Summit Midstream Partners (NYSE:SMC) Shares Gap Up – What’s Next?

Summit Midstream Partners, LP (NYSE:SMC)’s share price gapped up before the market opened on Monday . The stock had previously closed at $26.65, but opened at $28.56. Summit Midstream Partners shares last traded at $30.1450, with a volume of 26,108 shares traded.

Analyst Ratings Changes

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 research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Summit Midstream Partners has an average rating of “Hold” and an average price target of $47.00.

Summit Midstream Partners Stock Performance

The stock has a market cap of $606.68 million, a price-to-earnings ratio of -15.87 and a beta of 0.77. The stock’s 50-day simple moving average is $30.22 and its two-hundred day simple moving average is $28.50.

Summit Midstream Partners (NYSE:SMC) last released its earnings results on Monday, May 11th. The company reported ($0.43) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.06. The firm had revenue of $139.14 million for the quarter, compared to analyst estimates of $139.88 million. As a group, research analysts predict that Summit Midstream Partners, LP will post -0.93 earnings per share for the current year.

Summit Midstream Partners declared that its board has authorized a share buyback program on Monday, June 1st that permits the company to buyback $35.00 million in shares. This buyback authorization permits the company to buy up to 6.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Jerry L. Peters sold 10,000 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $32.00, for a total transaction of $320,000.00. Following the completion of the transaction, the director owned 16,979 shares of the company’s stock, valued at approximately $543,328. This represents a 37.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 42.96% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SMC. Millennium Management LLC raised its position in shares of Summit Midstream Partners by 320.2% during the first 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 position in shares of Summit Midstream Partners by 5.4% during the first quarter. Empowered Funds LLC now owns 59,481 shares of the company’s stock valued at $2,016,000 after buying an additional 3,041 shares during the last quarter. Jane Street Group LLC raised its position in shares of Summit Midstream Partners by 243.0% during the first quarter. Jane Street Group LLC now owns 34,862 shares of the company’s stock valued at $1,181,000 after buying an additional 24,699 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Summit Midstream Partners by 138.5% during the second quarter. Geode Capital Management LLC now owns 231,443 shares of the company’s stock valued at $5,678,000 after buying an additional 134,388 shares during the last quarter. Finally, Rhumbline Advisers acquired a new position in shares of Summit Midstream Partners during the second quarter valued at about $239,000. Institutional investors and hedge funds 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.