Summit Midstream Partners (NYSE:SMLP) Shares Cross Above 200-Day Moving Average of $19.42

Summit Midstream Partners, LP (NYSE:SMLP)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $19.42 and traded as high as $28.19. Summit Midstream Partners shares last traded at $28.19, with a volume of 11,478 shares changing hands.

Summit Midstream Partners Stock Performance

The company has a debt-to-equity ratio of 2.34, a current ratio of 0.73 and a quick ratio of 0.73. The stock has a market cap of $289.78 million, a price-to-earnings ratio of -4.54 and a beta of 2.33. The stock’s 50-day moving average is $22.29 and its 200 day moving average is $19.58.

Summit Midstream Partners (NYSE:SMLP) last posted its quarterly earnings results on Friday, March 15th. The pipeline company reported ($1.29) earnings per share (EPS) for the quarter. Summit Midstream Partners had a negative net margin of 8.49% and a negative return on equity of 4.72%. The company had revenue of $127.32 million for the quarter.

Insider Activity

In other news, insider James David Johnston sold 3,400 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $25.21, for a total transaction of $85,714.00. Following the completion of the transaction, the insider now directly owns 48,201 shares of the company’s stock, valued at approximately $1,215,147.21. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last three months, insiders sold 8,000 shares of company stock worth $179,459. Company insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. purchased a new stake in Summit Midstream Partners in the 1st quarter worth approximately $3,970,000. Bank of America Corp DE grew its stake in Summit Midstream Partners by 119.0% in the 1st quarter. Bank of America Corp DE now owns 427,874 shares of the pipeline company’s stock worth $6,366,000 after acquiring an additional 232,509 shares during the period. Nomura Holdings Inc. grew its stake in Summit Midstream Partners by 181.8% in the 1st quarter. Nomura Holdings Inc. now owns 296,765 shares of the pipeline company’s stock worth $4,403,000 after acquiring an additional 191,440 shares during the period. Ares Management LLC grew its stake in Summit Midstream Partners by 31.3% in the 1st quarter. Ares Management LLC now owns 356,628 shares of the pipeline company’s stock worth $5,307,000 after acquiring an additional 85,000 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in Summit Midstream Partners by 52.6% in the 1st quarter. JPMorgan Chase & Co. now owns 232,801 shares of the pipeline company’s stock worth $3,464,000 after acquiring an additional 80,214 shares during the period. 42.97% of the stock is owned by hedge funds and other 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.