Summit Midstream Partners (NYSE:SMLP) Price Target Cut to $22.00

Summit Midstream Partners (NYSE:SMLP – Get Rating) had its price target cut by Royal Bank of Canada from $25.00 to $22.00 in a research note published on Wednesday, The Fly reports. They currently have a sector perform rating on the pipeline company’s stock.

Several other equities analysts have also recently commented on the company. Wells Fargo & Company boosted their target price on Summit Midstream Partners from $17.00 to $20.00 and gave the stock an underweight rating in a research report on Tuesday, November 15th. StockNews.com cut Summit Midstream Partners from a buy rating to a hold rating in a research report on Wednesday, December 28th.

Summit Midstream Partners Stock Performance

NYSE:SMLP opened at $16.12 on Wednesday. The company has a debt-to-equity ratio of 2.18, a quick ratio of 0.83 and a current ratio of 0.83. Summit Midstream Partners has a 52-week low of $11.52 and a 52-week high of $21.49. The firm has a market cap of $164.10 million, a price-to-earnings ratio of -1.29 and a beta of 2.39. The business’s fifty day moving average is $17.25 and its 200 day moving average is $17.58.

Insider Buying and Selling

In other Summit Midstream Partners news, insider James David Johnston sold 1,575 shares of Summit Midstream Partners stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $19.00, for a total transaction of $29,925.00. Following the completion of the sale, the insider now owns 21,166 shares of the company’s stock, valued at $402,154. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.08% of the stock is owned by company insiders.

Institutional Investors Weigh In On Summit Midstream Partners

Hedge funds have recently added to or reduced their stakes in the company. UBS Group AG lifted its stake in Summit Midstream Partners by 9.0% during the second quarter. UBS Group AG now owns 13,502 shares of the pipeline company’s stock worth $172,000 after purchasing an additional 1,119 shares during the last quarter. Cetera Advisors LLC increased its holdings in shares of Summit Midstream Partners by 21.3% in the second quarter. Cetera Advisors LLC now owns 17,344 shares of the pipeline company’s stock worth $221,000 after buying an additional 3,043 shares during the period. Citigroup Inc. increased its holdings in shares of Summit Midstream Partners by 20.3% in the first quarter. Citigroup Inc. now owns 17,660 shares of the pipeline company’s stock worth $263,000 after buying an additional 2,976 shares during the period. Farallon Capital Management LLC purchased a new position in shares of Summit Midstream Partners in the first quarter worth about $641,000. Finally, Blackstone Inc. increased its holdings in shares of Summit Midstream Partners by 90.0% in the third quarter. Blackstone Inc. now owns 58,756 shares of the pipeline company’s stock worth $883,000 after buying an additional 27,831 shares during the period. Institutional investors own 45.05% of the company’s stock.

Summit Midstream Partners Company Profile

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Summit Midstream Partners LP engages in the development, ownership, and operation of midstream energy infrastructure assets that are located in unconventional resource basins, 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.