Zacks Investment Research Downgrades Summit Midstream Partners (NYSE:SMLP) to Sell

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Zacks Investment Research cut shares of Summit Midstream Partners (NYSE:SMLP) from a hold rating to a sell rating in a report released on Saturday morning, Zacks.com reports.

According to Zacks, “Summit Midstream Partners, LP is focused on owning and operating midstream energy infrastructure that are located in unconventional resource basins. It provides fee-based natural gas gathering and compression services in two unconventional resource basins: the Piceance Basin and the Fort Worth Basin. Summit Midstream Partners, LP is headquartered in Dallas, Texas. “

SMLP has been the topic of a number of other reports. Citigroup set a $14.00 price objective on shares of General Electric and gave the company a buy rating in a research note on Wednesday, June 19th. TheStreet downgraded shares of Trinseo from a b- rating to a c+ rating in a research note on Friday, May 17th. Barclays set a €81.00 ($94.19) price objective on shares of Fresenius Medical Care AG & Co. KGaA and gave the company a buy rating in a research note on Thursday, July 18th. Finally, Royal Bank of Canada increased their price objective on shares of Principal Financial Group to $55.00 and gave the company a market perform rating in a research note on Monday, April 29th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. The company has an average rating of Hold and a consensus target price of $11.72.

NYSE SMLP opened at $7.42 on Friday. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 1.46. The company’s 50 day simple moving average is $7.22. Summit Midstream Partners has a 52-week low of $6.45 and a 52-week high of $17.73. The company has a market capitalization of $621.00 million, a P/E ratio of 123.67 and a beta of 1.58.

Summit Midstream Partners (NYSE:SMLP) last released its quarterly earnings data on Thursday, May 9th. The pipeline company reported $0.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.16). Summit Midstream Partners had a net margin of 1.78% and a return on equity of 13.50%. The business had revenue of $131.41 million for the quarter, compared to the consensus estimate of $104.77 million. As a group, equities research analysts expect that Summit Midstream Partners will post 0.59 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. First Trust Advisors LP bought a new position in shares of Summit Midstream Partners in the fourth quarter worth $712,000. Jane Street Group LLC boosted its holdings in shares of Summit Midstream Partners by 107.5% in the fourth quarter. Jane Street Group LLC now owns 90,849 shares of the pipeline company’s stock worth $913,000 after acquiring an additional 47,060 shares during the period. Creative Planning boosted its holdings in shares of Summit Midstream Partners by 116.1% in the first quarter. Creative Planning now owns 76,300 shares of the pipeline company’s stock worth $742,000 after acquiring an additional 41,000 shares during the period. BNP Paribas Arbitrage SA bought a new position in shares of Summit Midstream Partners in the first quarter worth $196,000. Finally, Bank of Montreal Can boosted its holdings in shares of Summit Midstream Partners by 3,503.5% in the first quarter. Bank of Montreal Can now owns 190,013 shares of the pipeline company’s stock worth $1,849,000 after acquiring an additional 184,740 shares during the period. Institutional investors own 33.33% 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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