Summit Midstream Partners (NYSE:SMLP) Earns Strong-Buy Rating from Analysts at StockNews.com

StockNews.com assumed coverage on shares of Summit Midstream Partners (NYSE:SMLP) in a report released on Thursday. The firm issued a strong-buy rating on the pipeline company’s stock.

Summit Midstream Partners Price Performance

Summit Midstream Partners stock opened at $38.05 on Thursday. Summit Midstream Partners has a 12 month low of $13.00 and a 12 month high of $38.05. The company has a market capitalization of $396.33 million, a PE ratio of 5.31 and a beta of 2.41. The company has a current ratio of 2.64, a quick ratio of 2.64 and a debt-to-equity ratio of 1.51. The stock has a 50-day moving average price of $35.21 and a two-hundred day moving average price of $28.35.

Insider Buying and Selling

In other Summit Midstream Partners news, Director Jerry L. Peters sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was 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 in the company, valued at $1,029,033.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Pekin Hardy Strauss Inc. boosted its stake in shares of Summit Midstream Partners by 136.9% in the 2nd quarter. Pekin Hardy Strauss Inc. now owns 34,225 shares of the pipeline company’s stock valued at $1,217,000 after purchasing an additional 19,775 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Summit Midstream Partners in the 2nd quarter worth $386,000. Acadian Asset Management LLC lifted its stake in Summit Midstream Partners by 414.9% in the second quarter. Acadian Asset Management LLC now owns 9,798 shares of the pipeline company’s stock worth $347,000 after purchasing an additional 7,895 shares during the last quarter. Tower Research Capital LLC TRC purchased a new stake in Summit Midstream Partners during the fourth quarter valued at about $48,000. Finally, Cetera Advisors LLC grew its stake in shares of Summit Midstream Partners by 3.5% during the first quarter. Cetera Advisors LLC now owns 13,420 shares of the pipeline company’s stock valued at $377,000 after buying an additional 450 shares during the last quarter. 42.97% of the stock is currently owned by institutional investors.

About Summit Midstream Partners

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.