Flat Footed LLC Has $3.76 Million Stock Position in Summit Midstream Partners, LP $SMC

Key Points

• Flat Footed LLC cut its Summit Midstream Partners position by 65.1% in the first quarter, selling 232,289 shares and retaining 124,278 shares worth approximately $3.76 million. Institutional investors and hedge funds collectively own 42.97% of the company.
• Summit Midstream Partners reported a quarterly loss of $0.43 per share, outperforming estimates for a $0.49 loss, while revenue of $139.14 million fell slightly short of expectations. The company’s shares opened at $30.58, compared with a 52-week range of $19.13 to $33.50.
• The board approved a $35 million stock-repurchase program, allowing buybacks of up to 6.5% of outstanding shares. Analysts maintain a consensus “Hold” rating, with an average price target of $47.

Flat Footed LLC reduced its holdings in Summit Midstream Partners, LP (NYSE:SMC - Free Report) by 65.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 124,278 shares of the company's stock after selling 232,289 shares during the period. Summit Midstream Partners comprises about 0.4% of Flat Footed LLC's holdings, making the stock its 12th largest holding. Flat Footed LLC owned approximately 0.66% of Summit Midstream Partners worth $3,758,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of SMC. Renaissance Technologies LLC purchased a new position in Summit Midstream Partners during the 1st quarter valued at about $680,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Summit Midstream Partners in the first quarter worth approximately $46,000. Cetera Investment Advisers boosted its holdings in shares of Summit Midstream Partners by 104.1% during the first quarter. Cetera Investment Advisers now owns 56,533 shares of the company's stock worth $1,710,000 after purchasing an additional 28,840 shares during the period. Hsbc Holdings PLC boosted its holdings in shares of Summit Midstream Partners by 11.7% during the first quarter. Hsbc Holdings PLC now owns 10,446 shares of the company's stock worth $322,000 after purchasing an additional 1,096 shares during the period. Finally, Invesco Ltd. grew its position in Summit Midstream Partners by 0.3% during the fourth quarter. Invesco Ltd. now owns 971,063 shares of the company's stock valued at $25,908,000 after purchasing an additional 2,983 shares in the last quarter. 42.97% of the stock is currently owned by institutional investors and hedge funds.

Summit Midstream Partners Stock Performance

Shares of NYSE SMC opened at $30.58 on Monday. The business's 50-day moving average price is $29.80 and its two-hundred day moving average price is $29.55. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.20 and a quick ratio of 1.20. Summit Midstream Partners, LP has a one year low of $19.13 and a one year high of $33.50. The company has a market capitalization of $622.04 million, a P/E ratio of -16.27 and a beta of 0.74.

Summit Midstream Partners (NYSE:SMC - Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($0.43) earnings per share for the quarter, topping the consensus estimate of ($0.49) by $0.06. The company had revenue of $139.14 million for the quarter, compared to analyst estimates of $139.88 million. Summit Midstream Partners had a negative return on equity of 0.73% and a negative net margin of 1.09%. Analysts anticipate that Summit Midstream Partners, LP will post -0.93 earnings per share for the current fiscal year.

Summit Midstream Partners announced that its board has initiated a stock repurchase plan on Monday, June 1st that allows the company to repurchase $35.00 million in shares. This repurchase authorization allows the company to reacquire up to 6.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other Summit Midstream Partners news, VP James David Johnston sold 2,600 shares of Summit Midstream Partners stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $29.72, for a total value of $77,272.00. Following the completion of the sale, the vice president directly owned 75,357 shares in the company, valued at $2,239,610.04. The trade was a 3.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jerry L. Peters sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $32.00, for a total transaction of $320,000.00. Following the completion of the sale, the director directly owned 16,979 shares of the company's stock, valued at $543,328. This represents a 37.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 42.96% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of Summit Midstream Partners from a "sell (d-)" rating to a "hold (c-)" rating in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $47.00.

Summit Midstream Partners Company Profile

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.

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