JB Capital Partners LP Acquires New Shares in Summit Midstream Partners, LP $SMC

JB Capital Partners LP acquired a new stake in shares of Summit Midstream Partners, LP (NYSE:SMC) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 22,956 shares of the company’s stock, valued at approximately $612,000. JB Capital Partners LP owned about 0.12% of Summit Midstream Partners at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Nuveen LLC boosted its position in shares of Summit Midstream Partners by 3.1% during the fourth quarter. Nuveen LLC now owns 21,498 shares of the company’s stock valued at $574,000 after buying an additional 656 shares during the last quarter. Empowered Funds LLC boosted its position in shares of Summit Midstream Partners by 10.8% during the fourth quarter. Empowered Funds LLC now owns 81,759 shares of the company’s stock valued at $2,181,000 after buying an additional 7,953 shares during the last quarter. Deutsche Bank AG purchased a new stake in shares of Summit Midstream Partners during the fourth quarter valued at $186,000. Deltroit Asset Management UK LLP purchased a new stake in shares of Summit Midstream Partners during the fourth quarter valued at $18,864,000. Finally, Goldman Sachs Group Inc. purchased a new stake in shares of Summit Midstream Partners during the fourth quarter valued at $215,000. 42.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised Summit Midstream Partners from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Wednesday, May 13th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $47.00.

Summit Midstream Partners Stock Performance

Shares of NYSE:SMC opened at $29.89 on Friday. The stock has a market capitalization of $608.04 million, a price-to-earnings ratio of -15.90 and a beta of 0.77. The stock’s 50-day simple moving average is $29.93 and its two-hundred day simple moving average is $28.84. Summit Midstream Partners, LP has a 52-week low of $19.13 and a 52-week high of $33.50.

Summit Midstream Partners (NYSE:SMC) last announced its earnings results on Monday, May 11th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.06. The firm had revenue of $139.14 million during the quarter, compared to analysts’ expectations of $139.88 million. As a group, equities analysts forecast that Summit Midstream Partners, LP will post -0.93 earnings per share for the current fiscal year.

Summit Midstream Partners declared that its Board of Directors has initiated a stock repurchase program on Monday, June 1st that permits the company to repurchase $35.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Summit Midstream Partners

In other Summit Midstream Partners news, Director Jerry L. Peters sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $32.00, for a total value of $320,000.00. Following the transaction, the director directly owned 16,979 shares of the company’s stock, valued at approximately $543,328. This trade represents a 37.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 42.96% of the company’s stock.

Summit Midstream Partners Company Profile

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.