Summit Midstream Partners, LP (NYSE:SMC) Short Interest Down 20.8% in February

Summit Midstream Partners, LP (NYSE:SMC) saw a large drop in short interest in February. As of February 27th, there was short interest totaling 189,322 shares, a drop of 20.8% from the February 12th total of 239,024 shares. Based on an average daily trading volume, of 44,660 shares, the days-to-cover ratio is currently 4.2 days. Approximately 1.1% of the company’s shares are sold short. Approximately 1.1% of the company’s shares are sold short. Based on an average daily trading volume, of 44,660 shares, the days-to-cover ratio is currently 4.2 days.

Summit Midstream Partners Price Performance

Shares of SMC stock traded up $0.62 during mid-day trading on Tuesday, hitting $30.71. 162,090 shares of the stock traded hands, compared to its average volume of 54,096. The stock has a market cap of $576.95 million, a P/E ratio of -1.68 and a beta of 0.92. The stock’s fifty day moving average is $28.70 and its two-hundred day moving average is $25.41. Summit Midstream Partners has a 52-week low of $19.13 and a 52-week high of $38.63.

Summit Midstream Partners (NYSE:SMC) last issued its quarterly earnings data on Monday, March 16th. The company reported ($0.66) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.96). The firm had revenue of $142.29 million for the quarter, compared to analysts’ expectations of $150.07 million.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Invesco Ltd. grew its holdings in shares of Summit Midstream Partners by 0.3% during the fourth quarter. Invesco Ltd. now owns 971,063 shares of the company’s stock valued at $25,908,000 after buying an additional 2,983 shares during the last quarter. Deltroit Asset Management UK LLP purchased a new position in Summit Midstream Partners in the 4th quarter worth $18,864,000. Eagle Global Advisors LLC raised its stake in Summit Midstream Partners by 35.3% in the 3rd quarter. Eagle Global Advisors LLC now owns 264,186 shares of the company’s stock worth $5,426,000 after acquiring an additional 68,889 shares during the last quarter. Geode Capital Management LLC lifted its position in Summit Midstream Partners by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 238,063 shares of the company’s stock worth $6,353,000 after acquiring an additional 7,497 shares during the period. Finally, ARK & TLK Investments LLC lifted its position in Summit Midstream Partners by 99.4% during the 4th quarter. ARK & TLK Investments LLC now owns 223,525 shares of the company’s stock worth $5,964,000 after acquiring an additional 111,441 shares during the period. Hedge funds and other institutional investors own 42.97% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.