Summit Midstream Partners (NYSE:SMC) Stock Dropped to Hold by Zacks Research

Zacks Research lowered shares of Summit Midstream Partners (NYSE:SMC) from a strong-buy rating to a hold rating in a research note released on Monday,Zacks reports.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings raised shares of Summit Midstream Partners from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, August 21st. Summit Redstone set a $39.00 price objective on shares of Summit Midstream Partners in a research report on Monday, August 3rd. Finally, TD Cowen boosted their target price 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 analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Summit Midstream Partners presently has a consensus rating of “Moderate Buy” and an average target price of $43.00.

Summit Midstream Partners Stock Performance

Shares of SMC opened at $29.92 on Monday. The stock has a 50-day simple moving average of $32.10 and a 200-day simple moving average of $30.62. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market capitalization of $607.72 million, a PE ratio of -26.96 and a beta of 0.88. Summit Midstream Partners has a 1 year low of $20.80 and a 1 year high of $36.47.

Summit Midstream Partners (NYSE:SMC) last released its earnings results on Monday, August 10th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.47. Summit Midstream Partners had a negative net margin of 0.06% and a negative return on equity of 0.04%. The firm had revenue of $155.01 million for the quarter, compared to analyst estimates of $169.00 million. On average, analysts predict that Summit Midstream Partners will post 0.40 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, VP James Johnston sold 2,600 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $30.51, for a total transaction of $79,326.00. Following the completion of the sale, the vice president owned 72,757 shares in the company, valued at $2,219,816.07. The trade was a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 42.96% of the stock is currently owned by insiders.

Institutional Trading of Summit Midstream Partners

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp raised its stake in Summit Midstream Partners by 3.3% during the 2nd quarter. State Street Corp now owns 184,546 shares of the company’s stock worth $5,256,000 after acquiring an additional 5,939 shares in the last quarter. Engineers Gate Manager LP acquired a new position in Summit Midstream Partners in the second quarter valued at $305,000. Squarepoint Ops LLC acquired a new position in Summit Midstream Partners in the second quarter valued at $238,000. Odyssean LLC purchased a new position in shares of Summit Midstream Partners during the second quarter worth about $448,000. Finally, Ancora Advisors LLC purchased a new position in shares of Summit Midstream Partners during the second quarter worth about $143,000. Institutional investors and hedge funds own 42.97% of the company’s stock.

Summit Midstream Partners Company Profile

Summit Midstream Partners, known as Summit Midstream Corporation following its corporate reorganization, is a midstream energy company that develops, owns and operates infrastructure used to gather and process natural gas, crude oil and produced water. The company primarily provides fee-based services to exploration and production companies, connecting wells to processing plants, pipelines and other downstream markets.

Its assets have historically included natural gas gathering and processing systems, crude oil and produced-water gathering infrastructure, and related pipelines and facilities.