Summit Midstream Partners (NYSE:SMC) Shares Break Above Two Hundred Day Moving Average – What’s Next?

Summit Midstream Partners, LP (NYSE:SMC)’s share price passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $30.66 and traded as high as $30.97. Summit Midstream Partners shares last traded at $30.8510, with a volume of 211,350 shares trading hands.

Wall Street Analyst Weigh In

SMC has been the subject of a number of analyst reports. Weiss Ratings cut Summit Midstream Partners from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday. TD Cowen increased their price target on Summit Midstream Partners from $39.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Summit Redstone set a $39.00 price objective on Summit Midstream Partners in a report on Monday, August 3rd. Finally, Zacks Research cut Summit Midstream Partners from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 2nd. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Summit Midstream Partners Trading Down 1.9%

The company has a debt-to-equity ratio of 1.43, a current ratio of 1.25 and a quick ratio of 0.94. The firm has a market capitalization of $623.82 million, a PE ratio of -76.79 and a beta of 0.88. The company’s fifty day simple moving average is $31.29 and its 200-day simple moving average is $30.69.

Summit Midstream Partners (NYSE:SMC) last announced its earnings results on Monday, November 9th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.46. The business had revenue of $183.01 million for the quarter, compared to analyst estimates of $158.60 million. Summit Midstream Partners had a net margin of 1.61% and a return on equity of 1.17%. As a group, sell-side analysts expect that Summit Midstream Partners, LP will post 0.40 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, VP James Johnston sold 2,600 shares of the firm’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $30.51, for a total value of $79,326.00. Following the transaction, the vice president directly owned 72,757 shares of the company’s stock, valued at approximately $2,219,816.07. This trade represents a 3.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 42.96% of the company’s stock.

Institutional Investors Weigh In On Summit Midstream Partners

Large investors have recently bought and sold shares of the company. State Street Corp raised its holdings in shares of Summit Midstream Partners by 1.6% during the third quarter. State Street Corp now owns 187,463 shares of the company’s stock valued at $5,667,000 after acquiring an additional 2,917 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Summit Midstream Partners by 8.4% in the third quarter. Empowered Funds LLC now owns 99,198 shares of the company’s stock valued at $2,999,000 after acquiring an additional 7,645 shares in the last quarter. Cetera Investment Advisers lifted its position in shares of Summit Midstream Partners by 104.1% in the first quarter. Cetera Investment Advisers now owns 56,533 shares of the company’s stock valued at $1,710,000 after acquiring an additional 28,840 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Summit Midstream Partners by 339.9% in the third quarter. Russell Investments Group Ltd. now owns 31,465 shares of the company’s stock worth $951,000 after acquiring an additional 24,313 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Summit Midstream Partners in the first quarter worth approximately $680,000. 42.97% of the stock is currently owned by hedge funds and other institutional investors.

Summit Midstream Partners Company Profile

Summit Midstream Corporation, formerly Summit Midstream Partners, is a midstream energy company that provides infrastructure and services to natural gas and crude oil producers. Its operations include gathering, compressing, treating and processing natural gas, as well as gathering and handling crude oil and produced water. The company’s assets serve production areas including the Williston Basin in North Dakota, the Piceance and Denver-Julesburg basins in Colorado, the Permian Basin in Texas and the Barnett Shale in Texas.