Summit Midstream Partners (NYSE:SMC) Now Covered by Noble Financial

Analysts at Noble Financial assumed coverage on shares of Summit Midstream Partners (NYSE:SMC) in a research note issued to investors on Thursday, Marketbeat reports. The brokerage set an “outperform” rating and a $47.00 price target on the stock. Noble Financial’s price target would suggest a potential upside of 76.49% from the stock’s current price.

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Midstream Partners in a research report on Monday. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $47.00.

Summit Midstream Partners Stock Up 0.5%

NYSE SMC opened at $26.63 on Thursday. The company has a fifty day moving average of $23.51 and a two-hundred day moving average of $23.61. The firm has a market capitalization of $500.38 million, a price-to-earnings ratio of -1.46 and a beta of 0.87. Summit Midstream Partners has a 52 week low of $19.13 and a 52 week high of $45.89.

Summit Midstream Partners (NYSE:SMC) last announced its earnings results on Monday, November 10th. The company reported ($0.13) earnings per share for the quarter. The firm had revenue of $146.88 million for the quarter.

Institutional Investors Weigh In On Summit Midstream Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. bought a new position in Summit Midstream Partners in the 2nd quarter worth about $25,000. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Summit Midstream Partners during the second quarter valued at approximately $56,000. New York State Common Retirement Fund purchased a new stake in shares of Summit Midstream Partners in the second quarter valued at approximately $96,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Summit Midstream Partners by 5,417.0% in 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 in the last quarter. Finally, Jump Financial LLC purchased a new position in Summit Midstream Partners during the 1st quarter worth $213,000. Institutional investors own 42.97% of the company’s stock.

About Summit Midstream Partners

Summit Midstream Corporation focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. It operates natural gas, crude oil, and produced water gathering systems in four unconventional resource basins, including the Williston Basin in North Dakota, which includes the Bakken and Three Forks shale formations; the Denver-Julesburg Basin that consists of the Niobrara and Codell shale formations in Colorado and Wyoming; the Fort Worth Basin in Texas, which comprises the Barnett Shale formation; and the Piceance Basin in Colorado, which includes the Mesaverde formation, as well as the emerging Mancos and Niobrara Shale formations.