The stock of Summit Midstream Partners LP (NYSE:SMLP) is a huge mover today! About 630,543 shares traded hands or 475.22% up from the average. Summit Midstream Partners LP (NYSE:SMLP) has risen 32.55% since April 4, 2016 and is uptrending. It has outperformed by 31.46% the S&P500.
The move comes after 7 months positive chart setup for the $1.49B company. It was reported on Nov, 4 by Barchart.com. We have $27.09 PT which if reached, will make NYSE:SMLP worth $357.60M more.
Analysts await Summit Midstream Partners LP (NYSE:SMLP) to report earnings on November, 14. They expect $0.07 earnings per share, down 84.09% or $0.37 from last year’s $0.44 per share. SMLP’s profit will be $4.77 million for 78.04 P/E if the $0.07 EPS becomes a reality. After $0.06 actual earnings per share reported by Summit Midstream Partners LP for the previous quarter, Wall Street now forecasts 16.67% EPS growth.
Summit Midstream Partners LP (NYSE:SMLP) Ratings Coverage
Out of 7 analysts covering Summit Midstream Partners (NYSE:SMLP), 2 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 29% are positive. Summit Midstream Partners has been the topic of 15 analyst reports since August 7, 2015 according to StockzIntelligence Inc. The firm has “Market Perform” rating by Wells Fargo given on Friday, January 15. The rating was downgraded by Robert W. Baird on Monday, August 17 to “Neutral”. Robert W. Baird upgraded the shares of SMLP in a report on Friday, August 12 to “Outperform” rating. The rating was downgraded by Goldman Sachs to “Neutral” on Friday, March 11. RBC Capital Markets maintained the shares of SMLP in a report on Tuesday, September 6 with “Outperform” rating. The firm has “Neutral” rating by Credit Suisse given on Tuesday, May 24. The firm earned “Neutral” rating on Thursday, March 10 by Citigroup. The firm has “Market Perform” rating by Wells Fargo given on Monday, January 18. Goldman Sachs maintained Summit Midstream Partners LP (NYSE:SMLP) on Thursday, May 12 with “Neutral” rating.
According to Zacks Investment Research, “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.”
Insitutional Activity: The institutional sentiment decreased to 0.5 in Q2 2016. Its down 0.24, from 0.74 in 2016Q1. The ratio dived, as 12 funds sold all Summit Midstream Partners LP shares owned while 20 reduced positions. 3 funds bought stakes while 13 increased positions. They now own 23.51 million shares or 14.00% less from 27.34 million shares in 2016Q1.
Spirit Of America Mgmt Corporation Ny has 0.11% invested in the company for 32,408 shares. Sg Americas Ltd Limited Liability Company, a New York-based fund reported 25,619 shares. Deutsche Savings Bank Ag holds 0% or 207,522 shares in its portfolio. Van Eck Assoc has 64,731 shares for 0.01% of their US portfolio. Polaris Greystone Group Ltd Com has invested 0.13% of its portfolio in Summit Midstream Partners LP (NYSE:SMLP). Westwood Holding last reported 447,358 shares in the company. The New York-based Rafferty Asset Lc has invested 0.16% in Summit Midstream Partners LP (NYSE:SMLP). Citigroup Inc holds 59,859 shares or 0% of its portfolio. Bank & Trust Of America Corporation De has invested 0% of its portfolio in Summit Midstream Partners LP (NYSE:SMLP). Penbrook Management Ltd, a New York-based fund reported 29,400 shares. Center Coast Capital Advsr Ltd Partnership last reported 0.81% of its portfolio in the stock. Manufacturers Life Insur The accumulated 1,377 shares or 0% of the stock. Salient Cap Advisors Limited Liability Corp holds 0.19% of its portfolio in Summit Midstream Partners LP (NYSE:SMLP) for 365,790 shares. Barclays Public Ltd holds 39,626 shares or 0% of its portfolio. Raymond James Fincl Advsr Incorporated accumulated 0% or 10,000 shares.
Insider Transactions: Since May 5, 2016, the stock had 3 insider buys, and 8 insider sales for $4.58 million net activity. Harrison Matthew S. also sold $77,018 worth of Summit Midstream Partners LP (NYSE:SMLP) on Wednesday, August 31. ENERGY CAPITAL PARTNERS II – LLC had bought 164,896 shares worth $3.44M on Thursday, May 26. Shares for $25,311 were sold by Graves Brad N on Wednesday, May 18. Degeyter Brock M had sold 3,920 shares worth $98,022 on Wednesday, August 31. Shares for $312,500 were sold by Newby Steven J on Wednesday, August 31.
More notable recent Summit Midstream Partners LP (NYSE:SMLP) news were published by: Prnewswire.com which released: “Summit Midstream Partners, LP Reports Third Quarter 2016 Financial Results” on November 03, 2016, also Nasdaq.com with their article: “Ex-Div Reminder for Summit Midstream Partners (SMLP)” published on November 01, 2016, Nasdaq.com published: “Summit Midstream Partners, LP (SMLP) Ex-Dividend Date Scheduled for November …” on November 02, 2016. More interesting news about Summit Midstream Partners LP (NYSE:SMLP) were released by: Reuters.com and their article: “BRIEF-Summit Midstream Partners, LP reports Q3 financial results” published on November 03, 2016 as well as Prnewswire.com‘s news article titled: “Summit Midstream Partners, LP Schedules Third Quarter 2016 Earnings Release …” with publication date: October 20, 2016.
SMLP Company Profile
Summit Midstream Partners, LP, incorporated on May 1, 2012, is a limited partnership focused on developing, owning and operating midstream energy infrastructure assets. The Company’s assets are located in the producing areas of unconventional resource basins, primarily shale formations, in North America. It provides natural gas gathering, treating and processing services pursuant to long-term and natural gas gathering and processing agreements with its clients and counterparties. The Company’s divisions 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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