First Trust Advisors LP purchased a new stake in Summit Midstream Partners, LP (NYSE:SMLP) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 403,672 shares of the pipeline company’s stock, valued at approximately $9,143,000. First Trust Advisors LP owned approximately 0.56% of Summit Midstream Partners, as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Solaris Asset Management LLC boosted its stake in Summit Midstream Partners, by 32.7% in the second quarter. Solaris Asset Management LLC now owns 5,275 shares of the pipeline company’s stock worth $119,000 after buying an additional 1,300 shares in the last quarter. Alliancebernstein L.P. purchased a new stake in Summit Midstream Partners, during the first quarter worth about $227,000. Stifel Financial Corp purchased a new stake in Summit Midstream Partners, during the first quarter worth about $269,000. South Texas Money Management Ltd. purchased a new stake in Summit Midstream Partners, during the first quarter worth about $277,000. Finally, Baird Financial Group Inc. boosted its stake in Summit Midstream Partners, by 1.9% in the first quarter. Baird Financial Group Inc. now owns 13,710 shares of the pipeline company’s stock worth $329,000 after buying an additional 250 shares in the last quarter. 50.42% of the stock is currently owned by institutional investors.

Shares of Summit Midstream Partners, LP (SMLP) opened at 20.50 on Friday. The stock’s 50 day moving average price is $22.22 and its 200-day moving average price is $22.99. Summit Midstream Partners, LP has a 52-week low of $19.15 and a 52-week high of $26.50. The company has a market capitalization of $1.50 billion, a PE ratio of 86.86 and a beta of 1.71.

Summit Midstream Partners, (NYSE:SMLP) last posted its earnings results on Thursday, August 3rd. The pipeline company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.14. The firm had revenue of $101.79 million for the quarter, compared to the consensus estimate of $99.40 million. Summit Midstream Partners, had a return on equity of 3.55% and a net margin of 5.78%. On average, analysts expect that Summit Midstream Partners, LP will post $0.13 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, August 7th were given a dividend of $0.575 per share. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $2.30 annualized dividend and a dividend yield of 11.22%. Summit Midstream Partners,’s dividend payout ratio is currently 958.37%.

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SMLP has been the topic of a number of research reports. Zacks Investment Research upgraded Summit Midstream Partners, from a “sell” rating to a “hold” rating in a research report on Tuesday, May 16th. BidaskClub upgraded Summit Midstream Partners, from a “sell” rating to a “hold” rating in a research report on Wednesday, July 5th. ValuEngine cut Summit Midstream Partners, from a “hold” rating to a “sell” rating in a research report on Saturday, May 27th. Finally, Barclays PLC cut Summit Midstream Partners, from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $25.00 to $24.00 in a research report on Tuesday, July 18th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $26.17.

Summit Midstream Partners, Company Profile

Summit Midstream Partners, LP focuses on developing, owning and operating midstream energy infrastructure assets. The Company’s segments include the Utica Shale, which includes its ownership interest in Ohio Gathering, as well as Summit Utica; the Williston Basin, which includes Bison Midstream, Polar and Divide and Tioga Midstream; the Marcellus Shale, which includes Mountaineer Midstream; the Barnett Shale, which includes DFW Midstream Services LLC (DFW Midstream), and the Piceance Basin /DJ Basins, which includes Grand River and Niobrara G&P.

Institutional Ownership by Quarter for Summit Midstream Partners, (NYSE:SMLP)

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