Summit Midstream Partners (NYSE:SMC) Director Jerry Peters Sells 10,000 Shares

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 transaction of $320,000.00. Following the completion of the transaction, the director owned 16,979 shares in the company, valued at $543,328. This represents a 37.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Summit Midstream Partners Stock Down 1.2%

Shares of Summit Midstream Partners stock opened at $32.05 on Friday. The firm has a market capitalization of $607.95 million, a P/E ratio of -17.05 and a beta of 0.83. Summit Midstream Partners, LP has a 52 week low of $19.13 and a 52 week high of $33.50. The firm’s 50 day moving average is $30.44 and its two-hundred day moving average is $28.15.

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

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of 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 assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $47.00.

Hedge Funds Weigh In On Summit Midstream Partners

Hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio purchased a new position in shares of Summit Midstream Partners during the first quarter worth approximately $46,000. New York State Common Retirement Fund purchased a new position in shares of Summit Midstream Partners during the second quarter worth approximately $96,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of 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 acquiring an additional 5,417 shares during the last quarter. Deutsche Bank AG purchased a new position in shares of Summit Midstream Partners during the fourth quarter worth approximately $186,000. Finally, Goldman Sachs Group Inc. purchased a new position in shares of Summit Midstream Partners during the fourth quarter worth approximately $215,000. 42.97% of the stock is currently owned by hedge funds and other institutional investors.

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.