Equities researchers at Credit Suisse Group assumed coverage on shares of Summit Midstream Partners (NYSE:SMLP) in a report released on Thursday, The Fly reports. The firm set an “outperform” rating and a $18.00 price target on the pipeline company’s stock. Credit Suisse Group’s target price suggests a potential upside of 19.84% from the company’s previous close.
Several other analysts have also commented on the stock. Goldman Sachs Group upgraded shares of Summit Midstream Partners from a “neutral” rating to a “buy” rating and set a $19.00 price target on the stock in a research report on Monday. Wells Fargo & Co lowered their price target on shares of Summit Midstream Partners from $18.00 to $16.00 and set a “hold” rating on the stock in a research report on Monday, September 24th. Barclays raised their target price on shares of Summit Midstream Partners from $16.00 to $17.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 29th. Zacks Investment Research lowered shares of Summit Midstream Partners from a “buy” rating to a “hold” rating in a research report on Thursday, August 9th. Finally, Royal Bank of Canada restated a “buy” rating and set a $20.00 target price on shares of Summit Midstream Partners in a research report on Tuesday, August 7th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $18.56.
SMLP stock opened at $15.02 on Thursday. The company has a market capitalization of $1.07 billion, a PE ratio of 9.16 and a beta of 1.96. Summit Midstream Partners has a 12 month low of $13.10 and a 12 month high of $22.95. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.22.
Summit Midstream Partners (NYSE:SMLP) last released its quarterly earnings results on Thursday, August 2nd. The pipeline company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.05). The business had revenue of $128.18 million during the quarter, compared to analyst estimates of $106.24 million. Summit Midstream Partners had a net margin of 4.33% and a return on equity of 7.98%. Equities analysts anticipate that Summit Midstream Partners will post -0.48 EPS for the current fiscal year.
In other Summit Midstream Partners news, insider Brad N. Graves sold 5,000 shares of Summit Midstream Partners stock in a transaction on Monday, September 17th. The shares were sold at an average price of $15.93, for a total value of $79,650.00. Following the transaction, the insider now owns 41,225 shares in the company, valued at approximately $656,714.25. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Brock M. Degeyter sold 6,000 shares of Summit Midstream Partners stock in a transaction on Wednesday, July 18th. The shares were sold at an average price of $16.37, for a total transaction of $98,220.00. Following the completion of the transaction, the insider now owns 60,744 shares in the company, valued at approximately $994,379.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,000 shares of company stock worth $228,420.
Institutional investors and hedge funds have recently made changes to their positions in the business. Centaurus Financial Inc. acquired a new position in shares of Summit Midstream Partners in the 2nd quarter valued at $101,000. Tower Research Capital LLC TRC purchased a new position in shares of Summit Midstream Partners in the 2nd quarter valued at $136,000. BNP Paribas Arbitrage SA raised its stake in shares of Summit Midstream Partners by 46.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 11,251 shares of the pipeline company’s stock valued at $158,000 after acquiring an additional 3,569 shares during the period. Koch Industries Inc. purchased a new position in shares of Summit Midstream Partners in the 1st quarter valued at $167,000. Finally, California Public Employees Retirement System purchased a new position in shares of Summit Midstream Partners in the 2nd quarter valued at $242,000. Institutional investors own 43.93% 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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