Summit Midstream Partners (NYSE:SMC) Sees Large Volume Increase – What’s Next?

Summit Midstream Partners, LP (NYSE:SMC) saw strong trading volume on Wednesday . 230,337 shares were traded during mid-day trading, an increase of 276% from the previous session’s volume of 61,292 shares.The stock last traded at $32.0450 and had previously closed at $31.66.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SMC shares. Summit Redstone set a $47.00 price target on shares of Summit Midstream Partners in a research report on Thursday, December 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Midstream Partners in a research note on Monday, December 29th. Noble Financial started coverage on Summit Midstream Partners in a report on Thursday, December 18th. They set an “outperform” rating and a $47.00 price objective for the company. Finally, Zacks Research upgraded Summit Midstream Partners to a “hold” rating in a research report on Friday, December 19th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $47.00.

Summit Midstream Partners Stock Performance

The stock has a market capitalization of $608.27 million, a PE ratio of -1.76 and a beta of 0.92. The company’s fifty day simple moving average is $29.30 and its two-hundred day simple moving average is $25.77.

Summit Midstream Partners (NYSE:SMC) last announced its quarterly earnings results on Monday, March 16th. The company reported ($0.66) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.96). The business had revenue of $142.29 million for the quarter, compared to the consensus estimate of $150.07 million.

Institutional Investors Weigh In On Summit Midstream Partners

A number of institutional investors and hedge funds have recently bought and sold shares of SMC. Millennium Management LLC grew its holdings in Summit Midstream Partners by 320.2% during the 1st quarter. Millennium Management LLC now owns 204,265 shares of the company’s stock valued at $6,923,000 after buying an additional 155,655 shares during the last quarter. Empowered Funds LLC raised its holdings 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 acquiring an additional 3,041 shares during the last quarter. Jane Street Group LLC lifted its position in shares of Summit Midstream Partners by 243.0% in the first quarter. Jane Street Group LLC now owns 34,862 shares of the company’s stock valued at $1,181,000 after acquiring an additional 24,699 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Summit Midstream Partners by 138.5% in the second quarter. Geode Capital Management LLC now owns 231,443 shares of the company’s stock valued at $5,678,000 after acquiring an additional 134,388 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Summit Midstream Partners during the second quarter valued at $56,000. Hedge funds and other 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.