Summit Midstream Partners (NYSE:SMC) Stock Crosses Above Two Hundred Day Moving Average – What’s Next?

Summit Midstream Partners, LP (NYSE:SMC)’s stock price passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $30.66 and traded as high as $30.97. Summit Midstream Partners shares last traded at $30.8510, with a volume of 211,350 shares trading hands.

Analyst Upgrades and Downgrades

SMC has been the topic of a number of analyst reports. Weiss Ratings cut Summit Midstream Partners from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday. Summit Redstone set a $39.00 price target on Summit Midstream Partners in a report on Monday, August 3rd. TD Cowen upped their price objective on Summit Midstream Partners from $39.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Finally, Zacks Research downgraded Summit Midstream Partners from a “strong-buy” rating to a “hold” rating in a report on Monday, November 2nd. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Summit Midstream Partners currently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Summit Midstream Partners Price Performance

The company has a market capitalization of $626.58 million, a PE ratio of -77.13 and a beta of 0.88. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.25 and a quick ratio of 0.94. The company’s 50 day simple moving average is $31.43 and its 200 day simple moving average is $30.66.

Summit Midstream Partners (NYSE:SMC) last issued its quarterly earnings data on Monday, November 9th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.46. The business had revenue of $183.01 million during the quarter, compared to the consensus estimate of $158.60 million. Summit Midstream Partners had a net margin of 1.61% and a return on equity of 1.17%. As a group, sell-side analysts predict that Summit Midstream Partners, LP will post 0.40 earnings per share for the current year.

Insider Activity at Summit Midstream Partners

In related news, VP James Johnston sold 2,600 shares of Summit Midstream Partners stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $30.51, for a total transaction of $79,326.00. Following the sale, the vice president directly owned 72,757 shares in the company, valued at $2,219,816.07. This trade represents a 3.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 42.96% of the stock is owned by company insiders.

Institutional Investors Weigh In On Summit Midstream Partners

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Cetera Investment Advisers lifted its position in Summit Midstream Partners by 104.1% in the first quarter. Cetera Investment Advisers now owns 56,533 shares of the company’s stock valued at $1,710,000 after acquiring an additional 28,840 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Summit Midstream Partners by 339.9% during the third quarter. Russell Investments Group Ltd. now owns 31,465 shares of the company’s stock worth $951,000 after purchasing an additional 24,313 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Summit Midstream Partners during the first quarter worth about $680,000. Odyssean LLC purchased a new position in shares of Summit Midstream Partners during the second quarter worth about $448,000. Finally, Voya Investment Management LLC purchased a new position in shares of Summit Midstream Partners during the third quarter worth about $391,000. 42.97% of the stock is owned by hedge funds and other institutional investors.

Summit Midstream Partners Company Profile

Summit Midstream Corporation, formerly Summit Midstream Partners, is a midstream energy company that provides infrastructure and services to natural gas and crude oil producers. Its operations include gathering, compressing, treating and processing natural gas, as well as gathering and handling crude oil and produced water. The company’s assets serve production areas including the Williston Basin in North Dakota, the Piceance and Denver-Julesburg basins in Colorado, the Permian Basin in Texas and the Barnett Shale in Texas.