Summit Midstream Partners (NYSE:SMLP) Trading Down 6.1%

Shares of Summit Midstream Partners LP (NYSE:SMLP) dropped 6.1% during mid-day trading on Wednesday . The stock traded as low as $3.51 and last traded at $3.54, approximately 617,422 shares changed hands during trading. An increase of 57% from the average daily volume of 392,019 shares. The stock had previously closed at $3.77.

Several research firms have recently commented on SMLP. Zacks Investment Research raised Summit Midstream Partners from a “sell” rating to a “hold” rating in a research report on Thursday, November 7th. Barclays reaffirmed a “sell” rating and set a $4.00 price objective on shares of Summit Midstream Partners in a research report on Wednesday, October 16th. Wells Fargo & Co set a $6.00 target price on Summit Midstream Partners and gave the company a “hold” rating in a research note on Monday, August 12th. Royal Bank of Canada cut their target price on Summit Midstream Partners to $6.00 and set a “market perform” rating on the stock in a research note on Monday, August 19th. Finally, ValuEngine upgraded shares of Summit Midstream Partners from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. Three analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $6.69.

The company’s fifty day simple moving average is $4.57 and its 200-day simple moving average is $6.12. The company has a debt-to-equity ratio of 1.80, a current ratio of 0.26 and a quick ratio of 0.26. The firm has a market capitalization of $329.34 million, a PE ratio of 59.00 and a beta of 1.66.

Summit Midstream Partners (NYSE:SMLP) last issued its quarterly earnings data on Friday, November 8th. The pipeline company reported ($0.21) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.37). The business had revenue of $100.19 million for the quarter, compared to analysts’ expectations of $115.74 million. Summit Midstream Partners had a negative net margin of 0.88% and a positive return on equity of 6.81%. As a group, equities research analysts anticipate that Summit Midstream Partners LP will post 0.24 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, November 7th were paid a dividend of $0.287 per share. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $1.15 annualized dividend and a yield of 32.43%. Summit Midstream Partners’s dividend payout ratio (DPR) is 1,916.67%.

A number of large investors have recently made changes to their positions in the stock. Sheaff Brock Investment Advisors LLC purchased a new stake in Summit Midstream Partners in the second quarter valued at about $78,000. Wiley BROS. Aintree Capital LLC purchased a new stake in shares of Summit Midstream Partners during the third quarter worth about $208,000. Private Advisor Group LLC acquired a new position in shares of Summit Midstream Partners during the second quarter valued at about $120,000. Teacher Retirement System of Texas acquired a new position in shares of Summit Midstream Partners during the third quarter valued at about $83,000. Finally, Perella Weinberg Partners Capital Management LP acquired a new position in shares of Summit Midstream Partners during the second quarter valued at about $145,000. 28.29% of the stock is currently owned by institutional investors.

Summit Midstream Partners Company Profile (NYSE:SMLP)

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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