Summit Midstream Partners (NYSE:SMC) Shares Gap Up – Here’s Why

Summit Midstream Partners, LP (NYSE:SMC)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $26.65, but opened at $28.56. Summit Midstream Partners shares last traded at $30.1450, with a volume of 26,108 shares changing hands.

Analyst Ratings Changes

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

Summit Midstream Partners Trading Up 11.9%

The company has a 50-day simple moving average of $30.26 and a 200 day simple moving average of $28.46. The company has a market cap of $606.82 million, a P/E ratio of -15.79 and a beta of 0.77.

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

Insiders Place Their Bets

In related news, Director Jerry L. Peters sold 10,000 shares of Summit Midstream Partners stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $32.00, for a total transaction of $320,000.00. Following the completion of the sale, the director owned 16,979 shares in the company, valued at $543,328. This trade represents a 37.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 42.96% of the stock is owned by insiders.

Hedge Funds Weigh In On Summit Midstream Partners

A number of institutional investors have recently modified their holdings of the stock. Invesco Ltd. raised its stake 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 acquiring an additional 2,983 shares in the last quarter. Deltroit Asset Management UK LLP bought a new position in Summit Midstream Partners in the fourth quarter worth approximately $18,864,000. Geode Capital Management LLC increased its holdings 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 purchasing an additional 7,497 shares during the period. ARK & TLK Investments LLC increased its holdings 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 purchasing an additional 111,441 shares during the period. Finally, Millennium Management LLC raised its position in Summit Midstream Partners by 320.2% during the 1st quarter. Millennium Management LLC now owns 204,265 shares of the company’s stock valued at $6,923,000 after purchasing an additional 155,655 shares in the last quarter. 42.97% of the stock is owned by hedge funds and other institutional investors.

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.