Barclays PLC Lowers Summit Midstream Partners, LP (NYSE:SMLP) to Underweight

Barclays PLC downgraded shares of Summit Midstream Partners, LP (NYSE:SMLP) from an equal weight rating to an underweight rating in a research report report published on Tuesday, July 18th, Marketbeat Ratings reports. Barclays PLC currently has $24.00 target price on the pipeline company’s stock, down from their previous target price of $25.00.

Several other research analysts have also issued reports on SMLP. Zacks Investment Research lowered shares of Summit Midstream Partners, from a hold rating to a sell rating in a research report on Saturday, May 6th. ValuEngine lowered shares of Summit Midstream Partners, from a hold rating to a sell rating in a research report on Saturday, May 27th. Royal Bank Of Canada reiterated a buy rating and issued a $28.00 target price on shares of Summit Midstream Partners, in a research report on Tuesday, June 6th. Finally, BidaskClub upgraded shares of Summit Midstream Partners, from a sell rating to a hold rating in a research report on Wednesday, July 5th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $26.17.

Shares of Summit Midstream Partners, (SMLP) traded down 1.64% during midday trading on Tuesday, hitting $20.95. The company’s stock had a trading volume of 366,306 shares. The firm has a market cap of $1.53 billion, a P/E ratio of 88.77 and a beta of 1.71. The stock’s 50 day moving average is $22.94 and its 200-day moving average is $23.33. Summit Midstream Partners, has a 52-week low of $19.95 and a 52-week high of $26.50.

Summit Midstream Partners, (NYSE:SMLP) last released its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.14. The firm had revenue of $101.79 million during the quarter, compared to analyst estimates of $99.40 million. Summit Midstream Partners, had a net margin of 5.78% and a return on equity of 3.55%. Equities analysts predict that Summit Midstream Partners, will post ($0.55) EPS for the current fiscal year.

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The firm also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, August 7th will be given a dividend of $0.575 per share. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $2.30 annualized dividend and a yield of 10.98%. Summit Midstream Partners,’s payout ratio is 958.37%.

A number of hedge funds have recently bought and sold shares of SMLP. Arrow Investment Advisors LLC purchased a new position in shares of Summit Midstream Partners, during the second quarter valued at approximately $669,000. HMI Capital LLC increased its position in shares of Summit Midstream Partners, by 13.0% in the second quarter. HMI Capital LLC now owns 5,114,309 shares of the pipeline company’s stock valued at $115,839,000 after buying an additional 588,085 shares during the period. Alliancebernstein L.P. increased its position in shares of Summit Midstream Partners, by 5.9% in the second quarter. Alliancebernstein L.P. now owns 10,004 shares of the pipeline company’s stock valued at $227,000 after buying an additional 560 shares during the period. Wells Fargo & Company MN increased its position in shares of Summit Midstream Partners, by 6.0% in the second quarter. Wells Fargo & Company MN now owns 51,647 shares of the pipeline company’s stock valued at $1,170,000 after buying an additional 2,938 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Summit Midstream Partners, by 6.9% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 604,661 shares of the pipeline company’s stock valued at $13,696,000 after buying an additional 39,035 shares during the period. Institutional investors and hedge funds own 49.75% of the company’s stock.

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.

Analyst Recommendations for Summit Midstream Partners, (NYSE:SMLP)

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