Summit Midstream Partners (NYSE:SMC) Announces Quarterly Earnings Results

Summit Midstream Partners (NYSE:SMC) issued its quarterly earnings results on Monday. The company reported ($0.13) EPS for the quarter, Zacks reports.

Summit Midstream Partners Trading Up 10.3%

Shares of SMC stock traded up $2.19 on Monday, reaching $23.39. The company’s stock had a trading volume of 141,264 shares, compared to its average volume of 92,924. The stock’s fifty day simple moving average is $21.92 and its 200-day simple moving average is $24.12. Summit Midstream Partners has a 1 year low of $19.13 and a 1 year high of $45.89. The company has a market capitalization of $439.11 million, a price-to-earnings ratio of -1.17 and a beta of 1.14.

Institutional Trading of Summit Midstream Partners

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC grew its position in shares of Summit Midstream Partners by 320.2% during the 1st quarter. Millennium Management LLC now owns 204,265 shares of the company’s stock worth $6,923,000 after buying an additional 155,655 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Summit Midstream Partners by 138.5% in the 2nd quarter. Geode Capital Management LLC now owns 231,443 shares of the company’s stock valued at $5,678,000 after acquiring an additional 134,388 shares during the period. Jane Street Group LLC raised its stake in shares of Summit Midstream Partners by 243.0% during the 1st quarter. Jane Street Group LLC now owns 34,862 shares of the company’s stock worth $1,181,000 after acquiring an additional 24,699 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Summit Midstream Partners by 608.6% during the second quarter. BNP Paribas Financial Markets now owns 22,342 shares of the company’s stock worth $548,000 after purchasing an additional 19,189 shares in the last quarter. Finally, Rhumbline Advisers acquired a new stake in shares of Summit Midstream Partners in the 2nd quarter worth $239,000. Hedge funds and other institutional investors own 42.97% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Wall Street Zen raised shares of Summit Midstream Partners from a “sell” rating to a “hold” rating in a report on Tuesday, August 19th. Weiss Ratings reissued a “sell (d)” rating on shares of Summit Midstream Partners in a report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Summit Midstream Partners currently has a consensus rating of “Sell”.

Summit Midstream Partners Company Profile

Summit Midstream Corporation focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. It operates natural gas, crude oil, and produced water gathering systems in four unconventional resource basins, including the Williston Basin in North Dakota, which includes the Bakken and Three Forks shale formations; the Denver-Julesburg Basin that consists of the Niobrara and Codell shale formations in Colorado and Wyoming; the Fort Worth Basin in Texas, which comprises the Barnett Shale formation; and the Piceance Basin in Colorado, which includes the Mesaverde formation, as well as the emerging Mancos and Niobrara Shale formations.