James David Johnston Sells 2,600 Shares of Summit Midstream Partners (NYSE:SMC) Stock

Summit Midstream Partners, LP (NYSE:SMC) VP James David Johnston sold 2,600 shares of the company’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $29.72, for a total transaction of $77,272.00. Following the completion of the transaction, the vice president owned 75,357 shares in the company, valued at $2,239,610.04. This represents a 3.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Summit Midstream Partners Stock Performance

Summit Midstream Partners stock opened at $30.22 on Wednesday. Summit Midstream Partners, LP has a fifty-two week low of $19.13 and a fifty-two week high of $33.50. The company has a market capitalization of $614.65 million, a PE ratio of -16.07 and a beta of 0.74. The company has a 50 day moving average price of $29.90 and a 200-day moving average price of $29.23. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.20 and a current ratio of 1.20.

Summit Midstream Partners (NYSE:SMC) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.43) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.06. Summit Midstream Partners had a negative return on equity of 0.73% and a negative net margin of 1.09%.The company had revenue of $139.14 million for the quarter, compared to the consensus estimate of $139.88 million. As a group, equities analysts forecast that Summit Midstream Partners, LP will post -0.93 earnings per share for the current year.

Summit Midstream Partners declared that its board has initiated a share repurchase program on Monday, June 1st that permits the company to buyback $35.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC boosted its position in Summit Midstream Partners by 320.2% during the first quarter. Millennium Management LLC now owns 204,265 shares of the company’s stock valued at $6,923,000 after purchasing an additional 155,655 shares in the last quarter. Empowered Funds LLC raised its holdings in Summit Midstream Partners by 5.4% in the first quarter. Empowered Funds LLC now owns 59,481 shares of the company’s stock worth $2,016,000 after purchasing an additional 3,041 shares in the last quarter. Jane Street Group LLC lifted its position in shares of Summit Midstream Partners by 243.0% during the first quarter. Jane Street Group LLC now owns 34,862 shares of the company’s stock valued at $1,181,000 after buying an additional 24,699 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Summit Midstream Partners by 138.5% during the second quarter. Geode Capital Management LLC now owns 231,443 shares of the company’s stock valued at $5,678,000 after buying an additional 134,388 shares during the last quarter. Finally, Rhumbline Advisers bought a new stake in shares of Summit Midstream Partners in the 2nd quarter valued at about $239,000. 42.97% of the stock is currently owned by hedge funds and other institutional investors.

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 assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $47.00.

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.