Summit Midstream Partners LP (NYSE:SMLP) declared a quarterly dividend on Friday, January 26th, Wall Street Journal reports. Shareholders of record on Wednesday, February 7th will be given a dividend of 0.575 per share by the pipeline company on Wednesday, February 14th. This represents a $2.30 annualized dividend and a dividend yield of 10.34%. The ex-dividend date is Tuesday, February 6th.
Summit Midstream Partners has raised its dividend by an average of 4.1% per year over the last three years. Summit Midstream Partners has a dividend payout ratio of 145.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Summit Midstream Partners to earn $1.15 per share next year, which means the company may not be able to cover its $2.30 annual dividend with an expected future payout ratio of 200.0%.
Summit Midstream Partners (SMLP) opened at $22.25 on Monday. Summit Midstream Partners has a 1-year low of $18.30 and a 1-year high of $24.90. The company has a market cap of $1,658.74, a PE ratio of 13.40 and a beta of 1.64. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.12.
SMLP has been the subject of several research reports. Zacks Investment Research raised shares of Summit Midstream Partners from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Tuesday, October 10th. ValuEngine raised shares of Summit Midstream Partners from a “sell” rating to a “hold” rating in a report on Wednesday, October 11th. BidaskClub downgraded shares of Summit Midstream Partners from a “hold” rating to a “sell” rating in a report on Saturday, October 28th. Credit Suisse Group initiated coverage on shares of Summit Midstream Partners in a report on Thursday, January 4th. They set an “outperform” rating and a $22.00 price objective for the company. Finally, SunTrust Banks set a $24.00 price objective on shares of Summit Midstream Partners and gave the company a “hold” rating in a report on Monday, January 29th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. Summit Midstream Partners presently has an average rating of “Hold” and a consensus price target of $24.43.
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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.
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