Flat Footed LLC Has $3.76 Million Holdings in Summit Midstream Partners, LP $SMC

Flat Footed LLC lowered its stake in Summit Midstream Partners, LP (NYSE:SMC) by 65.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 124,278 shares of the company’s stock after selling 232,289 shares during the quarter. Summit Midstream Partners makes up approximately 0.4% of Flat Footed LLC’s portfolio, making the stock its 12th largest holding. Flat Footed LLC’s holdings in Summit Midstream Partners were worth $3,758,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently made changes to their positions in the stock. Public Employees Retirement System of Ohio bought a new position in shares of Summit Midstream Partners in the 1st quarter valued at approximately $46,000. New York State Common Retirement Fund bought a new stake in Summit Midstream Partners during the second quarter worth approximately $96,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Summit Midstream Partners by 5,417.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,517 shares of the company’s stock worth $135,000 after purchasing an additional 5,417 shares during the period. Deutsche Bank AG acquired a new position in Summit Midstream Partners during the fourth quarter valued at approximately $186,000. Finally, Goldman Sachs Group Inc. acquired a new position in Summit Midstream Partners during the fourth quarter valued at approximately $215,000. Institutional investors own 42.97% of the company’s stock.

Summit Midstream Partners Trading Up 0.3%

Summit Midstream Partners stock opened at $30.58 on Monday. Summit Midstream Partners, LP has a 52 week low of $19.13 and a 52 week high of $33.50. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a market capitalization of $622.04 million, a PE ratio of -16.27 and a beta of 0.74. The business’s 50-day simple moving average is $29.80 and its 200-day simple moving average is $29.55.

Summit Midstream Partners (NYSE:SMC) last announced its earnings results on Monday, May 11th. The company reported ($0.43) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.06. The firm had revenue of $139.14 million during the quarter, compared to the consensus estimate of $139.88 million. Summit Midstream Partners had a negative return on equity of 0.73% and a negative net margin of 1.09%. Equities research analysts forecast 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 stock repurchase program on Monday, June 1st that authorizes the company to repurchase $35.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other news, Director Jerry L. Peters sold 10,000 shares of the company’s 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 completion of the transaction, the director directly owned 16,979 shares in the company, valued at $543,328. The trade was a 37.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP James David Johnston sold 2,600 shares of the stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $29.72, for a total value of $77,272.00. Following the completion of the sale, the vice president directly owned 75,357 shares of the company’s stock, valued at $2,239,610.04. This represents a 3.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 42.96% of the stock is owned by insiders.

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.