Bank of Montreal Can boosted its holdings in shares of Summit Midstream Partners LP (NYSE:SMLP) by 3,503.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 190,013 shares of the pipeline company’s stock after purchasing an additional 184,740 shares during the period. Bank of Montreal Can’s holdings in Summit Midstream Partners were worth $1,849,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Canton Hathaway LLC acquired a new stake in shares of Summit Midstream Partners during the fourth quarter worth approximately $30,000. Gradient Investments LLC acquired a new stake in shares of Summit Midstream Partners during the fourth quarter worth approximately $44,000. Tortoise Index Solutions LLC increased its holdings in shares of Summit Midstream Partners by 102.5% during the fourth quarter. Tortoise Index Solutions LLC now owns 14,414 shares of the pipeline company’s stock worth $145,000 after buying an additional 7,297 shares in the last quarter. Wiley BROS. Aintree Capital LLC acquired a new stake in shares of Summit Midstream Partners during the fourth quarter worth approximately $179,000. Finally, Private Advisor Group LLC acquired a new stake in shares of Summit Midstream Partners during the fourth quarter worth approximately $153,000. Hedge funds and other institutional investors own 36.64% of the company’s stock.
Shares of Summit Midstream Partners stock opened at $8.09 on Monday. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.51 and a quick ratio of 0.97. The company has a market capitalization of $606.36 million, a P/E ratio of 134.83 and a beta of 1.70. Summit Midstream Partners LP has a fifty-two week low of $7.85 and a fifty-two week high of $17.73.
The business also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Wednesday, May 8th were issued a $0.2875 dividend. This represents a $1.15 dividend on an annualized basis and a dividend yield of 14.22%. The ex-dividend date was Tuesday, May 7th. Summit Midstream Partners’s dividend payout ratio is currently 1,916.67%.
SMLP has been the subject of several recent analyst reports. Wells Fargo & Co reaffirmed a “hold” rating and set a $16.00 price objective (up previously from $10.00) on shares of Summit Midstream Partners in a report on Monday, March 4th. Robert W. Baird lowered shares of Summit Midstream Partners from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $23.00 to $10.00 in a report on Thursday, March 7th. Credit Suisse Group lowered shares of Summit Midstream Partners from an “outperform” rating to an “underperform” rating and dropped their price objective for the stock from $15.00 to $9.00 in a report on Thursday, March 14th. Finally, Zacks Investment Research lowered shares of Summit Midstream Partners from a “buy” rating to a “hold” rating in a report on Friday, March 15th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $14.11.
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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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