SMLP has been the topic of several other reports. Barclays cut their price target on shares of Summit Midstream from $22.00 to $21.00 and set an underweight rating on the stock in a report on Wednesday, March 7th. SunTrust Banks cut their price target on shares of Summit Midstream to $19.00 and set a hold rating on the stock in a report on Tuesday, March 6th. Zacks Investment Research downgraded shares of Summit Midstream from a strong-buy rating to a hold rating in a report on Tuesday, March 6th. Robert W. Baird set a $22.00 price target on shares of Summit Midstream and gave the company a buy rating in a report on Thursday, March 8th. Finally, Credit Suisse Group initiated coverage on shares of Summit Midstream in a report on Thursday, January 4th. They set an outperform rating and a $22.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $21.43.
Shares of NYSE SMLP opened at $13.55 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a market cap of $1,010.49, a PE ratio of 7.74 and a beta of 1.77. Summit Midstream has a 12-month low of $13.30 and a 12-month high of $24.75.
In related news, insider Steven J. Newby bought 15,000 shares of the company’s stock in a transaction on Friday, March 9th. The shares were acquired at an average cost of $15.88 per share, for a total transaction of $238,200.00. Following the purchase, the insider now directly owns 38,812 shares of the company’s stock, valued at $616,334.56. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website.
A number of hedge funds have recently modified their holdings of the business. BNP Paribas Arbitrage SA bought a new position in Summit Midstream in the 3rd quarter worth about $105,000. Westwood Holdings Group Inc. boosted its stake in shares of Summit Midstream by 1.4% during the fourth 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 boosted its stake in shares of Summit Midstream by 0.4% during the fourth 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. First Trust Advisors LP boosted its stake in shares of Summit Midstream by 1.5% during the fourth 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. Finally, Spirit of America Management Corp NY boosted its stake in shares of Summit Midstream by 2.0% during the fourth quarter. Spirit of America Management Corp NY now owns 373,958 shares of the pipeline company’s stock valued at $7,666,000 after purchasing an additional 7,400 shares in the last quarter. Institutional investors and hedge funds own 50.36% of the company’s stock.
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Summit Midstream 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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