Summit Midstream Partners (NYSE:SMC) Director Sells $320,000.00 in Stock

Summit Midstream Partners, LP (NYSE:SMC) Director Jerry Peters sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $32.00, for a total value of $320,000.00. Following the sale, the director directly owned 16,979 shares of the company’s stock, valued at $543,328. The trade was a 37.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Summit Midstream Partners Trading Down 4.2%

Shares of SMC opened at $30.69 on Friday. The company has a market capitalization of $582.19 million, a price-to-earnings ratio of -16.32 and a beta of 0.83. The stock has a 50 day moving average of $30.42 and a 200 day moving average of $28.17. Summit Midstream Partners, LP has a 12 month low of $19.13 and a 12 month high of $33.50.

Summit Midstream Partners (NYSE:SMC) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.43) EPS for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.06. The business had revenue of $139.14 million for the quarter, compared to analysts’ expectations of $139.88 million. As a group, equities research analysts predict that Summit Midstream Partners, LP will post -0.93 earnings per share for the current year.

Institutional Trading of Summit Midstream Partners

A number of large investors have recently bought and sold shares of SMC. Deltroit Asset Management UK LLP purchased a new stake in Summit Midstream Partners in the fourth quarter worth $18,864,000. Millennium Management LLC increased its position in Summit Midstream Partners by 320.2% in the first quarter. Millennium Management LLC now owns 204,265 shares of the company’s stock worth $6,923,000 after buying an additional 155,655 shares during the last quarter. Geode Capital Management LLC increased its position in Summit Midstream Partners by 138.5% in the second quarter. Geode Capital Management LLC now owns 231,443 shares of the company’s stock worth $5,678,000 after buying an additional 134,388 shares during the last quarter. ARK & TLK Investments LLC increased its position in Summit Midstream Partners by 99.4% in the fourth quarter. ARK & TLK Investments LLC now owns 223,525 shares of the company’s stock worth $5,964,000 after buying an additional 111,441 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Summit Midstream Partners by 36.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 200,926 shares of the company’s stock worth $5,361,000 after buying an additional 53,733 shares during the last quarter. 42.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings raised Summit Midstream Partners from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday, May 13th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $47.00.

Summit Midstream Partners Company Profile

Summit Midstream Partners is a publicly traded master limited partnership that provides gathering, compression, processing and transportation services for natural gas, natural gas liquids (NGLs) and crude oil in key U.S. onshore basins. The company’s assets include a network of intrastate and interstate pipelines, processing plants, fractionators and storage facilities designed to serve producers, marketers and end users throughout the Appalachian, Gulf Coast, Mid-Continent and Western Canadian Sedimentary basins.

In the Appalachian region, Summit operates extensive gathering lines and multiple gas-processing complexes connected to the Mountaineer NGL Hub, one of the largest fractionation and storage hubs in the Mid-Atlantic.