Credit Suisse Group downgraded shares of Summit Midstream Partners (NYSE:SMLP) from an outperform rating to an underperform rating in a research note released on Thursday, MarketBeat Ratings reports. The brokerage currently has $9.00 price target on the pipeline company’s stock, down from their previous price target of $15.00.

Several other brokerages also recently issued reports on SMLP. Wells Fargo & Co reissued a hold rating and set a $16.00 target price (up from $10.00) on shares of Summit Midstream Partners in a research note on Monday, March 4th. Zacks Investment Research downgraded shares of Summit Midstream Partners from a strong-buy rating to a hold rating in a research note on Thursday, November 15th. Finally, Robert W. Baird downgraded shares of Summit Midstream Partners from an outperform rating to a neutral rating and cut their target price for the company from $23.00 to $10.00 in a research note on Thursday, March 7th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. Summit Midstream Partners currently has a consensus rating of Hold and an average target price of $16.30.

NYSE SMLP opened at $9.33 on Thursday. The firm has a market capitalization of $774.25 million, a price-to-earnings ratio of 155.50 and a beta of 1.81. Summit Midstream Partners has a 1 year low of $9.28 and a 1 year high of $17.73. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.36.

Summit Midstream Partners (NYSE:SMLP) last posted its quarterly earnings results on Tuesday, February 26th. The pipeline company reported $0.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.18. Summit Midstream Partners had a return on equity of 13.80% and a net margin of 8.36%. As a group, analysts anticipate that Summit Midstream Partners will post 0.96 EPS for the current year.

A number of large investors have recently made changes to their positions in SMLP. Canton Hathaway LLC purchased a new position in shares of Summit Midstream Partners during the 4th quarter valued at $30,000. Advisory Research Inc. grew its holdings in shares of Summit Midstream Partners by 33.8% during the 3rd quarter. Advisory Research Inc. now owns 279,950 shares of the pipeline company’s stock valued at $4,003,000 after acquiring an additional 70,670 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of 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 acquiring an additional 44,794 shares in the last quarter. Creative Planning grew its holdings in shares of 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 acquiring an additional 16,000 shares in the last quarter. Finally, Usca Ria LLC purchased a new position in shares of Summit Midstream Partners during the 4th quarter valued at $626,000. 38.94% of the stock is currently 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, treating, and processing services, as well as crude oil and produced water gathering services.

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Analyst Recommendations for Summit Midstream Partners (NYSE:SMLP)

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