Odyssean LLC Takes $448,000 Position in Summit Midstream Partners, LP $SMC

Odyssean LLC purchased a new position in Summit Midstream Partners, LP (NYSE:SMC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 15,717 shares of the company’s stock, valued at approximately $448,000. Odyssean LLC owned about 0.08% of Summit Midstream Partners as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in SMC. Ancora Advisors LLC purchased a new stake in Summit Midstream Partners during the 2nd quarter valued at about $143,000. Valeo Financial Advisors LLC purchased a new stake in shares of Summit Midstream Partners during the second quarter valued at approximately $268,000. Empowered Funds LLC grew its holdings 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 valued at $2,715,000 after buying an additional 8,037 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Summit Midstream Partners during the first quarter valued at approximately $680,000. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Summit Midstream Partners during the first quarter valued at approximately $46,000. Hedge funds and other institutional investors own 42.97% of the company’s stock.

Summit Midstream Partners Stock Performance

Shares of NYSE SMC opened at $33.85 on Friday. Summit Midstream Partners, LP has a 12-month low of $19.83 and a 12-month high of $36.47. The firm has a market capitalization of $687.49 million, a price-to-earnings ratio of -30.50 and a beta of 0.71. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.45. The firm has a 50 day moving average of $31.17 and a 200 day moving average of $30.45.

Summit Midstream Partners (NYSE:SMC) last released its quarterly earnings results 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 business had revenue of $155.01 million for the quarter, compared to the consensus estimate 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 anticipate that Summit Midstream Partners, LP will post 0.4 earnings per share for the current year.

Summit Midstream Partners announced that its board has initiated a stock buyback plan on Monday, June 1st that authorizes the company to buyback $35.00 million in shares. This buyback authorization authorizes the company to buy up to 6.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SMC shares. Summit Redstone set a $39.00 target price on Summit Midstream Partners in a report on Monday, August 3rd. Weiss Ratings raised Summit Midstream Partners from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, August 21st. Finally, TD Cowen upped 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 investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

Insider Activity at Summit Midstream Partners

In related news, VP James David Johnston sold 2,600 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $29.72, for a total value of $77,272.00. Following the transaction, the vice president directly owned 75,357 shares of the company’s stock, valued at approximately $2,239,610.04. This trade represents a 3.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 42.96% of the stock is owned by company insiders.

About Summit Midstream Partners

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.