Summit Midstream Partners (NYSE:SMLP) Coverage Initiated at StockNews.com

StockNews.com initiated coverage on shares of Summit Midstream Partners (NYSE:SMLP) in a research note issued to investors on Wednesday morning. The firm issued a strong-buy rating on the pipeline company’s stock.

Summit Midstream Partners Stock Up 3.7 %

Shares of NYSE SMLP opened at $38.05 on Wednesday. The firm’s 50-day moving average price is $34.72 and its 200-day moving average price is $27.68. The company has a current ratio of 2.64, a quick ratio of 2.64 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $396.33 million, a price-to-earnings ratio of 5.31 and a beta of 2.41. Summit Midstream Partners has a 12-month low of $13.00 and a 12-month high of $38.05.

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

Insider Activity at Summit Midstream Partners

In related news, Director Jerry L. Peters sold 10,000 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $34.03, for a total transaction of $340,300.00. Following the transaction, the director now directly owns 30,239 shares in the company, valued at approximately $1,029,033.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Summit Midstream Partners

Several hedge funds have recently added to or reduced their stakes in SMLP. Cetera Advisors LLC grew its stake in Summit Midstream Partners by 3.5% in the 1st quarter. Cetera Advisors LLC now owns 13,420 shares of the pipeline company’s stock worth $377,000 after acquiring an additional 450 shares in the last quarter. Tower Research Capital LLC TRC bought a new position in Summit Midstream Partners in the 4th quarter worth about $48,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in Summit Midstream Partners in the 2nd quarter worth about $386,000. Finally, Pekin Hardy Strauss Inc. bought a new position in Summit Midstream Partners in the 4th quarter worth about $232,000. 42.97% of the stock is currently owned by institutional investors.

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