Graham Capital Wealth Management LLC Sells 23,873 Shares of Summit Midstream Partners, LP (NYSE:SMC)

Key Points

• Graham Capital Wealth Management LLC reduced its stake in Summit Midstream Partners by 29.5%, selling 23,873 shares and now holds 57,150 shares, representing 2.2% of its portfolio.
• Multiple institutional investors have shown interest in Summit Midstream Partners, with BNP Paribas Financial Markets and others purchasing new stakes worth between $57,000 and $229,000 during the 4th quarter.
• Summit Midstream Partners' stock has been downgraded from a "hold" to a "sell" rating by Wall Street analyst firm Wall Street Zen.

Graham Capital Wealth Management LLC reduced its holdings in shares of Summit Midstream Partners, LP (NYSE:SMC - Free Report) by 29.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,150 shares of the company's stock after selling 23,873 shares during the period. Summit Midstream Partners accounts for about 2.2% of Graham Capital Wealth Management LLC's investment portfolio, making the stock its 23rd largest holding. Graham Capital Wealth Management LLC owned about 0.31% of Summit Midstream Partners worth $1,937,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of SMC. Alps Advisors Inc. purchased a new position in Summit Midstream Partners in the first quarter worth about $1,160,000. Squarepoint Ops LLC purchased a new position in Summit Midstream Partners in the fourth quarter worth about $247,000. OMERS ADMINISTRATION Corp purchased a new position in Summit Midstream Partners in the fourth quarter worth about $382,000. Millennium Management LLC raised its holdings 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 buying an additional 41,665 shares during the last quarter. Finally, Eagle Global Advisors LLC raised its holdings in Summit Midstream Partners by 131.7% in the fourth quarter. Eagle Global Advisors LLC now owns 73,962 shares of the company's stock worth $2,794,000 after buying an additional 42,035 shares during the last quarter. 42.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered shares of Summit Midstream Partners from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th.

Summit Midstream Partners Stock Performance

Shares of SMC stock traded up $0.05 during trading hours on Thursday, reaching $25.59. The company had a trading volume of 20,147 shares, compared to its average volume of 100,531. The business has a fifty day moving average price of $25.50 and a 200-day moving average price of $32.15. Summit Midstream Partners, LP has a one year low of $23.53 and a one year high of $45.89. The firm has a market cap of $477.16 million, a PE ratio of -1.95 and a beta of 1.10.

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.