Mosaic Family Wealth LLC trimmed its holdings in Summit Midstream Partners LP (NYSE:SMLP) by 41.2% in the first quarter, HoldingsChannel reports. The institutional investor owned 3,047 shares of the pipeline company’s stock after selling 2,136 shares during the quarter. Mosaic Family Wealth LLC’s holdings in Summit Midstream Partners were worth $30,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also modified their holdings of the stock. Private Advisor Group LLC bought a new position in Summit Midstream Partners during the 4th quarter valued at $153,000. Canton Hathaway LLC bought a new position in Summit Midstream Partners during the 4th quarter valued at $30,000. JPMorgan Chase & Co. boosted its stake in Summit Midstream Partners by 5.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 800,392 shares of the pipeline company’s stock valued at $11,446,000 after purchasing an additional 44,794 shares in the last quarter. Usca Ria LLC bought a new position in Summit Midstream Partners during the 4th quarter valued at $626,000. Finally, Creative Planning boosted its stake in Summit Midstream Partners by 82.9% during the 4th quarter. Creative Planning now owns 35,300 shares of the pipeline company’s stock valued at $355,000 after purchasing an additional 16,000 shares in the last quarter. 33.55% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have issued reports on the company. Zacks Investment Research lowered Summit Midstream Partners from a “buy” rating to a “hold” rating in a research note on Friday, April 12th. TheStreet lowered Summit Midstream Partners from a “c-” rating to a “d+” rating in a research note on Friday, May 17th. Finally, Credit Suisse Group lowered Summit Midstream Partners from an “outperform” rating to an “underperform” rating and decreased their price target for the company from $15.00 to $9.00 in a research note on Thursday, March 14th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $14.11.
Shares of NYSE:SMLP traded up $0.15 on Thursday, reaching $6.77. 2,037 shares of the company traded hands, compared to its average volume of 274,867. Summit Midstream Partners LP has a fifty-two week low of $6.62 and a fifty-two week high of $17.73. The company has a market capitalization of $547.41 million, a PE ratio of 113.00 and a beta of 1.65. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.51 and a current ratio of 0.51.
Summit Midstream Partners (NYSE:SMLP) last announced its quarterly earnings data on Thursday, May 9th. The pipeline company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.16). Summit Midstream Partners had a net margin of 1.78% and a return on equity of 13.50%. The company had revenue of $131.41 million for the quarter, compared to analyst estimates of $104.77 million. As a group, research analysts forecast that Summit Midstream Partners LP will post 0.69 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 8th were given a dividend of $0.2875 per share. The ex-dividend date of this dividend was Tuesday, May 7th. This represents a $1.15 dividend on an annualized basis and a dividend yield of 16.99%. Summit Midstream Partners’s dividend payout ratio (DPR) is presently 1,916.67%.
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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