Summit Midstream Partners (NYSE:SMC) Reaches New 12-Month High After Analyst Upgrade

Summit Midstream Partners, LP (NYSE:SMC) hit a new 52-week high during trading on Wednesday after TD Cowen raised their price target on the stock from $39.00 to $43.00. TD Cowen currently has a buy rating on the stock. Summit Midstream Partners traded as high as $35.05 and last traded at $34.6470, with a volume of 160923 shares traded. The stock had previously closed at $31.84.

SMC has been the topic of a number of other reports. Summit Redstone set a $39.00 target price on shares of Summit Midstream Partners in a research note on Monday, August 3rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Summit Midstream Partners in a research note on Friday, August 7th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.00.

Insider Buying and Selling

In related news, Director Jerry L. Peters sold 10,000 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $32.00, for a total transaction of $320,000.00. Following the transaction, the director owned 16,979 shares in the company, valued at $543,328. The trade was a 37.07% 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. Also, VP James David Johnston sold 2,600 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $29.72, for a total value of $77,272.00. Following the transaction, the vice president owned 75,357 shares in the company, valued at $2,239,610.04. This trade represents a 3.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 42.96% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Summit Midstream Partners

Hedge funds and other institutional investors have recently bought and sold shares of the business. Invesco Ltd. grew its stake in shares of Summit Midstream Partners by 0.3% in the 4th quarter. Invesco Ltd. now owns 971,063 shares of the company’s stock worth $25,908,000 after buying an additional 2,983 shares during the last quarter. Deltroit Asset Management UK LLP bought a new stake in Summit Midstream Partners in the 4th quarter worth about $18,864,000. Geode Capital Management LLC grew its stake in shares of Summit Midstream Partners by 3.3% in the fourth quarter. Geode Capital Management LLC now owns 238,063 shares of the company’s stock worth $6,353,000 after acquiring an additional 7,497 shares during the period. ARK & TLK Investments LLC grew its position in Summit Midstream Partners by 99.4% in the 4th quarter. ARK & TLK Investments LLC now owns 223,525 shares of the company’s stock worth $5,964,000 after purchasing an additional 111,441 shares during the period. Finally, Millennium Management LLC increased its position in Summit Midstream Partners by 320.2% during the first quarter. Millennium Management LLC now owns 204,265 shares of the company’s stock valued at $6,923,000 after acquiring an additional 155,655 shares during the last quarter. Hedge funds and other institutional investors own 42.97% of the company’s stock.

Summit Midstream Partners Stock Up 0.5%

The stock has a market cap of $707.18 million, a PE ratio of -31.32 and a beta of 0.71. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.20 and a current ratio of 1.20. The company’s 50-day moving average price is $30.16 and its 200 day moving average price is $30.01.

Summit Midstream Partners (NYSE:SMC) last issued its quarterly earnings results on Monday, August 10th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.47. Summit Midstream Partners had a negative net margin of 0.06% and a negative return on equity of 0.04%. The business had revenue of $155.01 million for the quarter, compared to analysts’ expectations of $169.00 million. As a group, analysts forecast that Summit Midstream Partners, LP will post -0.93 EPS for the current fiscal year.

Summit Midstream Partners declared that its Board of Directors has initiated a share buyback plan on Monday, June 1st that authorizes the company to buyback $35.00 million in shares. This buyback authorization authorizes the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

About Summit Midstream Partners

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.