Summit Midstream Partners (NYSE:SMC) Sees Large Volume Increase – Here’s Why

Summit Midstream Partners, LP (NYSE:SMC) saw unusually-high trading volume on Wednesday . Approximately 230,337 shares traded hands during trading, an increase of 276% from the previous session’s volume of 61,292 shares.The stock last traded at $32.0450 and had previously closed at $31.66.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SMC. Summit Redstone set a $47.00 target price on shares of Summit Midstream Partners in a report on Thursday, December 18th. Noble Financial began coverage on Summit Midstream Partners in a report on Thursday, December 18th. They set an “outperform” rating and a $47.00 price target on the stock. Zacks Research upgraded Summit Midstream Partners to a “hold” rating in a research report on Friday, December 19th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Midstream Partners in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $47.00.

Summit Midstream Partners Price Performance

The stock’s 50-day moving average is $29.30 and its 200 day moving average is $25.77. The stock has a market cap of $608.27 million, a price-to-earnings ratio of -1.76 and a beta of 0.92.

Summit Midstream Partners (NYSE:SMC) last released its earnings results on Monday, March 16th. The company reported ($0.66) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.96). The business had revenue of $142.29 million during the quarter, compared to the consensus estimate of $150.07 million.

Institutional Investors Weigh In On Summit Midstream Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of SMC. Virtus Fixed Income Advisers LLC acquired a new position in shares of Summit Midstream Partners during the 2nd quarter worth $2,937,000. ARK & TLK Investments LLC purchased a new position in shares of Summit Midstream Partners in the 2nd quarter valued at about $2,749,000. Eagle Global Advisors LLC lifted its stake in shares of Summit Midstream Partners by 35.3% in the third quarter. Eagle Global Advisors LLC now owns 264,186 shares of the company’s stock valued at $5,426,000 after purchasing an additional 68,889 shares during the period. Magnetar Financial LLC purchased a new stake in Summit Midstream Partners during the second quarter worth about $249,000. Finally, Police & Firemen s Retirement System of New Jersey purchased a new stake in Summit Midstream Partners during the second quarter worth about $56,000. Institutional investors and hedge funds own 42.97% of the company’s stock.

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.