Summit Channel Partners (NYSE: SMLP – Get Noted) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note released Saturday to investors, Zacks.com reports.
According to Zacks, “Summit Midstream Partners, LP is focused on owning and operating midstream energy infrastructure located in unconventional resource basins. It provides revenue-based natural gas gathering and compression services in two resource basins. Unconventional: The Piceance Basin and the Fort. Worth Basin. Summit Midstream Partners, LP is headquartered in Dallas, TX.”
Separately, Wells Fargo & Company raised its price target on shares of Summit Midstream Partners from $20.00 to $24.00 and gave the company an “underweight” rating in a Thursday, Dec. 16 report. .
NYSE SMLP shares opened at $15.96 on Friday. The stock has a market capitalization of $159.98 million, a price-earnings ratio of -2.50 and a beta of 2.90. Summit Midstream Partners has a 12-month low of $13.91 and a 12-month high of $46.64. The company’s 50-day simple moving average is $20.00 and its 200-day simple moving average is $27.06. The company has a debt ratio of 1.84, a current ratio of 1.10 and a quick ratio of 1.10.
Summit Midstream Partners (NYSE:SMLP – Get Rating) last reported quarterly earnings data on Thursday, February 24. The pipeline company reported ($3.42) earnings per share for the quarter, missing analysts’ consensus estimate of ($0.68) by ($2.74). Summit Midstream Partners posted a negative net margin of 4.98% and a positive return on equity of 1.53%. In the same period a year earlier, the company posted earnings per share of $4.97. Analysts expect Summit Midstream Partners to post -1.92 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently bought and sold shares of SMLP. Livingston Group Asset Management CO trading as Southport Capital Management bought a new position in Summit Midstream Partners during the fourth quarter worth approximately $300,000. AEGON USA Investment Management LLC increased its equity stake in Summit Midstream Partners by 105.5% in Q4. AEGON USA Investment Management LLC now owns 19,288 shares of the pipeline company worth $428,000 after purchasing an additional 9,900 shares during the period. Cetera Advisors LLC bought a new stock position in Summit Midstream Partners in Q3 for a value of approximately $340,000. Marshall Wace LLP bought a new stock position in Summit Midstream Partners in Q2 for a value of approximately $289,000. Finally, Bank of America Corp DE increased its stake in shares of Summit Midstream Partners by 5.0% in the 2nd quarter. Bank of America Corp DE now owns 175,943 shares of the pipeline company worth $5,345,000 after buying an additional 8,424 shares during the period. 35.94% of the shares are currently held by institutional investors and hedge funds.
Company Profile Summit Midstream Partners (Get an evaluation)
Summit Midstream Partners LP engages in the development, ownership and operation of midstream energy infrastructure assets located in unconventional resource pools, primarily shale formations. It operates through the following segments: Utica Shale, Ohio Gathering, Williston Basin, DJ Basin, Permian Basin, Piceance Basin, Barnett Shale and Marcellus Shale.
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