Summit Midstream Partners (NYSE:SMC) Sees Strong Trading Volume – Here’s Why

Summit Midstream Partners, LP (NYSE:SMC) shares saw unusually-strong trading volume on Monday. 145,216 shares were traded during trading, an increase of 122% from the previous session’s volume of 65,317 shares. The stock last traded at $30.3070 and had previously closed at $30.70.

Analyst Ratings Changes

Several brokerages have recently weighed in on SMC. Summit Redstone set a $39.00 price target on Summit Midstream Partners in a research note on Monday, August 3rd. Zacks Research upgraded Summit Midstream Partners from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd. TD Cowen lifted their price objective on Summit Midstream Partners from $39.00 to $43.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Finally, Weiss Ratings raised Summit Midstream Partners from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $43.00.

Summit Midstream Partners Price Performance

The firm has a market cap of $609.34 million, a P/E ratio of -27.03 and a beta of 0.80. 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’s 50 day moving average is $32.87 and its two-hundred day moving average is $30.99.

Summit Midstream Partners (NYSE:SMC) last issued its quarterly earnings results on Monday, August 10th. The company reported $0.11 earnings per share 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 firm had revenue of $155.01 million during the quarter, compared to the consensus estimate of $169.00 million. As a group, analysts anticipate that Summit Midstream Partners, LP will post 0.40 earnings per share for the current year.

Insider Buying and Selling

In other Summit Midstream Partners news, VP James Johnston sold 2,600 shares of Summit Midstream Partners stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $30.51, for a total value of $79,326.00. Following the completion of the sale, the vice president directly owned 72,757 shares in the company, valued at approximately $2,219,816.07. The trade was a 3.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 42.96% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Summit Midstream Partners

A number of institutional investors and hedge funds have recently modified their holdings of SMC. Cetera Investment Advisers boosted 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 acquiring an additional 28,840 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Summit Midstream Partners in the first quarter worth $680,000. Odyssean LLC bought a new stake in Summit Midstream Partners in the second quarter valued at $448,000. Engineers Gate Manager LP bought a new stake in Summit Midstream Partners in the second quarter valued at $305,000. Finally, Valeo Financial Advisors LLC acquired a new position in shares of Summit Midstream Partners during the second quarter valued at about $268,000. 42.97% of the stock is currently owned by institutional investors.

Summit Midstream Partners Company Profile

Summit Midstream Partners, now operating as Summit Midstream Corporation, is a midstream energy company that develops, owns and operates gathering and processing infrastructure for natural gas, crude oil and produced water. Its services generally include gathering, compression, dehydration, treating, processing and transportation support, connecting producers’ wells with downstream pipelines and processing facilities.

The company serves several major U.S. oil and gas producing regions through a portfolio of gathering systems.