RBC Capital Sticks to Its Buy Rating for Summit Midstream

By Carrie Williams

RBC Capital analyst T J Schultz reiterated a Buy rating on Summit Midstream (NYSE: SMLP) yesterday and set a price target of $28. The company’s shares opened today at $23.

According to TipRanks.com, Schultz is a top 100 analyst with an average return of 16.8% and a 67.3% success rate. Schultz covers the Basic Materials sector, focusing on stocks such as American Midstreampartners Lp, Energy Transfer Partners LP, and Sanchez Production Partners.

Summit Midstream has an analyst consensus of Moderate Buy, with a price target consensus of $26.50.

Based on Summit Midstream’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $136 million and GAAP net loss of $2.78 million. In comparison, last year the company earned revenue of $90.71 million and had a GAAP net loss of $8.26 million.

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Summit Midstream Partners LP is a growth-oriented limited partnership focused on owning and operating midstream energy infrastructure that is strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in North America. It operates through the following segments: Utica Shale, Williston Basin, Piceance Basins, Barnett Shale and Marcellus Shale. The company was founded by Steven J. Newby in May 2012 and is headquartered in The Woodlands, TX.