Renaissance Technologies LLC lowered its stake in Summit Midstream Partners, LP (NYSE:SMLP) by 56.8% during the first quarter, Holdings Channel reports. The institutional investor owned 80,931 shares of the pipeline company’s stock after selling 106,383 shares during the period. Renaissance Technologies LLC’s holdings in Summit Midstream Partners, were worth $1,942,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of SMLP. Alliancebernstein L.P. bought a new stake in shares of Summit Midstream Partners, during the first quarter valued at $227,000. Stifel Financial Corp bought a new stake in shares of Summit Midstream Partners, during the first quarter valued at $269,000. South Texas Money Management Ltd. bought a new stake in shares of Summit Midstream Partners, during the first quarter valued at $277,000. Baird Financial Group Inc. increased its stake in shares of 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 valued at $329,000 after buying an additional 250 shares in the last quarter. Finally, Texas Yale Capital Corp. bought a new stake in shares of Summit Midstream Partners, during the first quarter valued at $442,000. 50.42% of the stock is owned by hedge funds and other institutional investors.
Summit Midstream Partners, LP (SMLP) traded down 0.26% on Friday, reaching $19.55. The company’s stock had a trading volume of 64,828 shares. The firm has a market capitalization of $1.43 billion, a P/E ratio of 82.84 and a beta of 1.71. The firm has a 50-day moving average price of $22.64 and a 200 day moving average price of $23.11. Summit Midstream Partners, LP has a 52-week low of $19.35 and a 52-week high of $26.50.
Summit Midstream Partners, (NYSE:SMLP) last announced its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $0.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.14. Summit Midstream Partners, had a return on equity of 3.55% and a net margin of 5.78%. The company had revenue of $101.79 million during the quarter, compared to analyst estimates of $99.40 million. Equities analysts anticipate that Summit Midstream Partners, LP will post ($0.06) earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, August 7th were given a dividend of $0.575 per share. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $2.30 dividend on an annualized basis and a yield of 11.76%. Summit Midstream Partners,’s dividend payout ratio (DPR) is presently 958.37%.
Several equities research analysts recently weighed in on SMLP shares. Royal Bank Of Canada reaffirmed a “buy” rating and set a $28.00 price target on shares of Summit Midstream Partners, in a report on Tuesday, June 6th. Zacks Investment Research raised Summit Midstream Partners, from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a report on Wednesday, July 26th. BidaskClub raised Summit Midstream Partners, from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. ValuEngine raised Summit Midstream Partners, from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Citigroup Inc. reaffirmed a “neutral” rating and set a $24.00 price target (up from $22.00) on shares of Summit Midstream Partners, in a report on Monday, July 24th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. Summit Midstream Partners, has an average rating of “Hold” and a consensus price target of $26.17.
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.
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