Summit Midstream Partners, LP (NYSE:SMC) Sees Significant Drop in Short Interest

Summit Midstream Partners, LP (NYSE:SMC) was the recipient of a significant decrease in short interest in January. As of January 30th, there was short interest totaling 249,985 shares, a decrease of 16.5% from the January 15th total of 299,318 shares. Approximately 1.4% of the company’s stock are sold short. Based on an average daily trading volume, of 47,701 shares, the short-interest ratio is currently 5.2 days. Based on an average daily trading volume, of 47,701 shares, the short-interest ratio is currently 5.2 days. Approximately 1.4% of the company’s stock are sold short.

Analysts Set New Price Targets

A number of analysts have commented on SMC shares. Noble Financial started coverage on Summit Midstream Partners in a report on Thursday, December 18th. They issued an “outperform” rating and a $47.00 target price for the company. Zacks Research raised shares of Summit Midstream Partners to a “hold” rating in a research report on Friday, December 19th. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Midstream Partners in a research note on Monday, December 29th. Finally, Summit Redstone set a $47.00 target price on shares of Summit Midstream Partners in a report on Thursday, December 18th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Summit Midstream Partners currently has a consensus rating of “Hold” and a consensus target price of $47.00.

Summit Midstream Partners Stock Up 2.7%

SMC traded up $0.79 during trading hours on Wednesday, reaching $29.89. 46,105 shares of the company’s stock traded hands, compared to its average volume of 46,567. The firm has a market capitalization of $561.53 million, a PE ratio of -1.64 and a beta of 0.96. Summit Midstream Partners has a 52-week low of $19.13 and a 52-week high of $45.38. The firm has a 50-day moving average price of $27.37 and a 200 day moving average price of $24.26.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SMC. Bridgeway Capital Management LLC raised its holdings in shares of Summit Midstream Partners by 7.8% in the 4th quarter. Bridgeway Capital Management LLC now owns 109,759 shares of the company’s stock valued at $2,928,000 after purchasing an additional 7,953 shares in the last quarter. Cetera Investment Advisers boosted its position in Summit Midstream Partners by 115.0% during the 4th quarter. Cetera Investment Advisers now owns 27,693 shares of the company’s stock valued at $739,000 after acquiring an additional 14,810 shares in the last quarter. Barclays PLC raised its position in shares of Summit Midstream Partners by 27.4% in the 4th quarter. Barclays PLC now owns 20,955 shares of the company’s stock worth $559,000 after acquiring an additional 4,508 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Summit Midstream Partners by 36.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 200,926 shares of the company’s stock worth $5,361,000 after purchasing an additional 53,733 shares during the last quarter. Finally, State Street Corp boosted its position in Summit Midstream Partners by 16.8% during the fourth quarter. State Street Corp now owns 156,348 shares of the company’s stock valued at $4,171,000 after purchasing an additional 22,505 shares in the last quarter. 42.97% of the stock is currently owned by institutional investors.

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.