Summit Midstream Partners (NYSE:SMLP) Rating Increased to Buy at Zacks Investment Research

Summit Midstream Partners (NYSE:SMLP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Zacks.com reports. The firm currently has a $31.00 price target on the pipeline company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 6.93% from the company’s previous close.

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. “

Other equities analysts have also issued research reports about the stock. Wells Fargo & Company increased their price target on shares of Summit Midstream Partners from $14.00 to $15.00 and gave the company an “underweight” rating in a research report on Thursday, May 13th. TheStreet upgraded shares of Summit Midstream Partners from a “d” rating to a “c-” rating in a research report on Wednesday, March 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $20.33.

SMLP opened at $28.99 on Wednesday. The company has a market capitalization of $195.54 million, a price-to-earnings ratio of 0.45 and a beta of 3.26. The firm’s 50-day moving average is $24.05. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.22 and a current ratio of 1.22. Summit Midstream Partners has a fifty-two week low of $8.85 and a fifty-two week high of $29.70.

Summit Midstream Partners (NYSE:SMLP) last posted its quarterly earnings results on Friday, May 7th. The pipeline company reported $0.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.80) by $0.92. The company had revenue of $99.32 million during the quarter, compared to analyst estimates of $86.41 million. Summit Midstream Partners had a net margin of 51.79% and a negative return on equity of 1.15%. Equities analysts predict that Summit Midstream Partners will post -2.63 EPS for the current year.

Large investors have recently modified their holdings of the business. Acadian Asset Management LLC boosted its position in Summit Midstream Partners by 70.1% during the first quarter. Acadian Asset Management LLC now owns 2,712 shares of the pipeline company’s stock worth $64,000 after purchasing an additional 1,118 shares during the period. UBS Group AG boosted its position in Summit Midstream Partners by 207.2% during the first quarter. UBS Group AG now owns 8,424 shares of the pipeline company’s stock worth $199,000 after purchasing an additional 5,682 shares during the period. Federated Hermes Inc. bought a new position in Summit Midstream Partners during the first quarter worth about $742,000. First Trust Advisors LP boosted its position in Summit Midstream Partners by 10.3% during the first quarter. First Trust Advisors LP now owns 78,177 shares of the pipeline company’s stock worth $761,000 after purchasing an additional 7,284 shares during the period. Finally, Blackstone Group Inc. purchased a new stake in shares of Summit Midstream Partners in the first quarter worth about $866,000. Hedge funds and other institutional investors own 32.99% of the company’s stock.

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, compression, treating, and processing services, as well as crude oil and produced water gathering services.

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