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Summit Midstream Partners (NYSE:SMLP – Get Rating) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.
A number of other research firms also recently issued reports on SMLP. Royal Bank of Canada raised their target price on Summit Midstream Partners from $18.00 to $23.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 20th. Wells Fargo & Company raised their target price on Summit Midstream Partners from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 15th.
Summit Midstream Partners Stock Performance
Summit Midstream Partners stock traded up $0.45 during mid-day trading on Tuesday, reaching $17.25. 35,300 shares of the company’s stock were exchanged, compared to its average volume of 43,187. The business’s fifty day simple moving average is $19.26 and its 200 day simple moving average is $16.71. The firm has a market capitalization of $175.55 million, a PE ratio of -1.34 and a beta of 2.43. Summit Midstream Partners has a one year low of $11.52 and a one year high of $26.22. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.64.
Insider Buying and Selling
In related news, insider James David Johnston sold 1,557 shares of the business’s stock in a transaction dated Monday, October 24th. The stock was sold at an average price of $19.00, for a total transaction of $29,583.00. Following the completion of the transaction, the insider now directly owns 24,316 shares in the company, valued at $462,004. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders sold a total of 4,723 shares of company stock worth $84,776 over the last ninety days. 1.08% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Summit Midstream Partners
Hedge funds have recently added to or reduced their stakes in the company. UBS Group AG lifted its stake in shares of Summit Midstream Partners by 9.0% in the 2nd quarter. UBS Group AG now owns 13,502 shares of the pipeline company’s stock valued at $172,000 after acquiring an additional 1,119 shares during the last quarter. Cetera Advisors LLC lifted its stake in shares of Summit Midstream Partners by 19.9% in the 1st quarter. Cetera Advisors LLC now owns 14,301 shares of the pipeline company’s stock valued at $213,000 after acquiring an additional 2,370 shares during the last quarter. Citigroup Inc. lifted its stake in shares of Summit Midstream Partners by 20.3% in the 1st quarter. Citigroup Inc. now owns 17,660 shares of the pipeline company’s stock valued at $263,000 after acquiring an additional 2,976 shares during the last quarter. Farallon Capital Management LLC bought a new stake in shares of Summit Midstream Partners in the 1st quarter valued at about $641,000. Finally, Blackstone Inc. lifted its stake in shares of Summit Midstream Partners by 90.0% in the 3rd quarter. Blackstone Inc. now owns 58,756 shares of the pipeline company’s stock valued at $883,000 after acquiring an additional 27,831 shares during the last quarter. Institutional investors own 47.09% of the company’s stock.
Summit Midstream Partners Company Profile
(Get Rating)
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, compression, treating, and processing services, as well as crude oil and produced water gathering services.
See Also
- Get a free copy of the StockNews.com research report on Summit Midstream Partners (SMLP)
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