Summit Midstream Partners (NYSE:SMC) Issues Earnings Results

Summit Midstream Partners (NYSE:SMC) posted its quarterly earnings data on Monday. The company reported ($0.13) earnings per share for the quarter, Zacks reports. The firm had revenue of $146.88 million for the quarter.

Summit Midstream Partners Trading Up 10.3%

Shares of SMC stock traded up $2.19 on Monday, reaching $23.39. The company had a trading volume of 141,264 shares, compared to its average volume of 92,924. Summit Midstream Partners has a 12 month low of $19.13 and a 12 month high of $45.89. The company has a 50-day moving average of $21.92 and a 200-day moving average of $24.12. The stock has a market cap of $439.11 million, a PE ratio of -1.17 and a beta of 1.14.

Analyst Ratings Changes

Several research firms recently issued reports on SMC. Wall Street Zen raised shares of Summit Midstream Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, August 19th. Weiss Ratings reiterated a “sell (d)” rating on shares of Summit Midstream Partners in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has an average rating of “Sell”.

Institutional Investors Weigh In On Summit Midstream Partners

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Invesco Ltd. grew its holdings in 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 buying an additional 8,079 shares in the last quarter. Geode Capital Management LLC boosted its holdings in 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 last quarter. Millennium Management LLC grew its position 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 purchasing an additional 155,655 shares in the last quarter. Bridgeway Capital Management LLC increased its stake in Summit Midstream Partners by 6.7% in the 2nd quarter. Bridgeway Capital Management LLC now owns 93,314 shares of the company’s stock valued at $2,289,000 after buying an additional 5,833 shares during the last quarter. Finally, Empowered Funds LLC boosted its stake in shares of Summit Midstream Partners by 5.4% in the 1st quarter. Empowered Funds LLC now owns 59,481 shares of the company’s stock worth $2,016,000 after buying an additional 3,041 shares during the last quarter. 42.97% of the stock is currently 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.