James David Johnston Sells 2,600 Shares of Summit Midstream Partners (NYSE:SMC) Stock

Summit Midstream Partners, LP (NYSE:SMC) VP James David Johnston sold 2,600 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $29.72, for a total transaction of $77,272.00. Following the transaction, the vice president directly owned 75,357 shares in the company, valued at approximately $2,239,610.04. This represents a 3.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Summit Midstream Partners Stock Up 1.7%

SMC opened at $30.30 on Tuesday. The company has a fifty day moving average price of $29.88 and a two-hundred day moving average price of $29.18. Summit Midstream Partners, LP has a 1-year low of $19.13 and a 1-year high of $33.50. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.59.

Summit Midstream Partners (NYSE:SMC) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.06. Summit Midstream Partners had a negative net margin of 1.09% and a negative return on equity of 0.73%. The company had revenue of $139.14 million for the quarter, compared to analysts’ expectations of $139.88 million. Analysts expect that Summit Midstream Partners, LP will post -0.93 earnings per share for the current year.

Summit Midstream Partners announced that its board has approved a stock buyback plan on Monday, June 1st that permits the company to buyback $35.00 million in shares. This buyback authorization permits the company to buy up to 6.5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Summit Midstream Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMC. Deltroit Asset Management UK LLP purchased a new stake in shares of Summit Midstream Partners in the fourth quarter valued at about $18,864,000. Millennium Management LLC increased its position in shares of Summit Midstream Partners by 320.2% during the 1st quarter. Millennium Management LLC now owns 204,265 shares of the company’s stock valued at $6,923,000 after purchasing an additional 155,655 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Summit Midstream Partners by 138.5% during the 2nd quarter. Geode Capital Management LLC now owns 231,443 shares of the company’s stock worth $5,678,000 after purchasing an additional 134,388 shares during the period. ARK & TLK Investments LLC raised 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 acquiring an additional 111,441 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Summit Midstream Partners by 36.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 200,926 shares of the company’s stock worth $5,361,000 after purchasing an additional 53,733 shares during the period. 42.97% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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