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

Summit Midstream Partners, LP (NYSE:SMC) Director Jerry Peters sold 10,000 shares of the company’s 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 sale, the director directly owned 16,979 shares of the company’s stock, valued at $543,328. The trade was a 37.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Summit Midstream Partners Stock Down 1.2%

NYSE:SMC traded down $0.39 during trading hours on Thursday, reaching $32.05. 76,033 shares of the stock were exchanged, compared to its average volume of 62,424. The firm has a 50 day simple moving average of $30.44 and a 200-day simple moving average of $28.15. Summit Midstream Partners, LP has a 52 week low of $19.13 and a 52 week high of $33.50. The stock has a market capitalization of $607.95 million, a P/E ratio of -17.05 and a beta of 0.83.

Summit Midstream Partners (NYSE:SMC) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.43) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.06. The firm had revenue of $139.14 million for the quarter, compared to analyst estimates of $139.88 million. As a group, analysts expect that Summit Midstream Partners, LP will post -0.93 earnings per share for the current year.

Institutional Trading of Summit Midstream Partners

Institutional investors have recently bought and sold shares of the company. Nuveen LLC lifted its position in shares of Summit Midstream Partners by 3.1% in the fourth quarter. Nuveen LLC now owns 21,498 shares of the company’s stock worth $574,000 after buying an additional 656 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of Summit Midstream Partners by 11.7% in the first quarter. Hsbc Holdings PLC now owns 10,446 shares of the company’s stock worth $322,000 after buying an additional 1,096 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Summit Midstream Partners in the first quarter worth about $46,000. Invesco Ltd. lifted its position in shares of Summit Midstream Partners by 0.3% in the third quarter. Invesco Ltd. now owns 968,080 shares of the company’s stock worth $19,884,000 after buying an additional 2,975 shares during the last quarter. Finally, Empowered Funds LLC lifted its position in shares of Summit Midstream Partners by 5.4% in the first quarter. Empowered Funds LLC now owns 59,481 shares of the company’s stock worth $2,016,000 after buying an additional 3,041 shares during the last quarter. Institutional investors and hedge funds own 42.97% of the company’s stock.

Wall Street Analyst Weigh In

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

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.