Summit Midstream Partners (NYSE:SMC) Sees Large Volume Increase – Still a Buy?

Summit Midstream Partners, LP (NYSE:SMC) shares saw unusually-strong trading volume on Monday. 145,216 shares traded hands during trading, an increase of 122% from the previous session’s volume of 65,317 shares. The stock last traded at $30.3070 and had previously closed at $30.70.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Zacks Research upgraded Summit Midstream Partners from a “hold” rating to a “strong-buy” rating in a 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. Summit Redstone set a $39.00 target price on Summit Midstream Partners in a report on Monday, August 3rd. Finally, TD Cowen increased their target price on shares of Summit Midstream Partners from $39.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $43.00.

Summit Midstream Partners Stock Down 1.5%

The firm has a 50-day simple moving average of $32.99 and a 200 day simple moving average of $30.99. 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 company has a market capitalization of $614.28 million, a PE ratio of -27.25 and a beta of 0.80.

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

Insider Activity at Summit Midstream Partners

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 stock was sold at an average price of $30.51, for a total transaction of $79,326.00. Following the transaction, the vice president directly owned 72,757 shares of the company’s stock, valued at approximately $2,219,816.07. The trade was a 3.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 42.96% of the company’s stock.

Institutional Trading of Summit Midstream Partners

Several large investors have recently bought and sold shares of SMC. State Street Corp raised its stake in shares of Summit Midstream Partners by 3.3% during the second quarter. State Street Corp now owns 184,546 shares of the company’s stock valued at $5,256,000 after purchasing an additional 5,939 shares during the period. Engineers Gate Manager LP acquired a new position in shares of Summit Midstream Partners during the second quarter worth $305,000. Squarepoint Ops LLC purchased a new position in shares of Summit Midstream Partners in the second quarter valued at $238,000. Odyssean LLC purchased a new position in shares of Summit Midstream Partners in the second quarter valued at $448,000. Finally, Ancora Advisors LLC purchased a new position in shares of Summit Midstream Partners in the second quarter valued at $143,000. Institutional investors and hedge funds own 42.97% of the company’s stock.

Summit Midstream Partners Company Profile

Summit Midstream Partners, now operating as Summit Midstream Corporation, is a midstream energy company that develops, owns and operates gathering and processing infrastructure for natural gas, crude oil and produced water. Its services generally include gathering, compression, dehydration, treating, processing and transportation support, connecting producers’ wells with downstream pipelines and processing facilities.

The company serves several major U.S. oil and gas producing regions through a portfolio of gathering systems.