RBC Capital Reiterates Their Buy Rating on Summit Midstream (SMLP)


RBC Capital analyst Elvira Scotto reiterated a Buy rating on Summit Midstream (NYSE: SMLP) yesterday and set a price target of $20. The company’s shares closed yesterday at $16.90.

According to TipRanks.com, Scotto is a top 100 analyst with an average return of 24.2% and a 70.5% success rate. Scotto covers the Basic Materials sector, focusing on stocks such as Dcp Midstream Partners Lp, Spectra Energy Partners, and Green Plains Partners.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Summit Midstream with a $19.50 average price target.

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Based on Summit Midstream’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $51.11 million. In comparison, last year the company had a net profit of $8.81 million.

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Summit Midstream Partners LP is a 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.

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