Tower Research Capital LLC TRC acquired a new stake in shares of Summit Midstream Partners LP (NYSE:SMLP) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 8,835 shares of the pipeline company’s stock, valued at approximately $136,000.
A number of other hedge funds also recently modified their holdings of SMLP. BNP Paribas Arbitrage SA boosted its position in Summit Midstream Partners by 46.5% during the first quarter. BNP Paribas Arbitrage SA now owns 11,251 shares of the pipeline company’s stock valued at $158,000 after purchasing an additional 3,569 shares in the last quarter. Koch Industries Inc. bought a new stake in Summit Midstream Partners during the first quarter valued at about $167,000. Rational Advisors LLC bought a new stake in Summit Midstream Partners during the second quarter valued at about $271,000. Creative Planning bought a new stake in Summit Midstream Partners during the second quarter valued at about $313,000. Finally, Stifel Financial Corp boosted its position in Summit Midstream Partners by 163.2% during the first quarter. Stifel Financial Corp now owns 39,915 shares of the pipeline company’s stock valued at $559,000 after purchasing an additional 24,750 shares in the last quarter. 43.93% of the stock is currently owned by institutional investors.
In other news, insider Brock M. Degeyter sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $16.85, for a total value of $50,550.00. Following the completion of the transaction, the insider now directly owns 54,744 shares in the company, valued at $922,436.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Brad N. Graves sold 5,000 shares of the firm’s stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $15.93, for a total value of $79,650.00. Following the completion of the transaction, the insider now owns 41,225 shares of the company’s stock, valued at $656,714.25. The disclosure for this sale can be found here. In the last three months, insiders sold 14,000 shares of company stock valued at $228,420.
SMLP has been the topic of a number of recent research reports. Royal Bank of Canada reaffirmed a “buy” rating and set a $20.00 price objective on shares of Summit Midstream Partners in a research report on Tuesday, August 7th. Goldman Sachs Group raised Summit Midstream Partners from a “neutral” rating to a “buy” rating in a report on Monday. Zacks Investment Research downgraded Summit Midstream Partners from a “buy” rating to a “hold” rating in a report on Thursday, August 9th. Wells Fargo & Co lowered their price target on Summit Midstream Partners from $18.00 to $16.00 and set a “hold” rating for the company in a report on Monday, September 24th. Finally, SunTrust Banks set a $19.00 price target on Summit Midstream Partners and gave the stock a “hold” rating in a report on Sunday, August 5th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $19.00.
Shares of NYSE SMLP opened at $14.77 on Tuesday. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of 9.01 and a beta of 1.96. Summit Midstream Partners LP has a fifty-two week low of $13.10 and a fifty-two week high of $22.95.
Summit Midstream Partners (NYSE:SMLP) last issued its quarterly earnings results on Thursday, August 2nd. The pipeline company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.05). The business had revenue of $128.18 million during the quarter, compared to analyst estimates of $106.24 million. Summit Midstream Partners had a return on equity of 7.98% and a net margin of 4.33%. On average, equities analysts anticipate that Summit Midstream Partners LP will post -0.48 earnings per share for the current year.
About Summit Midstream Partners
Summit Midstream Partners, LP focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. The company provides natural gas gathering, treating, and processing services, as well as crude oil and produced water gathering services.
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