Summit Midstream Partners LP (NYSE:SMLP) insider Brad N. Graves sold 5,000 shares of the business’s stock in a transaction dated Monday, June 18th. The shares were sold at an average price of $15.62, for a total value of $78,100.00. Following the sale, the insider now directly owns 56,225 shares of the company’s stock, valued at approximately $878,234.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Shares of Summit Midstream Partners stock opened at $15.65 on Wednesday. Summit Midstream Partners LP has a 12 month low of $13.10 and a 12 month high of $24.75. The company has a market cap of $1.18 billion, a P/E ratio of 9.54 and a beta of 1.75. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.02 and a quick ratio of 1.02.
Summit Midstream Partners (NYSE:SMLP) last announced its quarterly earnings results on Thursday, May 3rd. The pipeline company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.30). Summit Midstream Partners had a net margin of 17.59% and a return on equity of 13.23%. The firm had revenue of $117.32 million for the quarter, compared to the consensus estimate of $106.68 million. research analysts predict that Summit Midstream Partners LP will post 0.33 earnings per share for the current year.
Institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA boosted its stake in Summit Midstream Partners by 46.5% during the first quarter. BNP Paribas Arbitrage SA now owns 11,251 shares of the pipeline company’s stock valued at $158,000 after buying an additional 3,569 shares during the last quarter. Koch Industries Inc. bought a new position in Summit Midstream Partners during the first quarter valued at approximately $167,000. Jane Street Group LLC bought a new position in Summit Midstream Partners during the fourth quarter valued at approximately $204,000. Raymond James Financial Services Advisors Inc. bought a new position in Summit Midstream Partners during the fourth quarter valued at approximately $211,000. Finally, Stifel Financial Corp boosted its stake in Summit Midstream Partners by 163.2% during the first quarter. Stifel Financial Corp now owns 39,915 shares of the pipeline company’s stock valued at $559,000 after buying an additional 24,750 shares during the last quarter. 45.76% of the stock is owned by institutional investors.
A number of research firms have recently weighed in on SMLP. Wells Fargo & Co lowered Summit Midstream Partners from an “outperform” rating to a “market perform” rating and set a $16.00 price objective for the company. in a research note on Monday, May 7th. Zacks Investment Research lowered Summit Midstream Partners from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 6th. Barclays dropped their price objective on Summit Midstream Partners from $22.00 to $21.00 and set an “underweight” rating for the company in a research note on Wednesday, March 7th. SunTrust Banks dropped their price objective on Summit Midstream Partners to $19.00 and set a “hold” rating for the company in a research note on Tuesday, March 6th. Finally, ValuEngine lowered Summit Midstream Partners from a “hold” rating to a “sell” rating in a research note on Monday, April 2nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $19.22.
About Summit Midstream Partners
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, treating, and processing services, as well as crude oil and produced water gathering services.
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