Short Interest in Summit Midstream Partners, LP (NYSE:SMC) Declines By 16.5%

Summit Midstream Partners, LP (NYSE:SMC) was the recipient of a large decline in short interest in the month of January. As of January 30th, there was short interest totaling 249,985 shares, a decline of 16.5% from the January 15th total of 299,318 shares. Approximately 1.4% of the shares of the company are short sold. Based on an average daily trading volume, of 47,701 shares, the days-to-cover ratio is currently 5.2 days. Based on an average daily trading volume, of 47,701 shares, the days-to-cover ratio is currently 5.2 days. Approximately 1.4% of the shares of the company are short sold.

Analysts Set New Price Targets

Several research firms have recently weighed in on SMC. Summit Redstone set a $47.00 price objective on Summit Midstream Partners in a research note on Thursday, December 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Midstream Partners in a research note on Monday, December 29th. Zacks Research raised Summit Midstream Partners to a “hold” rating in a report on Friday, December 19th. Finally, Noble Financial assumed coverage on shares of Summit Midstream Partners in a report on Thursday, December 18th. They issued an “outperform” rating and a $47.00 target price on the stock. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Summit Midstream Partners currently has a consensus rating of “Hold” and an average target price of $47.00.

Summit Midstream Partners Stock Performance

SMC traded up $0.59 during midday trading on Monday, reaching $29.07. 22,960 shares of the company were exchanged, compared to its average volume of 43,347. The stock’s 50-day simple moving average is $27.29 and its 200 day simple moving average is $24.20. Summit Midstream Partners has a one year low of $19.13 and a one year high of $45.89. The stock has a market capitalization of $546.23 million, a P/E ratio of -1.59 and a beta of 0.96.

Institutional Investors Weigh In On Summit Midstream Partners

Hedge funds have recently modified their holdings of the business. Nuveen LLC raised its holdings in Summit Midstream Partners by 3.1% during the 4th quarter. Nuveen LLC now owns 21,498 shares of the company’s stock worth $574,000 after buying an additional 656 shares during the period. Ameritas Investment Partners Inc. acquired a new position in Summit Midstream Partners in the 2nd quarter worth $25,000. Graham Capital Wealth Management LLC increased its holdings in Summit Midstream Partners by 3.5% during the 2nd quarter. Graham Capital Wealth Management LLC now owns 59,167 shares of the company’s stock worth $1,451,000 after purchasing an additional 2,017 shares in the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Summit Midstream Partners in the 2nd quarter valued at about $56,000. Finally, Invesco Ltd. lifted its stake in Summit Midstream Partners by 0.3% in the 3rd quarter. Invesco Ltd. now owns 968,080 shares of the company’s stock valued at $19,884,000 after acquiring an additional 2,975 shares in the last quarter. Institutional investors and hedge funds own 42.97% of the company’s stock.

Summit Midstream Partners Company Profile

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.