Charles Schwab Investment Management Inc. Buys New Position in Summit Midstream Partners, LP $SMC

Key Points

• Charles Schwab Investment Management Inc. purchased 35,192 shares of Summit Midstream Partners, LP, valued at approximately $1.19 million, marking a new position for the firm.
• Vanguard Group Inc. also significantly increased its stake in Summit Midstream Partners by 51.6%, now owning 687,064 shares worth about $23.29 million.
• Summit Midstream Partners reported a negative EPS of ($0.66) and a negative net margin of 26.34% for the latest quarter.

Charles Schwab Investment Management Inc. bought a new position in Summit Midstream Partners, LP (NYSE:SMC - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 35,192 shares of the company's stock, valued at approximately $1,193,000. Charles Schwab Investment Management Inc. owned approximately 0.19% of Summit Midstream Partners at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Summit Midstream Partners by 51.6% in the 1st quarter. Vanguard Group Inc. now owns 687,064 shares of the company's stock worth $23,285,000 after acquiring an additional 233,760 shares in the last quarter. Eagle Global Advisors LLC grew its position in shares of Summit Midstream Partners by 131.7% in the 4th quarter. Eagle Global Advisors LLC now owns 73,962 shares of the company's stock worth $2,794,000 after acquiring an additional 42,035 shares in the last quarter. Bridgeway Capital Management LLC acquired a new position in shares of Summit Midstream Partners in the 4th quarter worth approximately $2,321,000. Millennium Management LLC grew its position in shares of Summit Midstream Partners by 599.9% in the 4th 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. Finally, Alps Advisors Inc. acquired a new position in shares of Summit Midstream Partners in the 1st quarter worth approximately $1,160,000. Institutional investors and hedge funds own 42.97% of the company's stock.

Summit Midstream Partners Price Performance

NYSE:SMC opened at $23.05 on Tuesday. Summit Midstream Partners, LP has a 12-month low of $19.13 and a 12-month high of $45.89. The firm has a market capitalization of $432.65 million, a P/E ratio of -1.76 and a beta of 1.21. The business has a 50 day simple moving average of $23.73 and a 200 day simple moving average of $28.87.

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

Analyst Ratings Changes

Separately, Wall Street Zen upgraded Summit Midstream Partners from a "sell" rating to a "hold" rating in a research 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.

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