Short Interest in Summit Midstream Partners, LP (NYSE:SMLP) Rises By 150.8%

Summit Midstream Partners, LP (NYSE:SMLP) saw a large growth in short interest in July. As of July 15th, there was short interest totalling 191,900 shares, a growth of 150.8% from the June 30th total of 76,500 shares. Based on an average daily trading volume, of 36,400 shares, the days-to-cover ratio is presently 5.3 days. Currently, 2.1% of the shares of the company are sold short.

Summit Midstream Partners Price Performance

Summit Midstream Partners stock traded up $0.04 during midday trading on Friday, reaching $36.93. 19,941 shares of the stock were exchanged, compared to its average volume of 31,376. The company’s fifty day moving average is $34.24 and its 200-day moving average is $26.98. The company has a debt-to-equity ratio of 1.51, a quick ratio of 2.64 and a current ratio of 2.64. Summit Midstream Partners has a 52 week low of $13.00 and a 52 week high of $37.59. The firm has a market cap of $393.30 million, a PE ratio of 5.15 and a beta of 2.41.

Summit Midstream Partners (NYSE:SMLP) last released its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $16.36 earnings per share for the quarter. The firm had revenue of $118.87 million for the quarter. Summit Midstream Partners had a net margin of 23.24% and a return on equity of 25.67%.

Analyst Upgrades and Downgrades

Separately, StockNews.com started coverage on Summit Midstream Partners in a research report on Tuesday, July 23rd. They set a “strong-buy” rating on the stock.

Insider Activity at Summit Midstream Partners

In other Summit Midstream Partners news, Director Jerry L. Peters sold 10,000 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $34.03, for a total transaction of $340,300.00. Following the sale, the director now owns 30,239 shares of the company’s stock, valued at approximately $1,029,033.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Summit Midstream Partners

Several institutional investors and hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC purchased a new position in shares of Summit Midstream Partners during the fourth quarter worth about $48,000. Pekin Hardy Strauss Inc. bought a new stake in Summit Midstream Partners during the fourth quarter valued at approximately $232,000. Finally, Cetera Advisors LLC grew its stake in Summit Midstream Partners by 3.5% in the 1st quarter. Cetera Advisors LLC now owns 13,420 shares of the pipeline company’s stock worth $377,000 after buying an additional 450 shares in the last quarter. Hedge funds and other institutional investors own 42.97% of the company’s stock.

Summit Midstream Partners Company Profile

Summit Midstream Partners, LP focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. The company provides natural gas gathering, compression, treating, and processing services, as well as crude oil and produced water gathering and freshwater delivery services.