Evergreen Capital Management LLC Sells 1,075 Shares of Summit Midstream Partners LP (SMLP)
Evergreen Capital Management LLC decreased its position in Summit Midstream Partners LP (NYSE:SMLP) by 0.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 598,805 shares of the company’s stock after selling 1,075 shares during the period. Summit Midstream Partners makes up 3.0% of Evergreen Capital Management LLC’s investment portfolio, making the stock its 8th largest position. Evergreen Capital Management LLC owned approximately 0.90% of Summit Midstream Partners worth $13,683,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. UBS Group AG increased its position in shares of Summit Midstream Partners by 80.0% in the first quarter. UBS Group AG now owns 750,116 shares of the company’s stock worth $12,737,000 after buying an additional 333,495 shares during the period. ING Groep NV increased its position in shares of Summit Midstream Partners by 491.0% in the first quarter. ING Groep NV now owns 236,398 shares of the company’s stock worth $4,014,000 after buying an additional 196,398 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Summit Midstream Partners during the first quarter worth about $623,000. Finally, State Street Corp increased its position in shares of Summit Midstream Partners by 3.9% in the first quarter. State Street Corp now owns 31,411 shares of the company’s stock worth $534,000 after buying an additional 1,175 shares during the period.
Summit Midstream Partners LP (NYSE:SMLP) traded up 3.16% during midday trading on Wednesday, hitting $23.20. The stock had a trading volume of 201,499 shares. The stock’s market cap is $1.54 billion. The firm has a 50 day moving average price of $23.45 and a 200 day moving average price of $21.30. Summit Midstream Partners LP has a one year low of $11.06 and a one year high of $25.10.
Summit Midstream Partners (NYSE:SMLP) last announced its earnings results on Thursday, August 4th. The company reported ($0.77) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by $0.91. The company earned $89.64 million during the quarter, compared to analysts’ expectations of $101.88 million. Equities analysts expect that Summit Midstream Partners LP will post ($0.36) EPS for the current year.
A number of equities research analysts recently weighed in on the company. Credit Suisse Group AG restated a “hold” rating and issued a $27.00 price target on shares of Summit Midstream Partners in a report on Monday, June 27th. Royal Bank Of Canada upped their price target on Summit Midstream Partners from $25.00 to $28.00 and gave the stock an “outperform” rating in a report on Tuesday, September 6th. Zacks Investment Research cut Summit Midstream Partners from a “buy” rating to a “hold” rating in a report on Wednesday, August 17th. RBC Capital Markets restated an “outperform” rating and issued a $28.00 price target (up previously from $25.00) on shares of Summit Midstream Partners in a report on Wednesday, September 7th. Finally, Robert W. Baird upgraded Summit Midstream Partners from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $24.00 to $33.00 in a report on Friday, August 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. Summit Midstream Partners currently has an average rating of “Hold” and an average price target of $24.77.
About Summit Midstream Partners
Summit Midstream Partners, LP is a limited partnership focused on developing, owning and operating midstream energy infrastructure assets. The Company’s segments 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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