JB Capital Partners LP Invests $612,000 in Summit Midstream Partners, LP $SMC

JB Capital Partners LP acquired a new position in Summit Midstream Partners, LP (NYSE:SMC) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 22,956 shares of the company’s stock, valued at approximately $612,000.

Several other institutional investors have also recently made changes to their positions in the stock. Nuveen LLC raised its stake 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 period. Empowered Funds LLC raised its stake in shares of Summit Midstream Partners by 10.8% in the fourth quarter. Empowered Funds LLC now owns 81,759 shares of the company’s stock worth $2,181,000 after buying an additional 7,953 shares during the period. Deutsche Bank AG bought a new position in shares of Summit Midstream Partners in the fourth quarter worth about $186,000. Deltroit Asset Management UK LLP bought a new position in shares of Summit Midstream Partners in the fourth quarter worth about $18,864,000. Finally, Goldman Sachs Group Inc. bought a new position in shares of Summit Midstream Partners in the fourth quarter worth about $215,000. Institutional investors own 42.97% of the company’s stock.

Summit Midstream Partners Trading Down 0.2%

Shares of SMC opened at $29.89 on Friday. The business’s 50 day moving average is $29.93 and its 200 day moving average is $28.84. The company has a market capitalization of $608.04 million, a PE ratio of -15.90 and a beta of 0.77. Summit Midstream Partners, LP has a 12-month low of $19.13 and a 12-month high of $33.50.

Summit Midstream Partners (NYSE:SMC) last issued its 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 business had revenue of $139.14 million for the quarter, compared to the consensus estimate of $139.88 million. Equities research analysts predict that Summit Midstream Partners, LP will post -0.93 earnings per share for the current year.

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

Insider Transactions at Summit Midstream Partners

In related news, Director Jerry L. Peters sold 10,000 shares of Summit Midstream Partners stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $32.00, for a total transaction of $320,000.00. Following the sale, the director owned 16,979 shares of the company’s stock, valued at approximately $543,328. This trade represents a 37.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 42.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised Summit Midstream Partners from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $47.00.

Summit Midstream Partners 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.