Summit Midstream Partners LP (NYSE:SMLP) insider Steven J. Newby acquired 15,000 shares of the business’s stock in a transaction dated Friday, March 9th. The stock was acquired at an average price of $15.88 per share, for a total transaction of $238,200.00. Following the completion of the transaction, the insider now owns 38,812 shares in the company, valued at approximately $616,334.56. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Summit Midstream Partners LP (SMLP) traded down $0.45 during midday trading on Monday, hitting $15.45. The company had a trading volume of 501,524 shares, compared to its average volume of 227,058. 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 Partners LP has a one year low of $15.25 and a one year high of $24.75. The company has a market capitalization of $1,120.00, a price-to-earnings ratio of 14.90 and a beta of 1.79.
The company also recently declared a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Wednesday, February 7th were given a dividend of $0.575 per share. The ex-dividend date was Tuesday, February 6th. This represents a $2.30 annualized dividend and a dividend yield of 14.89%. Summit Midstream Partners’s dividend payout ratio is presently 223.30%.
SMLP has been the topic of a number of recent analyst reports. ValuEngine upgraded Summit Midstream Partners from a “hold” rating to a “buy” rating in a research report on Monday, December 11th. SunTrust Banks set a $24.00 price target on Summit Midstream Partners and gave the company a “hold” rating in a research report on Monday, January 29th. Zacks Investment Research upgraded Summit Midstream Partners from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research report on Wednesday, November 15th. Credit Suisse Group started coverage on Summit Midstream Partners in a research report on Thursday, January 4th. They set an “outperform” rating and a $22.00 price target on the stock. Finally, Royal Bank of Canada restated a “buy” rating and set a $20.00 price target on shares of Summit Midstream Partners in a research report on Tuesday, March 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. Summit Midstream Partners has an average rating of “Hold” and an average price target of $21.43.
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About Summit Midstream Partners
Summit Midstream Partners, LP focuses on developing, owning and operating midstream energy infrastructure assets. The Company’s segments include the Utica Shale, which includes its ownership interest in Ohio Gathering, as well as Summit Utica; the Williston Basin, which includes Bison Midstream, Polar and Divide and Tioga Midstream; the Marcellus Shale, which includes Mountaineer Midstream; the Barnett Shale, which includes DFW Midstream Services LLC (DFW Midstream), and the Piceance Basin /DJ Basins, which includes Grand River and Niobrara G&P.
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