Summit Midstream Partners LP (NASDAQ: SMLP) received a number of price target changes and ratings updates during the last week:

  • Summit Midstream Partners LP is now covered by analysts at Robert W. Baird. They set an “outperform” rating and a $25.00 price target on the stock.
  • Summit Midstream Partners LP is now covered by analysts at Goldman Sachs. They set a “neutral” rating and a $23.00 price target on the stock. They wrote, “We recognize SMLP’s attractive attributes, including a strong balance sheet, cash flow visibility via its highly contracted pipelines, and a 7.7% upfront yield with strong 1.2x coverage. However, we have concerns over its ability to generate sustainable long-term distribution growth from organic projects given its asset concentration in the slow growth Barnett shale and Piceance basin. Clarity on a sustainable “drop-down” strategy, along with stronger gas prices/activity would be catalysts for higher valuation.”
  • Summit Midstream Partners LP is now covered by analysts at Bank of America. They set a “buy” rating on the stock. They wrote, “The partnership primarily provides natural gas gathering and compression services in CO and TX. We view SMLP as a play on a natural gas price/drilling recovery with downside protection through its minimum volume commitments (MVCs). We believe SMLP’s current yield does not fully reflect the partnership’s positive attributes and leverage to a turn in natural gas fundamentals.”
  • Summit Midstream Partners LP is now covered by analysts at Barclays Capital. They set an “overweight” rating and a $25.00 price target on the stock.
  • Summit Midstream Partners LP is now covered by analysts at Morgan Stanley. They set an “equal weight” rating on the stock. They wrote, “Why Equal-weight? Solid Contracts: We expect SMLP to benefit from its minimum volume commitments and fee escalators. Basin Risk. While current producer plans indicate continued revenue growth for SMLP, the company’s assets lie in the Barnett Shale and Piceance, areas where we have seen producer curtailments in low natural gas environments. Risk-Reward Fairly Balanced. The risk-reward is fairly balanced with few near-term catalysts to change the markets view.”

Shares of Summit Midstream Partners LP traded down 1.22% during mid-day trading on Wednesday, hitting $20.20. Summit Midstream Partners LP has a 52 week low of $20.20 and a 52 week high of $21.50. The company has a market cap of $986.1 million and a P/E ratio of 39.79.

Summit Midstream Partners, LP is engaged in owning and operating midstream energy infrastructure that is located in North America.