Today’s big question for investors is, “what’s going on with Summit Midstream Partners, LP (NYSE:SMLP) stock? Its price is nose-diving -0.39 points, trading at $4.26 levels, and is down -8.39% from its previous close of $4.65. The shares seem to have an active trading volume day with a reported 303841 contracts so far this session. SMLP shares had a relatively better volume day versus average trading capacity of 297.09 thousand shares, but with a 41.31 million float and a -2.92% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for SMLP stock indicates that the average analyst price target is $5.43 per share. This means the stock has a potential increase of 27.46% from where the SMLP share price has been trading recently which is between $4.59 and $4.8399. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $4. Flipping the other side of the coin, an analyst who is fully bullish set a price target as high as $6.
During the recent trading session for Summit Midstream Partners, LP (NYSE:SMLP), the company witnessed their stock drop by $-0.51 over a week and surge $0.02 from the price 20 days ago. When compared to their established 52-week high of $15.23, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 09/11/18. The recent low of $4.33 stood for a -73.33% since 08/11/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.69 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to. At the moment, the median target price for SMLP is set at $6, a figure which is below the recent 1-year high the stock witnessed.
Looking at the current readings for Summit Midstream Partners, LP, the two-week RSI stands at 37.16. This figure suggests that SMLP stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current SMLP readings is similarly very revealing as it has a stochastic reading of 17.75% at this stage. This figure means that SMLP share price today is being overbought.
Technical chart claims that Summit Midstream Partners, LP (SMLP) would settle between $4.8/share to $4.94/share level. However, if the stock price goes below the $4.55 mark, then the market for Summit Midstream Partners, LP becomes much weaker. If that happens, the stock price might even plunge as low as $4.44 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.24. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Citigroup lowered their recommendation on shares of SMLP from Buy to Neutral in their opinion released on June 19. RBC Capital Mkts analysts have lowered their rating of Summit Midstream Partners, LP (NYSE:SMLP) stock from Outperform to Sector Perform in a separate flash note issued to investors on April 29. Analysts at Credit Suisse lowered the stock to a Underperform call from its previous Outperform recommendation, in a research note that dated back to March 14.
SMLP equity has an average rating of 2.93, with the figure leaning towards a bullish end. 7 analysts who tracked the company were contacted by Reuters. Amongst them, 5 rated the stock as a hold while the remaining 2 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while others rated it as a sell. 0 analysts rated Summit Midstream Partners, LP (NYSE:SMLP) as a buy or a strong buy while 2 advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, SMLP stock price is currently trading at 9.32X forward 12-month Consensus EPS estimates, and its P/E ratio is 10.3 while for the average stock in the same group, the multiple is 18.8. Summit Midstream Partners, LP current P/B ratio of 0.3 means it is trading at a discount against its industry’s 2.