Kayne Anderson Capital Advisors LP Raises Stake in Summit Midstream Partners LP (SMLP)

Kayne Anderson Capital Advisors LP increased its position in shares of Summit Midstream Partners LP (NYSE:SMLP) by 28.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,041,900 shares of the pipeline company’s stock after buying an additional 681,800 shares during the period. Kayne Anderson Capital Advisors LP’s holdings in Summit Midstream Partners were worth $72,998,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of SMLP. Oxbow Advisors LLC bought a new position in shares of Summit Midstream Partners during the third quarter worth approximately $8,667,000. ING Groep NV bought a new position in shares of Summit Midstream Partners during the first quarter worth approximately $4,006,000. HITE Hedge Asset Management LLC bought a new position in shares of Summit Midstream Partners during the fourth quarter worth approximately $3,629,000. Center Coast Capital Advisors LP raised its position in shares of Summit Midstream Partners by 11.2% in the first quarter. Center Coast Capital Advisors LP now owns 1,410,381 shares of the pipeline company’s stock worth $33,849,000 after buying an additional 141,902 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Summit Midstream Partners by 163.1% in the fourth quarter. Renaissance Technologies LLC now owns 187,314 shares of the pipeline company’s stock worth $4,711,000 after buying an additional 116,114 shares in the last quarter. 42.10% of the stock is currently owned by institutional investors and hedge funds.

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

Summit Midstream Partners LP (NYSE:SMLP) traded up 2.80% during mid-day trading on Friday, reaching $23.85. The company’s stock had a trading volume of 138,841 shares. Summit Midstream Partners LP has a 52-week low of $19.95 and a 52-week high of $26.50. The stock’s market cap is $1.72 billion. The company has a 50 day moving average of $23.60 and a 200-day moving average of $23.57.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Monday, May 8th were paid a $0.575 dividend. The ex-dividend date of this dividend was Thursday, May 4th. This represents a $2.30 annualized dividend and a yield of 9.91%. Summit Midstream Partners’s dividend payout ratio is -55.16%.

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SMLP has been the topic of a number of analyst reports. Credit Suisse Group AG lowered Summit Midstream Partners from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $30.00 to $28.00 in a report on Friday, January 27th. Barclays PLC reaffirmed an “equal weight” rating and issued a $25.00 target price (down previously from $27.00) on shares of Summit Midstream Partners in a report on Tuesday, March 14th. Finally, Zacks Investment Research lowered Summit Midstream Partners from a “hold” rating to a “sell” rating in a report on Saturday, May 6th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $28.40.

In other Summit Midstream Partners news, insider Steven J. Newby sold 29,000 shares of the company’s stock in a transaction that occurred on Friday, March 17th. The stock was sold at an average price of $23.23, for a total value of $673,670.00. Following the sale, the insider now owns 23,812 shares in the company, valued at $553,152.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

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.

12 Month Chart for NYSE:SMLP

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