Insider Selling: Summit Midstream Partners (NYSE:SMC) Director Sells 10,000 Shares of Stock

Summit Midstream Partners, LP (NYSE:SMC – Get Free Report) Director Jerry Peters sold 10,000 shares of Summit Midstream Partners stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $32.00, for a total value of $320,000.00. Following the completion of the transaction, the director owned 16,979 shares in the company, valued at $543,328. The trade was a 37.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Summit Midstream Partners Stock Performance

Shares of Summit Midstream Partners stock traded down $0.39 during trading on Thursday, reaching $32.05. The company’s stock had a trading volume of 76,033 shares, compared to its average volume of 62,424. The business’s fifty day moving average price is $30.44 and its 200-day moving average price is $28.15. The firm has a market cap of $607.95 million, a price-to-earnings ratio of -17.05 and a beta of 0.83. Summit Midstream Partners, LP has a one year low of $19.13 and a one year high of $33.50.

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Summit Midstream Partners (NYSE:SMC – Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.43) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.06. The business had revenue of $139.14 million during the quarter, compared to the consensus estimate of $139.88 million. Sell-side analysts anticipate that Summit Midstream Partners, LP will post -0.93 EPS for the current year.

Institutional Investors Weigh In On Summit Midstream Partners

Several large investors have recently modified their holdings of SMC. Deltroit Asset Management UK LLP bought a new stake in shares of Summit Midstream Partners in the 4th quarter valued at approximately $18,864,000. Millennium Management LLC grew its stake in shares of Summit Midstream Partners by 320.2% in the 1st quarter. Millennium Management LLC now owns 204,265 shares of the company’s stock valued at $6,923,000 after purchasing an additional 155,655 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Summit Midstream Partners by 138.5% in the 2nd quarter. Geode Capital Management LLC now owns 231,443 shares of the company’s stock worth $5,678,000 after acquiring an additional 134,388 shares in the last quarter. ARK & TLK Investments LLC raised its position in shares of Summit Midstream Partners by 99.4% during the 4th quarter. ARK & TLK Investments LLC now owns 223,525 shares of the company’s stock valued at $5,964,000 after acquiring an additional 111,441 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Summit Midstream Partners by 36.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 200,926 shares of the company’s stock valued at $5,361,000 after buying an additional 53,733 shares in the last quarter. 42.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded Summit Midstream Partners from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $47.00.

View Our Latest Analysis on SMC

Summit Midstream Partners Company Profile

(Get Free Report)

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.

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