The Summit Midstrm (SMLP) Rating Lowered to Hold at Zacks Investment Research

The Summit Midstrm (SMLP) Rating Lowered to Hold at Zacks Investment Research

Summit Midstrm (NYSE:SMLP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “Summit Midstream Partners, LP is focused on owning and operating midstream energy infrastructure that are located in unconventional resource basins. It provides fee-based natural gas gathering and compression services in two unconventional resource basins: the Piceance Basin and the Fort Worth Basin. Summit Midstream Partners, LP is headquartered in Dallas, Texas. “

SMLP has been the subject of a number of other reports. RBC Capital Markets reissued a “buy” rating and set a $28.00 target price on shares of Summit Midstrm in a research note on Friday, January 6th. Barclays PLC reissued a “hold” rating and set a $27.00 target price on shares of Summit Midstrm in a research note on Monday, November 7th. Finally, Wells Fargo & Co. raised shares of Summit Midstrm from a “market perform” rating to a “buy” rating in a research note on Wednesday, January 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. Summit Midstrm has a consensus rating of “Hold” and a consensus price target of $25.72.

Shares of Summit Midstrm (NYSE:SMLP) opened at 26.40 on Wednesday. Summit Midstrm has a 12 month low of $11.06 and a 12 month high of $26.50. The firm’s 50-day moving average is $24.24 and its 200 day moving average is $23.15. The stock’s market cap is $1.90 billion.

Institutional investors have recently made changes to their positions in the company. ELCO Management Co. LLC purchased a new position in shares of Summit Midstrm during the third quarter worth approximately $4,509,000. Mosaic Family Wealth LLC increased its position in shares of Summit Midstrm by 112.7% in the third quarter. Mosaic Family Wealth LLC now owns 6,499 shares of the company’s stock worth $149,000 after buying an additional 3,443 shares in the last quarter. Credit Suisse AG increased its position in shares of Summit Midstrm by 5.3% in the third quarter. Credit Suisse AG now owns 371,522 shares of the company’s stock worth $8,523,000 after buying an additional 18,625 shares in the last quarter. UBS Group AG increased its position in shares of Summit Midstrm by 36.7% in the third quarter. UBS Group AG now owns 241,110 shares of the company’s stock worth $5,531,000 after buying an additional 64,700 shares in the last quarter. Finally, Center Coast Capital Advisors LP increased its position in shares of Summit Midstrm by 1.5% in the third quarter. Center Coast Capital Advisors LP now owns 1,287,179 shares of the company’s stock worth $29,528,000 after buying an additional 19,012 shares in the last quarter. Institutional investors and hedge funds own 41.90% of the company’s stock.

Summit Midstrm Company Profile

Summit Midstream Partners, LP is a limited partnership focused on developing, owning and operating midstream energy infrastructure assets. The Company’s segments include the Marcellus Shale, which is served by Mountaineer Midstream; the Williston Basin, which is served by Bison Midstream; the Barnett Shale, which is served by DFW Midstream; the Piceance Basin, which is served by Grand River, and Corporate.

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