Deltroit Asset Management UK LLP Buys New Stake in Summit Midstream Partners, LP $SMC

Deltroit Asset Management UK LLP bought a new stake in Summit Midstream Partners, LP (NYSE:SMC) in the 4th quarter, Holdings Channel.com reports. The fund bought 707,056 shares of the company’s stock, valued at approximately $18,864,000. Summit Midstream Partners accounts for about 2.7% of Deltroit Asset Management UK LLP’s investment portfolio, making the stock its 10th largest position.

Several other institutional investors have also recently added to or reduced their stakes in SMC. New York State Common Retirement Fund acquired a new stake in Summit Midstream Partners in the 2nd quarter valued at approximately $96,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Summit Midstream Partners by 5,417.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,517 shares of the company’s stock worth $135,000 after purchasing an additional 5,417 shares during the period. FourThought Financial Partners LLC purchased a new stake in Summit Midstream Partners during the third quarter worth about $204,000. Goldman Sachs Group Inc. purchased a new stake in Summit Midstream Partners during the fourth quarter worth about $215,000. Finally, Rhumbline Advisers purchased a new stake in Summit Midstream Partners during the second quarter worth about $239,000. Institutional investors and hedge funds own 42.97% of the company’s stock.

Summit Midstream Partners Price Performance

Shares of NYSE:SMC opened at $29.14 on Friday. The firm has a market capitalization of $592.79 million, a PE ratio of -15.50 and a beta of 0.77. The firm’s 50-day moving average is $30.05 and its two-hundred day moving average is $28.64. Summit Midstream Partners, LP has a 1 year low of $19.13 and a 1 year high of $33.50.

Summit Midstream Partners (NYSE:SMC) last released its earnings results on Monday, May 11th. The company reported ($0.43) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.06. The firm 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 EPS for the current fiscal year.

Summit Midstream Partners announced that its board has authorized a share buyback program on Monday, June 1st that permits the company to buyback $35.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Summit Midstream Partners

In related news, Director Jerry L. Peters sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $32.00, for a total transaction of $320,000.00. Following the sale, the director directly owned 16,979 shares in the company, valued at approximately $543,328. This represents a 37.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 42.96% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded shares of Summit Midstream Partners from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $47.00.

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.