Bridgeway Capital Management LLC Has $2.97 Million Stock Position in Summit Midstream Partners, LP $SMC

Key Points

• Bridgeway Capital Management LLC increased its stake in Summit Midstream Partners, LP by 42.4%, acquiring a total of 87,481 shares worth approximately $2.97 million as of its latest SEC filing.
• Summit Midstream Partners has received a rating upgrade from "sell" to "hold" by Wall Street Zen, indicating a potential shift in analyst sentiment.
• The company reported a loss of $0.66 per share for the quarter along with a negative net margin of 26.34%, highlighting financial challenges despite generating $140.22 million in revenue.

Bridgeway Capital Management LLC grew its stake in shares of Summit Midstream Partners, LP (NYSE:SMC - Free Report) by 42.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 87,481 shares of the company's stock after buying an additional 26,041 shares during the quarter. Bridgeway Capital Management LLC owned about 0.47% of Summit Midstream Partners worth $2,965,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. BNP Paribas Financial Markets bought a new position in shares of Summit Midstream Partners in the fourth quarter valued at approximately $57,000. Tower Research Capital LLC TRC lifted its position in Summit Midstream Partners by 1,106.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,112 shares of the company's stock worth $118,000 after purchasing an additional 2,854 shares during the period. Balyasny Asset Management L.P. bought a new position in Summit Midstream Partners during the 4th quarter valued at $229,000. Jump Financial LLC acquired a new position in shares of Summit Midstream Partners during the 1st quarter valued at $213,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Summit Midstream Partners during the 4th quarter valued at $247,000. 42.97% of the stock is owned by institutional investors and hedge funds.

Summit Midstream Partners Stock Up 2.4%

NYSE:SMC traded up $0.55 during trading hours on Thursday, reaching $23.42. 57,409 shares of the company's stock were exchanged, compared to its average volume of 83,154. The company has a market capitalization of $439.67 million, a P/E ratio of -1.79 and a beta of 1.21. Summit Midstream Partners, LP has a 12 month low of $19.13 and a 12 month high of $45.89. The business's 50-day simple moving average is $23.38 and its two-hundred day simple moving average is $27.90.

Summit Midstream Partners (NYSE:SMC - Get Free Report) last posted its quarterly earnings results on Monday, August 11th. The company reported ($0.66) earnings per share (EPS) for the quarter. The company had revenue of $140.22 million during the quarter. Summit Midstream Partners had a negative net margin of 26.34% and a negative return on equity of 1.51%.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded Summit Midstream Partners from a "sell" rating to a "hold" rating in a report on Tuesday, August 19th.

About Summit Midstream Partners

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.