Todays Report: Today: Brokerages give average Rating of “Hold” to Summit Midstream Partners LP (SMLP)

Today: Brokerages give average Rating of “Hold” to Summit Midstream Partners LP (SMLP)

Shares of Summit Midstream Partners LP (NYSE:SMLP) have received a consensus recommendation of “Hold” from the thirteen ratings firms that are currently covering the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $25.44.

SMLP has been the topic of a number of research reports. Barclays PLC lifted their price objective on Summit Midstream Partners from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 18th. Credit Suisse Group AG reaffirmed a “hold” rating and issued a $27.00 price objective on shares of Summit Midstream Partners in a research note on Sunday, August 7th. Zacks Investment Research cut Summit Midstream Partners from a “buy” rating to a “hold” rating in a report on Wednesday, August 17th. Robert W. Baird upgraded Summit Midstream Partners from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $24.00 to $33.00 in a report on Friday, August 12th. Finally, RBC Capital Markets reiterated an “outperform” rating and issued a $28.00 target price (up previously from $25.00) on shares of Summit Midstream Partners in a report on Wednesday, September 7th.

Summit Midstream Partners (NYSE:SMLP) traded down 0.88% during trading on Monday, reaching $22.40. The company’s stock had a trading volume of 21,071 shares. The company’s market capitalization is $1.61 billion. Summit Midstream Partners has a 12-month low of $11.06 and a 12-month high of $25.10. The firm’s 50-day moving average price is $22.44 and its 200 day moving average price is $22.62.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Investors of record on Monday, November 7th were issued a dividend of $0.575 per share. This represents a $2.30 dividend on an annualized basis and a yield of 10.18%. The ex-dividend date was Thursday, November 3rd.

Several large investors have recently modified their holdings of SMLP. Societe Generale purchased a new stake in shares of Summit Midstream Partners during the second quarter valued at $585,000. SG Americas Securities LLC purchased a new stake in shares of Summit Midstream Partners during the second quarter valued at $585,000. JPMorgan Chase & Co. boosted its stake in shares of Summit Midstream Partners by 1.9% in the second quarter. JPMorgan Chase & Co. now owns 549,051 shares of the company’s stock valued at $12,546,000 after buying an additional 10,185 shares in the last quarter. Global X Management Co. LLC boosted its stake in shares of Summit Midstream Partners by 10.1% in the second quarter. Global X Management Co. LLC now owns 362,301 shares of the company’s stock valued at $8,279,000 after buying an additional 33,161 shares in the last quarter. Finally, Rafferty Asset Management LLC boosted its stake in shares of Summit Midstream Partners by 6.4% in the second quarter. Rafferty Asset Management LLC now owns 105,437 shares of the company’s stock valued at $2,409,000 after buying an additional 6,364 shares in the last quarter.

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