Summit Midstream Partners (NYSE:SMC) Share Price Breaks Below 200-Day Moving Average – Here’s What Happened

Summit Midstream Partners, LP (NYSE:SMC)’s share price passed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $30.61 and traded as low as $29.47. Summit Midstream Partners shares last traded at $29.5080, with a volume of 88,995 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Zacks Research raised Summit Midstream Partners from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd. Weiss Ratings upgraded Summit Midstream Partners from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, August 21st. TD Cowen lifted their price objective on Summit Midstream Partners from $39.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Finally, Summit Redstone set a $39.00 target price on Summit Midstream Partners in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $43.00.

Summit Midstream Partners Stock Down 4.8%

The firm’s 50-day moving average price is $32.19 and its 200-day moving average price is $30.61. The company has a market cap of $599.31 million, a price-to-earnings ratio of -26.58 and a beta of 0.80. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.94 and a quick ratio of 0.94.

Summit Midstream Partners (NYSE:SMC) last issued its earnings results on Monday, August 10th. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates 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%. Sell-side analysts forecast that Summit Midstream Partners, LP will post 0.40 earnings per share for the current fiscal year.

Insider Transactions at Summit Midstream Partners

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

Institutional Investors Weigh In On Summit Midstream Partners

Several institutional investors and hedge funds have recently modified their holdings of the stock. Odyssean LLC acquired a new stake in shares of Summit Midstream Partners in the second quarter valued at about $448,000. Cetera Investment Advisers raised its holdings in shares of Summit Midstream Partners by 104.1% during the 1st quarter. Cetera Investment Advisers now owns 56,533 shares of the company’s stock valued at $1,710,000 after buying an additional 28,840 shares during the period. Renaissance Technologies LLC acquired a new position in Summit Midstream Partners during the 1st quarter worth approximately $680,000. State Street Corp grew its position in Summit Midstream Partners by 3.3% in the second quarter. State Street Corp now owns 184,546 shares of the company’s stock valued at $5,256,000 after acquiring an additional 5,939 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in Summit Midstream Partners in the second quarter valued at approximately $305,000. Hedge funds and other institutional investors own 42.97% of the company’s stock.

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.