Summit Midstream Partners, LP (NYSE:SMLP) Downgraded by Zacks Investment Research

Summit Midstream Partners, LP (NYSE:SMLP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday, July 18th.

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. “

A number of other research firms have also commented on SMLP. BidaskClub lowered Summit Midstream Partners, from a “sell” rating to a “strong sell” rating in a research note on Saturday, June 10th. ValuEngine raised Summit Midstream Partners, from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $28.00 price objective on shares of Summit Midstream Partners, in a research note on Tuesday, June 6th. One equities 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. Summit Midstream Partners, has a consensus rating of “Hold” and an average price target of $27.17.

Shares of Summit Midstream Partners, (NYSE:SMLP) opened at 21.70 on Tuesday. Summit Midstream Partners, has a 52 week low of $19.95 and a 52 week high of $26.50. The firm’s 50-day moving average is $23.08 and its 200 day moving average is $23.52. The firm’s market cap is $1.57 billion.

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 Thomson Reuters’ consensus estimate of ($0.02) by $0.14. The company had revenue of $101.79 million for the quarter, compared to analyst estimates of $99.40 million. Summit Midstream Partners, had a return on equity of 3.51% and a net margin of 5.78%. Equities research analysts forecast that Summit Midstream Partners, will post ($0.21) EPS for the current year.

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Hedge funds have recently modified their holdings of the company. Kayne Anderson Capital Advisors LP raised its stake in shares of 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 during the last quarter. OppenheimerFunds Inc. raised its stake in shares of Summit Midstream Partners, by 7.4% in the first quarter. OppenheimerFunds Inc. now owns 8,453,965 shares of the pipeline company’s stock worth $202,895,000 after buying an additional 583,831 shares during the last quarter. TPH Asset Management LLC increased its position in Summit Midstream Partners, by 4,241.4% in the first quarter. TPH Asset Management LLC now owns 483,846 shares of the pipeline company’s stock worth $11,613,000 after buying an additional 472,701 shares during the period. First Trust Advisors LP purchased a new position in Summit Midstream Partners, during the second quarter worth approximately $9,143,000. Finally, Bank of America Corp DE increased its position in Summit Midstream Partners, by 65.2% in the first quarter. Bank of America Corp DE now owns 742,062 shares of the pipeline company’s stock worth $17,809,000 after buying an additional 292,919 shares during the period. 49.76% of the stock is currently owned by hedge funds and other institutional investors.

About Summit Midstream Partners,

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.

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