Summit Midstream Partners (SMLP) Now Covered by Analysts at Credit Suisse Group
Equities research analysts at Credit Suisse Group began coverage on shares of Summit Midstream Partners (NYSE:SMLP) in a report issued 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 would suggest a potential upside of 19.84% from the company’s current price.
A number of other brokerages have also recently issued reports on SMLP. Zacks Investment Research cut shares of Summit Midstream Partners from a “buy” rating to a “hold” rating in a research note on Thursday, August 9th. Goldman Sachs Group upgraded shares of Summit Midstream Partners from a “neutral” rating to a “buy” rating and set a $19.00 price objective for the company in a research note on Monday. Wells Fargo & Co dropped their price objective on shares of Summit Midstream Partners from $18.00 to $16.00 and set a “hold” rating for the company in a research note on Monday, September 24th. Barclays increased their price objective on shares of Summit Midstream Partners from $16.00 to $17.00 and gave the company an “underweight” rating in a research note on Wednesday, August 29th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $20.00 price objective on shares of Summit Midstream Partners in a research note on Tuesday, August 7th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $18.56.
Shares of SMLP stock opened at $15.02 on Thursday. Summit Midstream Partners has a 52-week low of $13.10 and a 52-week high of $22.95. The firm has a market capitalization of $1.07 billion, a PE ratio of 9.16 and a beta of 1.96. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 1.22.
In other news, insider Brock M. Degeyter sold 3,000 shares of the company’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $16.85, for a total value of $50,550.00. Following the sale, the insider now owns 54,744 shares of the company’s stock, valued at approximately $922,436.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Brad N. Graves sold 5,000 shares of the company’s stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $15.93, for a total transaction of $79,650.00. Following the completion of the sale, the insider now directly owns 41,225 shares in the company, valued at approximately $656,714.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,000 shares of company stock worth $228,420.
A number of large investors have recently modified their holdings of the business. Wells Fargo & Company MN raised its holdings in Summit Midstream Partners by 29.8% during the first quarter. Wells Fargo & Company MN now owns 82,133 shares of the pipeline company’s stock worth $1,154,000 after purchasing an additional 18,848 shares in the last quarter. BNP Paribas Arbitrage SA raised its holdings in Summit Midstream Partners by 46.5% during the first quarter. BNP Paribas Arbitrage SA now owns 11,251 shares of the pipeline company’s stock worth $158,000 after purchasing an additional 3,569 shares in the last quarter. Stifel Financial Corp raised its holdings in Summit Midstream Partners by 163.2% during the first quarter. Stifel Financial Corp now owns 39,915 shares of the pipeline company’s stock worth $559,000 after purchasing an additional 24,750 shares in the last quarter. Koch Industries Inc. purchased a new position in Summit Midstream Partners during the first quarter worth about $167,000. Finally, UBS Group AG raised its holdings in Summit Midstream Partners by 44.9% during the first quarter. UBS Group AG now owns 316,676 shares of the pipeline company’s stock worth $4,449,000 after purchasing an additional 98,197 shares in the last quarter. 43.93% of the stock is currently owned by hedge funds and other institutional investors.
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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