Summit Midstream Partners LP (NYSE:SMLP) insider Brad N. Graves sold 5,000 shares of the firm’s stock in a transaction on Monday, June 18th. The stock was 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 $878,234.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Shares of SMLP traded down $0.10 during mid-day trading on Tuesday, reaching $15.65. The company’s stock had a trading volume of 114,000 shares, compared to its average volume of 259,412. The firm has a market capitalization of $1.16 billion, a P/E ratio of 9.54 and a beta of 1.75. Summit Midstream Partners LP has a 1 year low of $13.10 and a 1 year high of $24.75. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.05.
Summit Midstream Partners (NYSE:SMLP) last released its earnings results on Thursday, May 3rd. The pipeline company reported ($0.18) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.30). The business had revenue of $117.32 million during the quarter, compared to analysts’ expectations of $106.68 million. Summit Midstream Partners had a net margin of 17.59% and a return on equity of 13.23%. analysts expect that Summit Midstream Partners LP will post 0.33 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC purchased a new stake in shares of Summit Midstream Partners during the fourth quarter worth $204,000. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Summit Midstream Partners during the fourth quarter worth $211,000. BNP Paribas Arbitrage SA raised its holdings in shares of 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 worth $158,000 after acquiring an additional 3,569 shares in the last quarter. Koch Industries Inc. purchased a new stake in shares of Summit Midstream Partners during the first quarter worth $167,000. Finally, Penbrook Management LLC purchased a new stake in shares of Summit Midstream Partners during the fourth quarter worth $646,000. Institutional investors own 45.76% of the company’s stock.
Several research firms have recently weighed in on SMLP. Barclays raised their price objective on Summit Midstream Partners from $15.00 to $16.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 12th. Zacks Investment Research lowered Summit Midstream Partners from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 6th. Royal Bank of Canada restated a “buy” rating and issued a $20.00 target price on shares of Summit Midstream Partners in a report on Tuesday, March 6th. SunTrust Banks reduced their target price on Summit Midstream Partners to $19.00 and set a “hold” rating for the company in a report on Tuesday, March 6th. Finally, Robert W. Baird set a $22.00 target price on Summit Midstream Partners and gave the company a “buy” rating in a report on Thursday, March 8th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $19.22.
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.