Summit Midstream Partners, LP (NYSE:SMLP) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Summit Midstream Partners, LP (NYSE:SMLP) from a buy rating to a hold rating in a report published on Thursday morning.

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. “

Several other equities analysts have also weighed in on SMLP. Barclays PLC lowered shares of Summit Midstream Partners, from an equal weight rating to an underweight rating and cut their target price for the company from $25.00 to $24.00 in a report on Tuesday, July 18th. Citigroup Inc. reaffirmed a neutral rating and set a $24.00 target price (up from $22.00) on shares of Summit Midstream Partners, in a report on Monday, July 24th. BidaskClub raised shares of Summit Midstream Partners, from a strong sell rating to a sell rating in a report on Thursday, June 22nd. Royal Bank Of Canada reaffirmed a buy rating and set a $28.00 target price on shares of Summit Midstream Partners, in a report on Tuesday, June 6th. Finally, ValuEngine raised shares of Summit Midstream Partners, from a sell rating to a hold rating in a report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $27.17.

Summit Midstream Partners, (NYSE:SMLP) traded down 2.03% during trading on Thursday, hitting $21.70. 404,902 shares of the company’s stock were exchanged. Summit Midstream Partners, has a 12-month low of $19.95 and a 12-month high of $26.50. The firm’s market cap is $1.57 billion. The company’s 50-day moving average price is $23.08 and its 200 day moving average price is $23.52.

Summit Midstream Partners, (NYSE:SMLP) last posted its earnings results on Thursday, August 3rd. The pipeline company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.14. The firm had revenue of $101.79 million during the quarter, compared to analyst estimates of $99.40 million. Summit Midstream Partners, had a net margin of 5.78% and a return on equity of 3.51%. Equities analysts forecast that Summit Midstream Partners, will post ($0.21) earnings per share for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, August 7th will be paid a $0.575 dividend. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $2.30 dividend on an annualized basis and a yield of 10.60%. Summit Midstream Partners,’s dividend payout ratio is currently 958.37%.

Large investors have recently added to or reduced their stakes in the stock. Stifel Financial Corp bought a new stake in Summit Midstream Partners, during the first quarter worth about $269,000. South Texas Money Management Ltd. bought a new stake in Summit Midstream Partners, during the first quarter worth about $277,000. Baird Financial Group Inc. boosted its stake in Summit Midstream Partners, by 1.9% in the first quarter. Baird Financial Group Inc. now owns 13,710 shares of the pipeline company’s stock worth $329,000 after buying an additional 250 shares in the last quarter. Kayne Anderson Capital Advisors LP boosted its stake in Summit Midstream Partners, by 28.9% in the first quarter. Kayne Anderson Capital Advisors LP now owns 3,041,900 shares of the pipeline company’s stock worth $72,998,000 after buying an additional 681,800 shares in the last quarter. Finally, Center Coast Capital Advisors LP boosted its stake in Summit Midstream Partners, by 11.2% in the first quarter. Center Coast Capital Advisors LP now owns 1,410,381 shares of the pipeline company’s stock worth $33,849,000 after buying an additional 141,902 shares in the last quarter. 49.76% of the stock is currently owned by hedge funds and other institutional investors.

Summit Midstream Partners, Company Profile

Summit Midstream Partners, LP focuses on developing, owning and operating midstream energy infrastructure assets. The Company’s segments include the Utica Shale, which includes its ownership interest in Ohio Gathering, as well as Summit Utica; the Williston Basin, which includes Bison Midstream, Polar and Divide and Tioga Midstream; the Marcellus Shale, which includes Mountaineer Midstream; the Barnett Shale, which includes DFW Midstream Services LLC (DFW Midstream), and the Piceance Basin /DJ Basins, which includes Grand River and Niobrara G&P.