Insider Selling: Summit Midstream Partners (NYSE:SMC) VP Sells $77,272.00 in Stock

Summit Midstream Partners, LP (NYSE:SMC) VP James David Johnston sold 2,600 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $29.72, for a total transaction of $77,272.00. Following the sale, the vice president directly owned 75,357 shares in the company, valued at $2,239,610.04. This represents a 3.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Summit Midstream Partners Trading Up 2.6%

Shares of SMC stock opened at $31.01 on Thursday. Summit Midstream Partners, LP has a fifty-two week low of $19.13 and a fifty-two week high of $33.50. The company has a 50 day moving average price of $29.93 and a 200 day moving average price of $29.26. The stock has a market capitalization of $630.72 million, a P/E ratio of -16.49 and a beta of 0.74. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.20 and a current ratio of 1.20.

Summit Midstream Partners (NYSE:SMC) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.43) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.06. The company had revenue of $139.14 million during the quarter, compared to analysts’ expectations of $139.88 million. Summit Midstream Partners had a negative net margin of 1.09% and a negative return on equity of 0.73%. Equities research analysts predict that Summit Midstream Partners, LP will post -0.93 EPS for the current fiscal year.

Summit Midstream Partners announced that its Board of Directors has initiated a stock repurchase plan on Monday, June 1st that authorizes the company to repurchase $35.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Summit Midstream Partners from a “sell (d-)” rating to a “hold (c-)” rating in a report on Wednesday, May 13th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Summit Midstream Partners presently has an average rating of “Hold” and an average price target of $47.00.

Hedge Funds Weigh In On Summit Midstream Partners

Several large investors have recently bought and sold shares of SMC. ARK & TLK Investments LLC lifted its holdings in Summit Midstream Partners by 99.4% during the 4th quarter. ARK & TLK Investments LLC now owns 223,525 shares of the company’s stock worth $5,964,000 after buying an additional 111,441 shares during the last quarter. Deltroit Asset Management UK LLP purchased a new position in shares of Summit Midstream Partners in the 4th quarter valued at about $18,864,000. JB Capital Partners LP acquired a new stake in shares of Summit Midstream Partners during the 4th quarter worth about $612,000. Aventail Capital Group LP raised its position in shares of Summit Midstream Partners by 24.4% during the 3rd quarter. Aventail Capital Group LP now owns 51,054 shares of the company’s stock worth $1,049,000 after acquiring an additional 10,000 shares in the last quarter. Finally, FourThought Financial Partners LLC purchased a new stake in Summit Midstream Partners during the third quarter worth approximately $204,000. 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.