Van ECK Associates Corp Sells 6,959 Shares of Summit Midstream Partners LP (SMLP)

Van ECK Associates Corp cut its holdings in shares of Summit Midstream Partners LP (NYSE:SMLP) by 11.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,817 shares of the pipeline company’s stock after selling 6,959 shares during the period. Van ECK Associates Corp owned about 0.07% of Summit Midstream Partners worth $1,076,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of SMLP. BNP Paribas Arbitrage SA purchased a new stake in shares of Summit Midstream Partners during the third quarter worth approximately $105,000. Solaris Asset Management LLC increased its stake in shares of Summit Midstream Partners by 32.7% during 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 during the period. Alliancebernstein L.P. increased its stake in shares of Summit Midstream Partners by 5.9% during the second quarter. Alliancebernstein L.P. now owns 10,004 shares of the pipeline company’s stock worth $227,000 after buying an additional 560 shares during the period. Proficio Capital Partners LLC purchased a new stake in shares of Summit Midstream Partners during the second quarter worth approximately $242,000. Finally, Global X Management Co. LLC increased its stake in shares of Summit Midstream Partners by 11.1% during the second quarter. Global X Management Co. LLC now owns 15,157 shares of the pipeline company’s stock worth $343,000 after buying an additional 1,514 shares during the period. Institutional investors own 48.77% of the company’s stock.

Shares of Summit Midstream Partners LP (NYSE:SMLP) traded up $0.60 on Friday, reaching $19.55. The company had a trading volume of 283,384 shares, compared to its average volume of 121,926. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market capitalization of $1,412.72, a P/E ratio of 11.42 and a beta of 1.67. Summit Midstream Partners LP has a 52-week low of $18.30 and a 52-week high of $26.50.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 14th. Investors of record on Tuesday, November 7th were issued a $0.575 dividend. This represents a $2.30 dividend on an annualized basis and a yield of 11.76%. The ex-dividend date of this dividend was Monday, November 6th. Summit Midstream Partners’s dividend payout ratio (DPR) is 157.53%.

A number of research firms recently weighed in on SMLP. BidaskClub lowered shares of Summit Midstream Partners from a “hold” rating to a “sell” rating in a research note on Friday, September 15th. ValuEngine upgraded shares of Summit Midstream Partners from a “sell” rating to a “hold” rating in a research note on Thursday, November 9th. Robert W. Baird cut their target price on shares of Summit Midstream Partners from $28.00 to $27.00 and set an “outperform” rating on the stock in a research note on Friday, August 11th. Finally, Zacks Investment Research lowered shares of Summit Midstream Partners from a “buy” rating to a “hold” rating in a research note on Friday, October 20th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. Summit Midstream Partners presently has a consensus rating of “Hold” and an average target price of $25.50.

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About Summit Midstream Partners

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.

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

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