After Forming Wedge Up Pattern, Is Summit Midstream Partners, LP (SMLP)’s Near-Term Analysis Positive?

September 8, 2018 - By Mary Kidd

Investors sentiment decreased to 1.21 in 2018 Q1. Its down 0.03, from 1.24 in 2017Q4. It dived, as 6 investors sold Summit Midstream Partners, LP shares while 18 reduced holdings. 13 funds opened positions while 16 raised stakes. 111.03 million shares or 201.09% more from 36.88 million shares in 2017Q4 were reported.
Manufacturers Life Company The invested in 2,032 shares or 0% of the stock. Cushing Asset Mngmt Ltd Partnership holds 0.72% of its portfolio in Summit Midstream Partners, LP (NYSE:SMLP) for 1.47 million shares. Cohen Steers invested in 0.02% or 365,422 shares. State Of New Jersey Common Pension Fund D accumulated 0.01% or 166,200 shares. 664,067 are held by Morgan Stanley. Wells Fargo Mn reported 82,133 shares or 0% of all its holdings. Goldman Sachs Group Inc has 0% invested in Summit Midstream Partners, LP (NYSE:SMLP). Raymond James Fincl Svcs Advisors has invested 0% of its portfolio in Summit Midstream Partners, LP (NYSE:SMLP). Peak6 Ltd Partnership holds 0% or 15,185 shares in its portfolio. Van Eck holds 0% or 51,511 shares in its portfolio. Brookfield Asset Mngmt holds 0.19% or 3.87 million shares. 28,600 were accumulated by Penbrook Limited Liability. Atlantic Tru Group Ltd Com reported 584,831 shares. Clearbridge Limited Co holds 753,610 shares. Commonwealth Of Pennsylvania Public School Empls Retrmt System holds 0.13% or 656,603 shares.

Since March 9, 2018, it had 0 insider purchases, and 10 selling transactions for $779,397 activity. Graves Brad N sold $84,105 worth of Summit Midstream Partners, LP (NYSE:SMLP) on Friday, August 17. Newby Steven J also bought $238,200 worth of Summit Midstream Partners, LP (NYSE:SMLP) on Friday, March 9. Matthews Louise E also sold $14,550 worth of Summit Midstream Partners, LP (NYSE:SMLP) shares.

The stock of Summit Midstream Partners, LP (SMLP) formed an up wedge with $17.17 target or 5.00 % above today’s $16.35 share price. The 9 months wedge indicates low risk for the $1.22 billion company. If the $17.17 price target is reached, the company will be worth $61.20 million more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock increased 0.62% or $0.1 during the last trading session, reaching $16.35. About 97,728 shares traded. Summit Midstream Partners, LP (NYSE:SMLP) has declined 31.02% since September 8, 2017 and is downtrending. It has underperformed by 43.59% the S&P500.

Analysts await Summit Midstream Partners, LP (NYSE:SMLP) to report earnings on November, 7. They expect $0.22 earnings per share, down 81.97 % or $1.00 from last year’s $1.22 per share. SMLP’s profit will be $16.47M for 18.58 P/E if the $0.22 EPS becomes a reality. After $0.15 actual earnings per share reported by Summit Midstream Partners, LP for the previous quarter, Wall Street now forecasts 46.67 % EPS growth.

Summit Midstream Partners, LP (NYSE:SMLP) Ratings Coverage

Among 4 analysts covering Summit Midstream Partners (NYSE:SMLP), 0 have Buy rating, 1 Sell and 3 Hold. Therefore 0 are positive. Summit Midstream Partners had 6 analyst reports since April 17, 2018 according to SRatingsIntel. The firm has “Hold” rating by SunTrust given on Sunday, April 22. As per Tuesday, April 17, the company rating was maintained by Barclays Capital. The rating was maintained by Barclays Capital on Tuesday, June 12 with “Underweight”. The firm has “Hold” rating given on Monday, May 7 by Wells Fargo. The stock of Summit Midstream Partners, LP (NYSE:SMLP) has “Underweight” rating given on Wednesday, August 29 by Barclays Capital.

More news for Summit Midstream Partners, LP (NYSE:SMLP) were recently published by: Seekingalpha.com, which released: “A 13% Yield For Patient Income Investors” on August 24, 2018. Fool.com‘s article titled: “Danger Lurks for These 3 High-Yield Dividend Stocks” and published on August 30, 2018 is yet another important article.

Summit Midstream Partners, LP focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in North America. The company has market cap of $1.22 billion. The firm provides natural gas gathering, treating, and processing services. It currently has negative earnings. It operates in five unconventional resource basins, including the Appalachian Basin, which comprises the Utica and Point Pleasant shale formations in southeastern Ohio, and the Marcellus Shale formation in northern West Virginia; the Williston Basin that consists the Bakken and Three Forks shale formations in northwestern North Dakota; the Fort Worth Basin, which includes the Barnett Shale formation in north-central Texas; the Piceance Basin that comprises the Mesaverde formation, and the Mancos and Niobrara shale formations in western Colorado and eastern Utah; and the DJ Basin, which includes the Niobrara shale formation in northeastern Colorado.

Summit Midstream Partners, LP (NYSE:SMLP) Institutional Positions Chart

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.