Summit Midstream Partners (NYSE:SMC) Shares Gap Down – Time to Sell?

Summit Midstream Partners, LP (NYSE:SMC) gapped down before the market opened on Friday . The stock had previously closed at $26.68, but opened at $26.07. Summit Midstream Partners shares last traded at $26.61, with a volume of 9,875 shares trading hands.

Analyst Ratings Changes

SMC has been the topic of a number of recent analyst reports. Noble Financial assumed coverage on shares of Summit Midstream Partners in a research note on Thursday, December 18th. They issued an “outperform” rating and a $47.00 target price on the stock. Summit Redstone set a $47.00 price objective on Summit Midstream Partners in a report on Thursday, December 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Midstream Partners in a research note on Monday. Finally, Zacks Research raised Summit Midstream Partners to a “hold” rating in a report on Friday, December 19th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $47.00.

Summit Midstream Partners Stock Down 0.5%

The company has a market capitalization of $498.87 million, a price-to-earnings ratio of -1.45 and a beta of 0.91. The stock has a 50 day simple moving average of $24.84 and a 200 day simple moving average of $23.73.

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

Hedge Funds Weigh In On Summit Midstream Partners

Several institutional investors have recently modified their holdings of the company. Virtus Fixed Income Advisers LLC acquired a new position in shares of Summit Midstream Partners during the second quarter valued at $2,937,000. ARK & TLK Investments LLC acquired a new position in Summit Midstream Partners during the 2nd quarter valued at about $2,749,000. American Century Companies Inc. increased its stake in Summit Midstream Partners by 55.2% during the 1st quarter. American Century Companies Inc. now owns 16,836 shares of the company’s stock valued at $571,000 after buying an additional 5,989 shares during the period. Bridgeway Capital Management LLC raised its position in shares of Summit Midstream Partners by 42.4% during the 1st quarter. Bridgeway Capital Management LLC now owns 87,481 shares of the company’s stock worth $2,965,000 after buying an additional 26,041 shares in the last quarter. Finally, Magnetar Financial LLC acquired a new stake in shares of Summit Midstream Partners in the 2nd quarter worth approximately $249,000. Institutional investors own 42.97% of the company’s stock.

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.