Insider Selling: Summit Midstream Partners (NYSE:SMC) VP Sells $79,326.00 in Stock

Summit Midstream Partners, LP (NYSE:SMC) VP James David Johnston sold 2,600 shares of the business’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $30.51, for a total value of $79,326.00. Following the transaction, the vice president owned 72,757 shares in the company, valued at approximately $2,219,816.07. This represents a 3.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Summit Midstream Partners Price Performance

SMC stock opened at $30.90 on Monday. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.94 and a current ratio of 0.94. Summit Midstream Partners, LP has a 1 year low of $19.83 and a 1 year high of $36.47. The firm has a market cap of $627.52 million, a P/E ratio of -27.83 and a beta of 0.80. The stock has a 50-day simple moving average of $32.72 and a 200-day simple moving average of $30.96.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SMC. TD Cowen upped their target price on shares of Summit Midstream Partners from $39.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Weiss Ratings raised shares of Summit Midstream Partners from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, August 21st. Finally, Summit Redstone set a $39.00 price objective on shares of Summit Midstream Partners in a report on Monday, August 3rd. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Summit Midstream Partners presently has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Hedge Funds Weigh In On Summit Midstream Partners

Institutional investors have recently made changes to their positions in the business. Deltroit Asset Management UK LLP acquired a new stake in shares of Summit Midstream Partners during the fourth quarter worth approximately $18,864,000. Odyssean LLC acquired a new stake in Summit Midstream Partners in the second quarter valued at $448,000. Cetera Investment Advisers raised its holdings in Summit Midstream Partners by 104.1% in the first quarter. Cetera Investment Advisers now owns 56,533 shares of the company’s stock valued at $1,710,000 after acquiring an additional 28,840 shares in the last quarter. JB Capital Partners LP bought a new position in Summit Midstream Partners during the 4th quarter valued at $612,000. Finally, Renaissance Technologies LLC bought a new position in Summit Midstream Partners during the 1st quarter valued at $680,000. 42.97% of the stock is owned by institutional investors and hedge funds.

About Summit Midstream Partners

Summit Midstream Partners, now operating as Summit Midstream Corporation, is a midstream energy company that develops, owns and operates gathering and processing infrastructure for natural gas, crude oil and produced water. Its services generally include gathering, compression, dehydration, treating, processing and transportation support, connecting producers’ wells with downstream pipelines and processing facilities.

The company serves several major U.S. oil and gas producing regions through a portfolio of gathering systems.