Summit Midstream Partners (NYSE:SMC) Trading 1.5% Higher – Here’s What Happened

Summit Midstream Partners, LP (NYSE:SMC) shares traded up 1.5% during mid-day trading on Thursday . The stock traded as high as $22.23 and last traded at $21.90. 63,572 shares changed hands during mid-day trading, a decline of 6% from the average session volume of 67,404 shares. The stock had previously closed at $21.58.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Wall Street Zen upgraded Summit Midstream Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, August 19th. Weiss Ratings reissued a “sell (d)” rating on shares of Summit Midstream Partners in a research note on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Summit Midstream Partners currently has a consensus rating of “Sell”.

Summit Midstream Partners Trading Up 1.5%

The company has a 50 day moving average price of $21.63 and a 200 day moving average price of $24.66. The company has a market capitalization of $411.14 million, a price-to-earnings ratio of -1.67 and a beta of 1.11.

Summit Midstream Partners (NYSE:SMC) last released its earnings results on Monday, August 11th. The company reported ($0.66) EPS for the quarter. The firm had revenue of $140.22 million during the quarter.

Institutional Investors Weigh In On Summit Midstream Partners

A number of institutional investors have recently made changes to their positions in the stock. Invesco Ltd. grew its stake in shares of Summit Midstream Partners by 0.8% during the second quarter. Invesco Ltd. now owns 965,105 shares of the company’s stock worth $23,674,000 after purchasing an additional 8,079 shares during the period. Vanguard Group Inc. grew its stake in shares of Summit Midstream Partners by 51.6% during the first quarter. Vanguard Group Inc. now owns 687,064 shares of the company’s stock worth $23,285,000 after purchasing an additional 233,760 shares during the period. Geode Capital Management LLC grew its stake 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 worth $5,678,000 after purchasing an additional 134,388 shares during the period. Millennium Management LLC grew its stake in shares of Summit Midstream Partners by 320.2% during the first quarter. Millennium Management LLC now owns 204,265 shares of the company’s stock worth $6,923,000 after purchasing an additional 155,655 shares during the period. Finally, Eagle Global Advisors LLC grew its stake in shares of Summit Midstream Partners by 3.7% during the second quarter. Eagle Global Advisors LLC now owns 195,297 shares of the company’s stock worth $4,791,000 after purchasing an additional 7,031 shares during the period. 42.97% of the stock is owned by institutional investors and hedge funds.

About Summit Midstream Partners

Summit Midstream Corporation focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. It operates natural gas, crude oil, and produced water gathering systems in four unconventional resource basins, including the Williston Basin in North Dakota, which includes the Bakken and Three Forks shale formations; the Denver-Julesburg Basin that consists of the Niobrara and Codell shale formations in Colorado and Wyoming; the Fort Worth Basin in Texas, which comprises the Barnett Shale formation; and the Piceance Basin in Colorado, which includes the Mesaverde formation, as well as the emerging Mancos and Niobrara Shale formations.