Summit Midstream Partners (NYSE:SMC) Rating Lowered to Hold at Zacks Research

Summit Midstream Partners (NYSE:SMC) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks reports.

Several other research analysts also recently commented on SMC. Weiss Ratings raised Summit Midstream Partners from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, August 21st. Summit Redstone set a $39.00 price target on Summit Midstream Partners in a research report on Monday, August 3rd. Finally, TD Cowen raised their price target on Summit Midstream Partners from $39.00 to $43.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $43.00.

Summit Midstream Partners Stock Up 1.3%

Shares of SMC stock opened at $29.92 on Monday. Summit Midstream Partners has a 12-month low of $20.80 and a 12-month high of $36.47. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a 50-day moving average price of $32.10 and a 200 day moving average price of $30.62.

Summit Midstream Partners (NYSE:SMC) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.47. The firm had revenue of $155.01 million for the quarter, compared to analysts’ expectations of $169.00 million. Summit Midstream Partners had a negative net margin of 0.06% and a negative return on equity of 0.04%. On average, research analysts predict that Summit Midstream Partners will post 0.40 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, VP James Johnston sold 2,600 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $30.51, for a total value of $79,326.00. Following the completion of the transaction, the vice president owned 72,757 shares in the company, valued at $2,219,816.07. The trade was a 3.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at 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 Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SMC. State Street Corp increased its stake in shares of Summit Midstream Partners by 3.3% in the 2nd quarter. State Street Corp now owns 184,546 shares of the company’s stock valued at $5,256,000 after buying an additional 5,939 shares during the period. Empowered Funds LLC raised its position in shares of Summit Midstream Partners by 9.8% during the first quarter. Empowered Funds LLC now owns 89,796 shares of the company’s stock worth $2,715,000 after acquiring an additional 8,037 shares during the last quarter. Cetera Investment Advisers lifted its stake in shares of Summit Midstream Partners by 104.1% during 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 period. Renaissance Technologies LLC acquired a new position in shares of Summit Midstream Partners during the first quarter valued at $680,000. Finally, Odyssean LLC acquired a new position in shares of Summit Midstream Partners during the second quarter valued at $448,000. 42.97% of the stock is currently owned by institutional investors.

Summit Midstream Partners Company Profile

Summit Midstream Partners, known as Summit Midstream Corporation following its corporate reorganization, is a midstream energy company that develops, owns and operates infrastructure used to gather and process natural gas, crude oil and produced water. The company primarily provides fee-based services to exploration and production companies, connecting wells to processing plants, pipelines and other downstream markets.

Its assets have historically included natural gas gathering and processing systems, crude oil and produced-water gathering infrastructure, and related pipelines and facilities.