Renaissance Technologies LLC bought a new stake in Summit Midstream Partners, LP (NYSE:SMC – Free Report) in the 1st quarter, Holdings Channel.com reports. The fund bought 22,476 shares of the company’s stock, valued at approximately $680,000.
Several other large investors have also recently added to or reduced their stakes in the business. Invesco Ltd. grew its holdings in Summit Midstream Partners by 0.3% in the 4th quarter. Invesco Ltd. now owns 971,063 shares of the company’s stock valued at $25,908,000 after buying an additional 2,983 shares during the period. Deltroit Asset Management UK LLP purchased a new position in shares of Summit Midstream Partners during the 4th quarter worth about $18,864,000. Geode Capital Management LLC boosted its position in shares of Summit Midstream Partners by 3.3% in the fourth quarter. Geode Capital Management LLC now owns 238,063 shares of the company’s stock worth $6,353,000 after acquiring an additional 7,497 shares during the last quarter. ARK & TLK Investments LLC boosted its position in shares of Summit Midstream Partners by 99.4% in the fourth quarter. ARK & TLK Investments LLC now owns 223,525 shares of the company’s stock worth $5,964,000 after acquiring an additional 111,441 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in Summit Midstream Partners by 320.2% in the first 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. 42.97% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other news, Director Jerry L. Peters sold 10,000 shares of the stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $32.00, for a total value of $320,000.00. Following the completion of the sale, the director owned 16,979 shares of the company’s stock, valued at $543,328. This represents a 37.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP James David Johnston sold 2,600 shares of the firm’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $29.72, for a total transaction of $77,272.00. Following the completion of the transaction, the vice president directly owned 75,357 shares in the company, valued at approximately $2,239,610.04. This represents a 3.34% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 42.96% of the company’s stock.
Analysts Set New Price Targets
Check Out Our Latest Analysis on SMC
Summit Midstream Partners Stock Performance
Summit Midstream Partners stock opened at $34.90 on Monday. The company has a market cap of $709.87 million, a price-to-earnings ratio of -31.44 and a beta of 0.71. Summit Midstream Partners, LP has a 12 month low of $19.13 and a 12 month high of $36.47. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.94 and a quick ratio of 0.94. The stock’s 50-day moving average is $30.28 and its 200-day moving average is $30.06.
Summit Midstream Partners (NYSE:SMC – Get Free Report) last issued its earnings results on Monday, August 10th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.47. The business had revenue of $155.01 million during the quarter, compared to analysts’ expectations of $169.00 million. Summit Midstream Partners had a negative return on equity of 0.04% and a negative net margin of 0.06%. Equities analysts anticipate that Summit Midstream Partners, LP will post 0.4 earnings per share for the current year.
Summit Midstream Partners announced that its Board of Directors has authorized a share repurchase program on Monday, June 1st that allows the company to buyback $35.00 million in shares. This buyback authorization allows the company to repurchase up to 6.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
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.
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