating to a hold rating in a research note released on Thursday, 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. “

A number of other equities analysts have also recently commented on the company. Royal Bank of Canada dropped their target price on Summit Midstream Partners to $6.00 and set a market perform rating for the company in a report on Monday, August 19th. ValuEngine upgraded Summit Midstream Partners from a strong sell rating to a sell rating in a report on Wednesday, October 2nd. Barclays reiterated a sell rating and issued a $4.00 target price on shares of Summit Midstream Partners in a report on Wednesday, October 16th. Credit Suisse Group set a $5.00 target price on Summit Midstream Partners and gave the stock a sell rating in a report on Friday, August 16th. Finally, SunTrust Banks dropped their target price on Summit Midstream Partners from $7.00 to $6.00 and set a hold rating for the company in a report on Tuesday, October 15th. Three analysts have rated the stock with a sell rating and six have given a hold rating to the company. The company currently has an average rating of Hold and a consensus price target of $6.69.

NYSE SMLP traded down $0.23 during trading on Thursday, hitting $4.42. 717,602 shares of the stock traded hands, compared to its average volume of 390,529. The company has a market capitalization of $373.80 million, a P/E ratio of 73.67 and a beta of 1.66. The firm has a 50-day simple moving average of $4.85 and a 200-day simple moving average of $6.39. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 1.68. Summit Midstream Partners has a 12-month low of $4.05 and a 12-month high of $15.23.

Summit Midstream Partners (NYSE:SMLP) last released its quarterly earnings results on Friday, November 8th. The pipeline company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.37). The firm had revenue of $100.19 million for the quarter, compared to analysts’ expectations of $115.74 million. Summit Midstream Partners had a net margin of 13.00% and a return on equity of 12.35%. As a group, research analysts predict that Summit Midstream Partners will post 0.32 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, November 7th will be issued a $0.287 dividend. This represents a $1.15 dividend on an annualized basis and a dividend yield of 25.97%. The ex-dividend date of this dividend is Wednesday, November 6th. Summit Midstream Partners’s dividend payout ratio (DPR) is 1,916.67%.

Several institutional investors have recently made changes to their positions in SMLP. Sheaff Brock Investment Advisors LLC bought a new stake in shares of Summit Midstream Partners during the 2nd quarter worth approximately $78,000. Teacher Retirement System of Texas bought a new stake in shares of Summit Midstream Partners during the 3rd quarter worth approximately $83,000. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of Summit Midstream Partners during the 3rd quarter worth approximately $97,000. Private Advisor Group LLC bought a new stake in shares of Summit Midstream Partners during the 2nd quarter worth approximately $120,000. Finally, Perella Weinberg Partners Capital Management LP bought a new stake in shares of Summit Midstream Partners during the 2nd quarter worth approximately $145,000. Hedge funds and other institutional investors own 30.59% of the company’s stock.

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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