StockNews.com Initiates Coverage on Summit Midstream Partners (NYSE:SMLP)

Research analysts at StockNews.com started coverage on shares of Summit Midstream Partners (NYSE:SMLP) in a report released on Saturday. The brokerage set a “strong-buy” rating on the pipeline company’s stock.

Summit Midstream Partners Trading Down 0.6 %

Shares of SMLP stock opened at $35.35 on Friday. The stock has a 50-day simple moving average of $32.54 and a 200 day simple moving average of $24.45. Summit Midstream Partners has a fifty-two week low of $13.00 and a fifty-two week high of $36.78. The stock has a market capitalization of $368.35 million, a P/E ratio of 4.93 and a beta of 2.37. The company has a quick ratio of 2.64, a current ratio of 2.64 and a debt-to-equity ratio of 1.51.

Summit Midstream Partners (NYSE:SMLP) last released its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $16.36 earnings per share for the quarter. Summit Midstream Partners had a return on equity of 25.67% and a net margin of 23.24%. The business had revenue of $118.87 million during the quarter.

Insider Transactions at Summit Midstream Partners

In other news, Director Jerry L. Peters sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $34.03, for a total transaction of $340,300.00. Following the completion of the sale, the director now directly owns 30,239 shares of the company’s stock, valued at approximately $1,029,033.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SMLP. Pekin Hardy Strauss Inc. bought a new position in shares of Summit Midstream Partners in the 4th quarter valued at approximately $232,000. Tower Research Capital LLC TRC bought a new position in shares of Summit Midstream Partners in the 4th quarter valued at approximately $48,000. Finally, Cetera Advisors LLC raised its stake in shares of Summit Midstream Partners by 3.5% in the 1st quarter. Cetera Advisors LLC now owns 13,420 shares of the pipeline company’s stock valued at $377,000 after acquiring an additional 450 shares in the last quarter. 42.97% of the stock is owned by institutional investors.

About Summit Midstream Partners

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, compression, treating, and processing services, as well as crude oil and produced water gathering and freshwater delivery services.