Summit Midstream Partners (NYSE:SMC) Sets New 12-Month High Following Analyst Upgrade

Shares of Summit Midstream Partners, LP (NYSE:SMC) reached a new 52-week high on Wednesday after TD Cowen raised their price target on the stock from $39.00 to $43.00. TD Cowen currently has a buy rating on the stock. Summit Midstream Partners traded as high as $35.05 and last traded at $34.6470, with a volume of 160923 shares traded. The stock had previously closed at $31.84.

A number of other brokerages have also issued reports on SMC. Summit Redstone set a $39.00 target price on shares of Summit Midstream Partners in a research note on Monday, August 3rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Summit Midstream Partners in a research note on Friday, August 7th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Summit Midstream Partners has a consensus rating of “Moderate Buy” and an average target price of $43.00.

Insider Buying and Selling at Summit Midstream Partners

In other Summit Midstream Partners news, Director Jerry L. Peters sold 10,000 shares of Summit Midstream Partners stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $32.00, for a total transaction of $320,000.00. Following the completion of the sale, the director directly owned 16,979 shares of the company’s stock, valued at $543,328. The trade was a 37.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP James David Johnston sold 2,600 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $29.72, for a total value of $77,272.00. Following the completion of the sale, the vice president owned 75,357 shares of the company’s stock, valued at $2,239,610.04. This represents a 3.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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

A number of hedge funds have recently added to or reduced their stakes in SMC. Nuveen LLC increased its position in Summit Midstream Partners by 3.1% during the 4th quarter. Nuveen LLC now owns 21,498 shares of the company’s stock valued at $574,000 after purchasing an additional 656 shares during the period. Hsbc Holdings PLC lifted its position 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 purchasing an additional 1,096 shares during the period. Public Employees Retirement System of Ohio bought a new position in shares of Summit Midstream Partners during the first quarter valued at approximately $46,000. Invesco Ltd. boosted its stake in shares of Summit Midstream Partners by 0.3% during the third quarter. Invesco Ltd. now owns 968,080 shares of the company’s stock valued at $19,884,000 after purchasing an additional 2,975 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in Summit Midstream Partners by 5.4% during the first quarter. Empowered Funds LLC now owns 59,481 shares of the company’s stock valued at $2,016,000 after buying an additional 3,041 shares during the period. 42.97% of the stock is owned by hedge funds and other institutional investors.

Summit Midstream Partners Trading Up 0.5%

The company has a market capitalization of $707.18 million, a PE ratio of -31.32 and a beta of 0.71. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.20 and a quick ratio of 1.20. The company’s fifty day moving average is $30.16 and its 200-day moving average is $30.01.

Summit Midstream Partners (NYSE:SMC) last posted its earnings results 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 company had revenue of $155.01 million during the quarter, compared to analyst estimates of $169.00 million. Summit Midstream Partners had a negative return on equity of 0.04% and a negative net margin of 0.06%. On average, analysts anticipate that Summit Midstream Partners, LP will post -0.93 EPS for the current fiscal year.

Summit Midstream Partners announced that its Board of Directors has authorized a share repurchase program on Monday, June 1st that authorizes the company to buyback $35.00 million in shares. This buyback authorization authorizes the company to repurchase up to 6.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.