Jerry Peters Sells 10,000 Shares of Summit Midstream Partners (NYSE:SMC) Stock

Summit Midstream Partners, LP (NYSE:SMC) Director Jerry Peters sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $32.00, for a total transaction of $320,000.00. Following the transaction, the director directly owned 16,979 shares in the company, valued at approximately $543,328. The trade was a 37.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Summit Midstream Partners Stock Down 4.2%

SMC stock opened at $30.69 on Friday. The company has a market capitalization of $582.19 million, a price-to-earnings ratio of -16.32 and a beta of 0.83. Summit Midstream Partners, LP has a 12 month low of $19.13 and a 12 month high of $33.50. The firm has a 50 day moving average of $30.42 and a two-hundred day moving average of $28.17.

Summit Midstream Partners (NYSE:SMC) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.43) EPS 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 analyst estimates of $139.88 million. On average, research analysts expect that Summit Midstream Partners, LP will post -0.93 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Midstream Partners

A number of institutional investors have recently modified their holdings of the company. Nuveen LLC raised its position in shares of Summit Midstream Partners by 3.1% in the fourth 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 raised its position in shares of Summit Midstream Partners by 11.7% in the first quarter. Hsbc Holdings PLC now owns 10,446 shares of the company’s stock valued at $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 in the first quarter valued at approximately $46,000. Invesco Ltd. raised its position in shares of Summit Midstream Partners by 0.3% in 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 during the period. Finally, Empowered Funds LLC raised its position in shares of Summit Midstream Partners by 5.4% in the first quarter. Empowered Funds LLC now owns 59,481 shares of the company’s stock valued at $2,016,000 after purchasing an additional 3,041 shares during the period. Institutional investors own 42.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of Summit Midstream Partners from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday, May 13th. One equities 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, the company has an average rating of “Hold” and a consensus target price of $47.00.

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.