Renaissance Technologies LLC Acquires New Shares in Summit Midstream Partners, LP $SMC

Renaissance Technologies LLC acquired a new position in shares of Summit Midstream Partners, LP (NYSE:SMC) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 22,476 shares of the company’s stock, valued at approximately $680,000. Renaissance Technologies LLC owned about 0.12% of Summit Midstream Partners as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Public Employees Retirement System of Ohio purchased a new position in shares of Summit Midstream Partners in the first quarter valued at $46,000. New York State Common Retirement Fund purchased a new stake in shares of Summit Midstream Partners in the 2nd quarter worth about $96,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Summit Midstream Partners by 5,417.0% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,517 shares of the company’s stock worth $135,000 after buying an additional 5,417 shares in the last quarter. Deutsche Bank AG acquired a new stake in Summit Midstream Partners in the 4th quarter valued at about $186,000. Finally, Goldman Sachs Group Inc. acquired a new stake in Summit Midstream Partners in the 4th quarter valued at about $215,000. 42.97% of the stock is currently owned by hedge funds and other institutional investors.

Summit Midstream Partners Stock Down 0.2%

Shares of NYSE:SMC opened at $34.90 on Monday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.45. The company has a market capitalization of $709.87 million, a P/E ratio of -31.44 and a beta of 0.71. Summit Midstream Partners, LP has a 52-week low of $19.13 and a 52-week high of $36.47. The stock’s fifty day simple moving average is $30.28 and its 200-day simple moving average is $30.06.

Summit Midstream Partners (NYSE:SMC) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.47. Summit Midstream Partners had a negative return on equity of 0.04% and a negative net margin of 0.06%.The firm had revenue of $155.01 million during the quarter, compared to analysts’ expectations of $169.00 million. As a group, equities research analysts forecast that Summit Midstream Partners, LP will post 0.4 earnings per share for the current fiscal year.

Summit Midstream Partners announced that its board has approved a stock buyback program on Monday, June 1st that permits the company to repurchase $35.00 million in shares. This repurchase authorization permits the company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have issued reports on SMC shares. Weiss Ratings restated a “hold (c-)” rating on shares of Summit Midstream Partners in a research report on Friday, August 7th. Summit Redstone set a $39.00 price target on shares of Summit Midstream Partners in a research report on Monday, August 3rd. Finally, TD Cowen raised their price objective on shares of Summit Midstream Partners from $39.00 to $43.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Insider Activity

In other news, Director Jerry L. Peters sold 10,000 shares of the business’s stock in a transaction that occurred 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 transaction, the director owned 16,979 shares of the company’s stock, valued at $543,328. The trade was a 37.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP James David Johnston sold 2,600 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $2,239,610.04. This represents a 3.34% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 42.96% of the stock is owned by company insiders.

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.