Royal Bank of Canada Trims Summit Midstream Partners (NYSE:SMLP) Target Price to $6.00

Summit Midstream Partners (NYSE:SMLP) had its price objective decreased by Royal Bank of Canada to $6.00 in a research note released on Monday morning, The Fly reports. Royal Bank of Canada currently has a market perform rating on the pipeline company’s stock.

Several other equities analysts have also recently issued reports on SMLP. Wells Fargo & Co set a $6.00 price objective on Summit Midstream Partners and gave the stock a hold rating in a report on Monday, August 12th. TheStreet cut Summit Midstream Partners from a c- rating to a d+ rating in a report on Friday, May 17th. Credit Suisse Group set a $5.00 price objective on Summit Midstream Partners and gave the stock a sell rating in a report on Friday, August 16th. Barclays reaffirmed a sell rating and set a $6.00 price objective on shares of Summit Midstream Partners in a report on Thursday, July 18th. Finally, Citigroup cut Summit Midstream Partners from a buy rating to a neutral rating and reduced their price objective for the stock from $13.00 to $6.50 in a report on Wednesday, June 19th. Four analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. Summit Midstream Partners has an average rating of Hold and a consensus target price of $8.56.

SMLP opened at $4.65 on Monday. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.23 and a quick ratio of 0.23. The business has a 50 day simple moving average of $6.83 and a 200-day simple moving average of $8.66. The stock has a market capitalization of $406.90 million, a P/E ratio of 77.50 and a beta of 1.59. Summit Midstream Partners has a 12 month low of $4.61 and a 12 month high of $17.40.

Summit Midstream Partners (NYSE:SMLP) last posted its quarterly earnings results on Friday, August 9th. The pipeline company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.19). The business had revenue of $99.69 million during the quarter, compared to analyst estimates of $108.50 million. Summit Midstream Partners had a net margin of 13.00% and a return on equity of 12.35%. Research analysts anticipate that Summit Midstream Partners will post 0.48 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were issued a dividend of $0.287 per share. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $1.15 annualized dividend and a yield of 24.69%. Summit Midstream Partners’s dividend payout ratio is presently 1,916.67%.

A number of hedge funds have recently modified their holdings of SMLP. Susquehanna Fundamental Investments LLC acquired a new stake in Summit Midstream Partners in the second quarter worth approximately $222,000. Bank of America Corp DE lifted its position in shares of Summit Midstream Partners by 21.9% during the 2nd quarter. Bank of America Corp DE now owns 893,739 shares of the pipeline company’s stock valued at $6,649,000 after acquiring an additional 160,562 shares during the last quarter. Brookfield Asset Management Inc. lifted its position in shares of Summit Midstream Partners by 13.8% during the 2nd quarter. Brookfield Asset Management Inc. now owns 3,536,212 shares of the pipeline company’s stock valued at $26,309,000 after acquiring an additional 429,467 shares during the last quarter. Invesco Ltd. acquired a new stake in shares of Summit Midstream Partners during the 2nd quarter valued at $103,781,000. Finally, Cohen & Steers Inc. lifted its position in shares of Summit Midstream Partners by 38.0% during the 2nd quarter. Cohen & Steers Inc. now owns 382,732 shares of the pipeline company’s stock valued at $2,848,000 after acquiring an additional 105,450 shares during the last quarter. 31.36% of the stock is owned by hedge funds and other institutional investors.

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

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