Insider Selling: Summit Midstream Partners (NYSE:SMC) VP Sells 2,600 Shares of Company Stock

Summit Midstream Partners, LP (NYSE:SMC) VP James David Johnston sold 2,600 shares of the business’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $30.51, for a total value of $79,326.00. Following the sale, the vice president owned 72,757 shares in the company, valued at approximately $2,219,816.07. This trade represents a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Summit Midstream Partners Trading Up 0.9%

Shares of Summit Midstream Partners stock traded up $0.27 on Friday, hitting $30.90. The stock had a trading volume of 66,376 shares, compared to its average volume of 76,251. The stock has a 50 day moving average of $32.72 and a 200 day moving average of $30.96. The firm has a market capitalization of $627.52 million, a P/E ratio of -27.83 and a beta of 0.80. Summit Midstream Partners, LP has a twelve month low of $19.83 and a twelve month high of $36.47. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.94 and a current ratio of 0.94.

Summit Midstream Partners (NYSE:SMC) last posted its earnings results on Monday, August 10th. The company reported $0.11 EPS 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 the consensus estimate of $169.00 million. Sell-side analysts expect that Summit Midstream Partners, LP will post 0.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Deltroit Asset Management UK LLP bought a new stake in shares of Summit Midstream Partners in the 4th quarter valued at $18,864,000. Odyssean LLC bought a new position in Summit Midstream Partners during the second quarter worth $448,000. Cetera Investment Advisers raised its stake in Summit Midstream Partners by 104.1% during the first quarter. Cetera Investment Advisers now owns 56,533 shares of the company’s stock worth $1,710,000 after buying an additional 28,840 shares during the last quarter. JB Capital Partners LP acquired a new position in Summit Midstream Partners in the fourth quarter valued at $612,000. Finally, Renaissance Technologies LLC bought a new stake in Summit Midstream Partners during the first quarter valued at $680,000. Institutional investors own 42.97% of the company’s stock.

Summit Midstream Partners Company Profile

Summit Midstream Partners, LP is a midstream energy company that develops, owns and operates infrastructure used to gather, process and transport natural gas, crude oil and produced water. Its systems connect oil and gas producers with downstream pipelines, processing facilities and other energy markets.

The company’s assets have historically included natural gas gathering and processing systems, crude oil gathering infrastructure and water-handling services in several major U.S. producing regions, including the Rocky Mountains, the Williston Basin, the Piceance Basin and the Permian Basin.