Summit Midstream Partners LP (NYSE:SMLP) had its price objective lifted by Royal Bank Of Canada from $25.00 to $28.00 in a research note issued on Tuesday. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada‘s target price points to a potential upside of 12.40% from the company’s current price.
Several other brokerages have also issued reports on SMLP. Credit Suisse Group AG reaffirmed a “hold” rating and set a $27.00 price target on shares of Summit Midstream Partners in a research note on Monday, June 27th. Zacks Investment Research lowered Summit Midstream Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, May 25th. Wunderlich lifted their price objective on Summit Midstream Partners from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, May 9th. Goldman Sachs Group lifted their price objective on Summit Midstream Partners from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Thursday, May 12th. Finally, Robert W. Baird upgraded Summit Midstream Partners from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $24.00 to $33.00 in a report on Friday, August 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. Summit Midstream Partners currently has an average rating of “Hold” and a consensus price target of $24.45.
Several hedge funds and institutional investors have recently bought and sold shares of SMLP. Center Coast Capital Advisors LP increased its position in Summit Midstream Partners by 135.0% in the first quarter. Center Coast Capital Advisors LP now owns 1,496,916 shares of the company’s stock worth $25,418,000 after buying an additional 859,816 shares during the period. UBS Group AG increased its position in Summit Midstream Partners by 80.0% in the first quarter. UBS Group AG now owns 750,116 shares of the company’s stock worth $12,737,000 after buying an additional 333,495 shares during the period. ING Groep NV increased its position in Summit Midstream Partners by 491.0% in the first quarter. ING Groep NV now owns 236,398 shares of the company’s stock worth $4,014,000 after buying an additional 196,398 shares during the period. Renaissance Technologies LLC purchased a new position in Summit Midstream Partners during the first quarter worth $623,000. Finally, State Street Corp increased its position in Summit Midstream Partners by 3.9% in the first quarter. State Street Corp now owns 31,411 shares of the company’s stock worth $534,000 after buying an additional 1,175 shares during the period.
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In other news, Director Energy Capital Partners Ii, Ll bought 2,012 shares of Summit Midstream Partners stock in a transaction on Monday, June 13th. The shares were purchased at an average price of $20.98 per share, for a total transaction of $42,211.76. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website.
Summit Midstream Partners (NYSE:SMLP) opened at 24.91 on Tuesday. The company’s market cap is $1.66 billion. Summit Midstream Partners has a one year low of $11.06 and a one year high of $25.04. The firm has a 50-day moving average price of $23.12 and a 200 day moving average price of $20.32.
Summit Midstream Partners (NYSE:SMLP) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($0.77) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by $0.91. The business earned $89.64 million during the quarter, compared to analysts’ expectations of $101.88 million. Equities analysts expect that Summit Midstream Partners will post $0.17 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 12th. Shareholders of record on Friday, August 5th were issued a dividend of $0.575 per share. The ex-dividend date was Wednesday, August 3rd. This represents a $2.30 dividend on an annualized basis and a dividend yield of 9.23%.
Summit Midstream Partners, LP is a limited partnership focused on developing, owning and operating midstream energy infrastructure assets. The Company’s segments include the Marcellus Shale, which is served by Mountaineer Midstream; the Williston Basin, which is served by Bison Midstream; the Barnett Shale, which is served by DFW Midstream; the Piceance Basin, which is served by Grand River, and Corporate.
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