Zacks Investment Research lowered shares of Summit Midstream Partners (NYSE:SMLP) from a hold rating to a sell rating in a research note issued to investors on Friday 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 subject of several other research reports. Royal Bank of Canada lowered shares of Summit Midstream Partners from an outperform rating to a sector perform rating and decreased their price target for the company from $17.00 to $10.00 in a report on Monday, April 29th. Citigroup lowered shares of Summit Midstream Partners from a buy rating to a neutral rating and decreased their price target for the company from $13.00 to $6.50 in a report on Wednesday, June 19th. TheStreet lowered shares of Summit Midstream Partners from a c- rating to a d+ rating in a report on Friday, May 17th. Barclays reissued a sell rating and issued a $6.00 price target on shares of Summit Midstream Partners in a report on Thursday, July 18th. Finally, Wells Fargo & Co set a $6.00 price target on shares of Summit Midstream Partners and gave the company a hold rating in a report on Monday, August 12th. Four analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $8.56.

Shares of Summit Midstream Partners stock opened at $4.92 on Friday. The firm has a fifty day moving average of $6.98 and a two-hundred day moving average of $8.78. The stock has a market capitalization of $426.29 million, a price-to-earnings ratio of 82.00 and a beta of 1.59. Summit Midstream Partners has a 52 week low of $4.77 and a 52 week high of $17.45. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.51 and a current ratio of 0.23.

Summit Midstream Partners (NYSE:SMLP) last announced its quarterly earnings results on Friday, August 9th. The pipeline company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.19). Summit Midstream Partners had a net margin of 13.00% and a return on equity of 12.35%. The firm had revenue of $99.69 million during the quarter, compared to analyst estimates of $108.50 million. As a group, research analysts forecast that Summit Midstream Partners will post 0.48 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th were issued a $0.287 dividend. This represents a $1.15 annualized dividend and a dividend yield of 23.33%. The ex-dividend date was Tuesday, August 6th. Summit Midstream Partners’s dividend payout ratio (DPR) is 1,916.67%.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can boosted its stake in Summit Midstream Partners by 3,503.5% in the 1st quarter. Bank of Montreal Can now owns 190,013 shares of the pipeline company’s stock worth $1,849,000 after purchasing an additional 184,740 shares during the period. Creative Planning boosted its stake in Summit Midstream Partners by 116.1% in the 1st quarter. Creative Planning now owns 76,300 shares of the pipeline company’s stock worth $742,000 after purchasing an additional 41,000 shares during the period. Fort Washington Investment Advisors Inc. OH boosted its stake in Summit Midstream Partners by 20.1% in the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 179,233 shares of the pipeline company’s stock worth $1,744,000 after purchasing an additional 30,000 shares during the period. California Public Employees Retirement System acquired a new position in Summit Midstream Partners in the 1st quarter worth $1,545,000. Finally, Citigroup Inc. boosted its stake in Summit Midstream Partners by 174.3% in the 1st quarter. Citigroup Inc. now owns 289,501 shares of the pipeline company’s stock worth $2,817,000 after purchasing an additional 183,972 shares during the period. 31.36% of the stock is owned by hedge funds and other institutional investors.

Summit Midstream Partners Company Profile

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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