15,717 Shares in Summit Midstream Partners, LP $SMC Acquired by Odyssean LLC

Odyssean LLC bought a new position in shares of Summit Midstream Partners, LP (NYSE:SMC) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 15,717 shares of the company’s stock, valued at approximately $448,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio bought a new position in shares of Summit Midstream Partners in the first quarter worth approximately $46,000. New York State Common Retirement Fund bought a new stake in shares of Summit Midstream Partners during the 2nd quarter valued at $96,000. Ancora Advisors LLC bought a new stake in shares of Summit Midstream Partners during the 2nd quarter valued at $143,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Summit Midstream Partners by 5,417.0% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,517 shares of the company’s stock valued at $135,000 after buying an additional 5,417 shares in the last quarter. Finally, Deutsche Bank AG purchased a new position in shares of Summit Midstream Partners during the 4th quarter valued at $186,000. Institutional investors own 42.97% of the company’s stock.

Insiders Place Their Bets

In other Summit Midstream Partners news, VP James David Johnston sold 2,600 shares of Summit Midstream Partners 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 sale, the vice president 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 SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 42.96% of the stock is owned by corporate insiders.

Summit Midstream Partners Trading Down 0.5%

Shares of Summit Midstream Partners stock opened at $33.85 on Friday. Summit Midstream Partners, LP has a twelve month low of $19.83 and a twelve month high of $36.47. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.45. The business has a 50-day moving average price of $31.17 and a 200-day moving average price of $30.45. The firm has a market cap of $687.49 million, a price-to-earnings ratio of -30.50 and a beta of 0.71.

Summit Midstream Partners (NYSE:SMC) last posted its earnings results on Monday, August 10th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.47. Summit Midstream Partners had a negative return on equity of 0.04% and a negative net margin of 0.06%.The company had revenue of $155.01 million for the quarter, compared to the consensus estimate of $169.00 million. Equities research analysts anticipate that Summit Midstream Partners, LP will post 0.4 EPS for the current fiscal year.

Summit Midstream Partners declared that its board has authorized a share repurchase plan on Monday, June 1st that allows the company to repurchase $35.00 million in shares. This repurchase authorization allows the company to purchase up to 6.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Summit Redstone set a $39.00 price target on Summit Midstream Partners in a research note on Monday, August 3rd. TD Cowen boosted their price objective on Summit Midstream Partners from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Finally, Weiss Ratings upgraded Summit Midstream Partners from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, August 21st. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

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.