Graham Capital Wealth Management LLC Cuts Stock Position in 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 lowered its position in Summit Midstream Partners, LP (NYSE:SMC - Free Report) by 29.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor 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 holdings, making the stock its 23rd biggest position. Graham Capital Wealth Management LLC owned approximately 0.31% of Summit Midstream Partners worth $1,937,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SMC. BNP Paribas Financial Markets bought a new position in Summit Midstream Partners in the fourth quarter worth approximately $57,000. Tower Research Capital LLC TRC grew its holdings in Summit Midstream Partners by 1,106.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,112 shares of the company's stock valued at $118,000 after purchasing an additional 2,854 shares during the period. EntryPoint Capital LLC bought a new position in Summit Midstream Partners during the fourth quarter valued at $207,000. Quantbot Technologies LP bought a new position in shares of Summit Midstream Partners in the fourth quarter worth $229,000. Finally, Balyasny Asset Management L.P. bought a new position in shares of Summit Midstream Partners in the fourth quarter worth $229,000. Institutional investors own 42.97% of the company's stock.

Analyst Upgrades and Downgrades

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

Summit Midstream Partners Stock Up 2.1%

NYSE:SMC traded up $0.53 during mid-day trading on Tuesday, reaching $26.08. 44,233 shares of the company's stock traded hands, compared to its average volume of 69,805. The company has a 50 day moving average price of $25.55 and a 200-day moving average price of $32.24. Summit Midstream Partners, LP has a 12-month low of $23.53 and a 12-month 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.