Summit Midstream Partners (NYSE:SMC) Trading Down 4.1% – Here’s Why

Summit Midstream Partners, LP (NYSE:SMC) shares traded down 4.1% on Tuesday . The stock traded as low as $31.43 and last traded at $31.1650. 2,629 shares traded hands during trading, a decline of 96% from the average daily volume of 61,457 shares. The stock had previously closed at $32.51.

Wall Street Analysts Forecast Growth

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

Summit Midstream Partners Stock Down 1.0%

The firm’s 50-day moving average price is $32.61 and its 200 day moving average price is $30.99. The firm has a market cap of $640.52 million, a P/E ratio of -28.29 and a beta of 0.74. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.45.

Summit Midstream Partners (NYSE:SMC) last released its quarterly earnings data 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. The business had revenue of $155.01 million for the quarter, compared to analysts’ expectations of $169.00 million. Summit Midstream Partners had a negative net margin of 0.06% and a negative return on equity of 0.04%. As a group, research analysts expect that Summit Midstream Partners, LP will post 0.4 earnings per share for the current year.

Summit Midstream Partners declared that its board has approved a stock repurchase program on Monday, June 1st that permits the company to repurchase $35.00 million in shares. This repurchase authorization permits the company to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Summit Midstream Partners

In other news, VP James David Johnston sold 2,600 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $29.72, for a total transaction of $77,272.00. Following the completion of the transaction, the vice president directly owned 75,357 shares in the company, valued at approximately $2,239,610.04. The trade was a 3.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 42.96% of the company’s stock.

Institutional Trading of Summit Midstream Partners

Several hedge funds have recently added to or reduced their stakes in SMC. Hsbc Holdings PLC raised its stake in shares of Summit Midstream Partners by 11.7% in the 1st quarter. Hsbc Holdings PLC now owns 10,446 shares of the company’s stock worth $322,000 after buying an additional 1,096 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in Summit Midstream Partners during the first quarter valued at about $46,000. Ancora Advisors LLC acquired a new position in Summit Midstream Partners during the second quarter worth about $143,000. Empowered Funds LLC grew its holdings in Summit Midstream Partners by 9.8% during the first quarter. Empowered Funds LLC now owns 89,796 shares of the company’s stock worth $2,715,000 after acquiring an additional 8,037 shares during the period. Finally, Squarepoint Ops LLC bought a new stake in Summit Midstream Partners in the second quarter worth about $238,000. 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.