TD Cowen Upgrades Summit Midstream Partners (NYSE:SMC) to “Strong-Buy”

Summit Midstream Partners (NYSE:SMC) was upgraded by research analysts at TD Cowen to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Other research analysts have also issued research reports about the stock. Summit Redstone set a $39.00 price objective on shares of Summit Midstream Partners in a report on Monday. Weiss Ratings raised shares of Summit Midstream Partners from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.67.

Summit Midstream Partners Price Performance

Shares of SMC opened at $30.34 on Tuesday. Summit Midstream Partners has a 12-month low of $19.13 and a 12-month high of $33.50. The business has a 50-day simple moving average of $29.65 and a two-hundred day simple moving average of $29.76. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.59. The stock has a market cap of $617.01 million, a PE ratio of -16.14 and a beta of 0.71.

Summit Midstream Partners (NYSE:SMC) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.43) EPS for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.06. The firm had revenue of $139.14 million for the quarter, compared to analyst estimates of $139.88 million. Summit Midstream Partners had a negative return on equity of 0.73% and a negative net margin of 1.09%. Analysts anticipate that Summit Midstream Partners will post -0.93 earnings per share for the current fiscal year.

Summit Midstream Partners declared that its Board of Directors has initiated 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 repurchase up to 6.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other Summit Midstream Partners news, Director Jerry L. Peters sold 10,000 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $32.00, for a total value of $320,000.00. Following the sale, the director owned 16,979 shares in the company, valued at approximately $543,328. The trade was a 37.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP James David Johnston sold 2,600 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $29.72, for a total value of $77,272.00. Following the completion of the sale, the vice president owned 75,357 shares in the company, valued at $2,239,610.04. This trade represents a 3.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 42.96% of the stock is currently owned by insiders.

Institutional Trading of Summit Midstream Partners

Several institutional investors have recently added to or reduced their stakes in the stock. Deltroit Asset Management UK LLP bought a new position in Summit Midstream Partners during the 4th quarter worth approximately $18,864,000. ARK & TLK Investments LLC lifted its position in shares of Summit Midstream Partners by 99.4% in 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. JB Capital Partners LP bought a new stake in shares of Summit Midstream Partners in the 4th quarter valued at $612,000. Empowered Funds LLC boosted its stake in shares of Summit Midstream Partners by 5.4% in the 1st 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 last quarter. Finally, Bridgeway Capital Management LLC increased its position in shares of Summit Midstream Partners by 9.1% during the third quarter. Bridgeway Capital Management LLC now owns 101,806 shares of the company’s stock worth $2,091,000 after buying an additional 8,492 shares during the period. 42.97% of the stock is currently owned by institutional investors.

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.