Deltroit Asset Management UK LLP Acquires Shares of 707,056 Summit Midstream Partners, LP $SMC

Deltroit Asset Management UK LLP acquired a new stake in shares of Summit Midstream Partners, LP (NYSE:SMC) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 707,056 shares of the company’s stock, valued at approximately $18,864,000. Summit Midstream Partners makes up approximately 2.7% of Deltroit Asset Management UK LLP’s portfolio, making the stock its 10th largest holding. Deltroit Asset Management UK LLP owned 3.76% of Summit Midstream Partners at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Invesco Ltd. grew its stake in Summit Midstream Partners by 0.3% during the 3rd quarter. Invesco Ltd. now owns 968,080 shares of the company’s stock valued at $19,884,000 after acquiring an additional 2,975 shares in the last quarter. Geode Capital Management LLC grew its stake 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 valued at $6,353,000 after acquiring an additional 7,497 shares in the last quarter. ARK & TLK Investments LLC grew its stake 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 valued at $5,964,000 after acquiring an additional 111,441 shares in the last quarter. Millennium Management LLC grew its stake 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 acquiring an additional 155,655 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its stake in Summit Midstream Partners by 9.1% during the 3rd quarter. Bridgeway Capital Management LLC now owns 101,806 shares of the company’s stock valued at $2,091,000 after acquiring an additional 8,492 shares in the last quarter. Hedge funds and other institutional investors own 42.97% of the company’s stock.

Summit Midstream Partners Price Performance

Shares of NYSE SMC opened at $29.14 on Friday. The company has a 50 day simple moving average of $30.05 and a 200-day simple moving average of $28.64. The company has a market capitalization of $592.79 million, a P/E ratio of -15.50 and a beta of 0.77. Summit Midstream Partners, LP has a 1 year low of $19.13 and a 1 year high of $33.50.

Summit Midstream Partners (NYSE:SMC) last issued its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $139.88 million. As a group, research analysts expect that Summit Midstream Partners, LP will post -0.93 EPS for the current year.

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

Analyst Upgrades and Downgrades

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 research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $47.00.

Insiders Place Their Bets

In related news, Director Jerry L. Peters sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $32.00, for a total value of $320,000.00. Following the completion of the transaction, the director directly owned 16,979 shares in the company, valued at approximately $543,328. This represents a 37.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 42.96% of the company’s stock.

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.