NEW YORK (TheStreet) -- Shares of Summit Midstream Partners LP (SMLP) are falling, down -6.15% to $52.67 in midday trading, after the company announced the pricing of an underwritten public offering of 4,347,826 common shares at a price of $53.88 per common share.
The offering was up-sized from the previous 4 million shares, and is scheduled to close on Sept. 9.
Summit Midstream Partners will not receive the net proceeds from this offering and the its outstanding common shares will remain unchanged.
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Separately, TheStreet Ratings team rates SUMMIT MIDSTREAM PARTNERS LP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUMMIT MIDSTREAM PARTNERS LP (SMLP) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows: