Bank of Montreal Can increased its stake in Summit Midstream Partners, LP (NYSE:SMLP) by 101.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 92,500 shares of the pipeline company’s stock after buying an additional 46,500 shares during the period. Bank of Montreal Can owned 0.13% of Summit Midstream Partners, worth $2,095,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Alliancebernstein L.P. bought a new position in shares of Summit Midstream Partners, during the first quarter valued at approximately $227,000. Stifel Financial Corp bought a new position in shares of Summit Midstream Partners, during the first quarter valued at approximately $269,000. South Texas Money Management Ltd. bought a new position in shares of Summit Midstream Partners, during the first quarter valued at approximately $277,000. Baird Financial Group Inc. increased its position in shares of 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 valued at $329,000 after buying an additional 250 shares in the last quarter. Finally, Texas Yale Capital Corp. bought a new position in shares of Summit Midstream Partners, during the first quarter valued at approximately $442,000. Institutional investors and hedge funds own 49.75% of the company’s stock.

Shares of Summit Midstream Partners, LP (SMLP) traded down 1.64% during mid-day trading on Friday, hitting $20.95. The stock had a trading volume of 366,306 shares. Summit Midstream Partners, LP has a 12 month low of $19.95 and a 12 month high of $26.50. The company has a market cap of $1.53 billion, a PE ratio of 88.77 and a beta of 1.71. The stock’s 50-day moving average is $22.94 and its 200 day moving average is $23.33.

Summit Midstream Partners, (NYSE:SMLP) last released 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. Summit Midstream Partners, had a return on equity of 3.55% and a net margin of 5.78%. The firm had revenue of $101.79 million during the quarter, compared to analysts’ expectations of $99.40 million. On average, equities research analysts forecast that Summit Midstream Partners, LP will post ($0.55) earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, August 7th will be paid a dividend of $0.575 per share. This represents a $2.30 dividend on an annualized basis and a yield of 10.98%. The ex-dividend date is Thursday, August 3rd. Summit Midstream Partners,’s payout ratio is presently 958.37%.

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Several research analysts have commented on the company. Zacks Investment Research downgraded Summit Midstream Partners, from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. BidaskClub downgraded Summit Midstream Partners, from a “hold” rating to a “sell” rating in a research note on Wednesday. Robert W. Baird dropped their price target on Summit Midstream Partners, from $28.00 to $27.00 and set an “outperform” rating for the company in a research report on Friday. Citigroup Inc. reiterated a “neutral” rating and set a $24.00 price target (up previously from $22.00) on shares of Summit Midstream Partners, in a research report on Monday, July 24th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $28.00 price target on shares of Summit Midstream Partners, in a research report on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $26.17.

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.

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

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