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Why Summit Midstream Partners Is a Top Pick for 2017

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Why Summit Midstream Partners Is a Top Pick for 2017 PART 1 OF 11

Summit Midstream Partners Is RBC Capital’s Top Pick for 2017

Summit Midstream’s market performance

Summit Midstream Partners (SMLP), which mainly provides natural gas, crude oil, and water-gathering services, is among RBC Capital Markets’ eight MLP picks for 2017. Williams Companies (WMB) and Enterprise Products Partners (EPD), US midstream energy giants, are also among RBC’s top picks.

For a detailed analysis of WMB and EPD, read Is Williams Companies Attractive from a Long-Term Perspective? and Enterprise Products Partners: What Will Fuel Growth in 2017?

Summit Midstream Partners Is RBC Capital’s Top Pick for 2017

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In this series, we’ll explore whether Summit Midstream Partners (SMLP) is truly a top pick. We’ll analyze its operating performance, balance position, and cash flow measures.

Following an analysis of SMLP’s financial statements, we’ll take a look at its valuations, key performance indicators, and analyst projections. Let’s start with SMLP’s YTD (year-to-date) market performance.

Summit Midstream Partners’ YTD performance

Summit Midstream Partners has risen 33.6% YTD. In comparison, peers Enable Midstream Partners (ENBL) and Western Gas Partners (WES) have risen 67.7% and 26.5%, respectively, in 2016.

The Alerian MLP ETF (AMLP), which is comprised of 26 midstream energy MLPs, has risen 5.2% YTD. However, SMLP and its peers are still trading below the levels before the rout in energy prices.

A look at SMLP’s moving averages

Currently, SMLP is trading 10.9% above its 50-day moving average and 15.3% above its 200-day moving average. Its 50-day moving average surpassed the 200-day moving average in May 2016. That might be indicating a bullish sentiment for SMLP stock.

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