Summit Midstream Partners (NYSE:SMC) Price Target Raised to $43.00

Summit Midstream Partners (NYSE:SMC) had its target price upped by TD Cowen from $39.00 to $43.00 in a research note issued to investors on Wednesday morning, MarketBeat.com reports. TD Cowen currently has a buy rating on the stock.

Other research analysts also recently issued research reports about the company. Summit Redstone set a $39.00 target price on Summit Midstream Partners in a research note on Monday, August 3rd. Weiss Ratings reissued a “hold (c-)” rating on shares of Summit Midstream Partners in a report on Friday, August 7th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Summit Midstream Partners currently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Summit Midstream Partners Stock Up 0.3%

SMC opened at $34.90 on Wednesday. The company has a 50 day moving average of $30.28 and a 200 day moving average of $30.05. The company has a current ratio of 0.94, a quick ratio of 1.20 and a debt-to-equity ratio of 1.45. Summit Midstream Partners has a 12 month low of $19.13 and a 12 month high of $36.47. The company has a market cap of $709.87 million, a PE ratio of -31.44 and a beta of 0.71.

Summit Midstream Partners (NYSE:SMC) last posted its earnings results on Monday, August 10th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.47. The firm had revenue of $155.01 million for the quarter, compared to the consensus estimate of $169.00 million. Summit Midstream Partners had a negative return on equity of 0.04% and a negative net margin of 0.06%. On average, sell-side analysts expect that Summit Midstream Partners will post 0.4 EPS for the current year.

Summit Midstream Partners declared that its board has authorized a share buyback plan on Monday, June 1st that authorizes the company to buyback $35.00 million in shares. This buyback authorization authorizes the company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other Summit Midstream Partners news, VP James David Johnston sold 2,600 shares of Summit Midstream Partners 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 transaction, the vice president directly owned 75,357 shares of the company’s stock, valued at approximately $2,239,610.04. The trade was a 3.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jerry L. Peters sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $32.00, for a total transaction of $320,000.00. Following the completion of the transaction, the director owned 16,979 shares in the company, valued at approximately $543,328. This represents a 37.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 42.96% of the company’s stock.

Hedge Funds Weigh In On Summit Midstream Partners

Institutional investors and hedge funds have recently made changes to their positions in the business. Deltroit Asset Management UK LLP purchased a new position in Summit Midstream Partners during the fourth quarter valued at approximately $18,864,000. Millennium Management LLC increased its stake in Summit Midstream Partners by 320.2% in the 1st quarter. Millennium Management LLC now owns 204,265 shares of the company’s stock worth $6,923,000 after buying an additional 155,655 shares in the last quarter. Geode Capital Management LLC increased its stake in Summit Midstream Partners by 138.5% in the 2nd quarter. Geode Capital Management LLC now owns 231,443 shares of the company’s stock worth $5,678,000 after buying an additional 134,388 shares in the last quarter. ARK & TLK Investments LLC lifted its position in shares of Summit Midstream Partners by 99.4% in the fourth quarter. ARK & TLK Investments LLC now owns 223,525 shares of the company’s stock valued at $5,964,000 after acquiring an additional 111,441 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Summit Midstream Partners by 36.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 200,926 shares of the company’s stock valued at $5,361,000 after acquiring an additional 53,733 shares in the last quarter. Hedge funds and other institutional investors own 42.97% of the company’s stock.

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.