Alps Advisors Inc. Buys New Position in Summit Midstream Partners, LP (NYSE:SMC)

Alps Advisors Inc. purchased a new position in shares of Summit Midstream Partners, LP (NYSE:SMC - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 34,235 shares of the company's stock, valued at approximately $1,160,000. Alps Advisors Inc. owned 0.18% of Summit Midstream Partners at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Rangeley Capital LLC acquired a new stake in shares of Summit Midstream Partners during the fourth quarter worth $2,183,000. Millennium Management LLC raised its position in Summit Midstream Partners by 599.9% in the fourth quarter. Millennium Management LLC now owns 48,610 shares of the company's stock worth $1,836,000 after acquiring an additional 41,665 shares in the last quarter. Jane Street Group LLC raised its position in Summit Midstream Partners by 56.8% in the fourth quarter. Jane Street Group LLC now owns 10,163 shares of the company's stock worth $384,000 after acquiring an additional 3,680 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Summit Midstream Partners in the fourth quarter worth $3,829,000. Finally, JPMorgan Chase & Co. purchased a new position in Summit Midstream Partners in the fourth quarter worth $357,000. 42.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Wall Street Zen cut Summit Midstream Partners from a "hold" rating to a "sell" rating in a research report on Saturday, July 5th.

Summit Midstream Partners Stock Performance

NYSE:SMC traded up $1.48 during trading hours on Thursday, hitting $25.92. The company's stock had a trading volume of 114,361 shares, compared to its average volume of 89,116. The business's 50-day moving average is $26.02 and its two-hundred day moving average is $32.91. The company has a market capitalization of $483.31 million, a PE ratio of -1.98 and a beta of 1.10. Summit Midstream Partners, LP has a 52-week low of $23.53 and a 52-week high of $45.89.

Summit Midstream Partners Profile

Summit Midstream Corporation focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. It operates natural gas, crude oil, and produced water gathering systems in four unconventional resource basins, including the Williston Basin in North Dakota, which includes the Bakken and Three Forks shale formations; the Denver-Julesburg Basin that consists of the Niobrara and Codell shale formations in Colorado and Wyoming; the Fort Worth Basin in Texas, which comprises the Barnett Shale formation; and the Piceance Basin in Colorado, which includes the Mesaverde formation, as well as the emerging Mancos and Niobrara Shale formations.