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

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

Summit Midstream Partners Price Performance

Shares of SMC stock opened at $30.15 on Tuesday. The firm has a market cap of $613.25 million, a P/E ratio of -16.04 and a beta of 0.74. Summit Midstream Partners, LP has a fifty-two week low of $19.13 and a fifty-two week high of $33.50. The business’s 50 day moving average price is $29.88 and its 200-day moving average price is $29.18. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.20 and a current ratio of 1.20.

Summit Midstream Partners (NYSE:SMC) last announced its 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. Summit Midstream Partners had a negative return on equity of 0.73% and a negative net margin of 1.09%.The company had revenue of $139.14 million during the quarter, compared to the consensus estimate of $139.88 million. On average, equities research analysts anticipate that Summit Midstream Partners, LP will post -0.93 earnings per share for the current 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 outstanding shares. This buyback authorization authorizes the company to purchase up to 6.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Summit Midstream Partners

Several hedge funds have recently made changes to their positions in SMC. Invesco Ltd. raised its holdings in Summit Midstream Partners by 0.3% in the fourth quarter. Invesco Ltd. now owns 971,063 shares of the company’s stock worth $25,908,000 after purchasing an additional 2,983 shares in the last quarter. Deltroit Asset Management UK LLP bought a new stake in shares of Summit Midstream Partners during the 4th quarter valued at $18,864,000. Geode Capital Management LLC grew its position in shares of Summit Midstream Partners by 3.3% in the 4th quarter. Geode Capital Management LLC now owns 238,063 shares of the company’s stock worth $6,353,000 after buying an additional 7,497 shares during the period. ARK & TLK Investments LLC grew its position in shares of 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 buying an additional 111,441 shares during the period. Finally, Millennium Management LLC increased its stake in shares of Summit Midstream Partners by 320.2% in the 1st quarter. Millennium Management LLC now owns 204,265 shares of the company’s stock worth $6,923,000 after acquiring an additional 155,655 shares in the last quarter. 42.97% of the stock is currently owned by 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.