Eagle Global Advisors LLC Has $6.38 Million Stake in Summit Midstream Partners, LP (NYSE:SMC)

Key Points

• Eagle Global Advisors LLC increased its stake in Summit Midstream Partners, LP by 154.5%, owning 188,266 shares valued at approximately $6.38 million as of the end of the most recent quarter.
• Wall Street analysts have downgraded Summit Midstream Partners from a "hold" to a "sell" rating, reflecting a potential negative outlook for the stock.
• Summit Midstream Partners' stock price has decreased by 1.7%, with a current market capitalization of $455.53 million and a reported PE ratio of -1.87.

Eagle Global Advisors LLC raised its stake in Summit Midstream Partners, LP (NYSE:SMC - Free Report) by 154.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 188,266 shares of the company's stock after acquiring an additional 114,304 shares during the quarter. Eagle Global Advisors LLC owned approximately 1.01% of Summit Midstream Partners worth $6,380,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in SMC. Vanguard Group Inc. raised its holdings in Summit Midstream Partners by 51.6% in the 1st quarter. Vanguard Group Inc. now owns 687,064 shares of the company's stock valued at $23,285,000 after buying an additional 233,760 shares during the last quarter. Bridgeway Capital Management LLC bought a new position in Summit Midstream Partners in the 4th quarter valued at approximately $2,321,000. Millennium Management LLC raised its holdings in Summit Midstream Partners by 599.9% in the 4th quarter. Millennium Management LLC now owns 48,610 shares of the company's stock valued at $1,836,000 after buying an additional 41,665 shares during the last quarter. Charles Schwab Investment Management Inc. bought a new position in Summit Midstream Partners in the 1st quarter valued at approximately $1,193,000. Finally, Alps Advisors Inc. bought a new position in Summit Midstream Partners in the 1st quarter valued at approximately $1,160,000. Institutional investors own 42.97% of the company's stock.

Summit Midstream Partners Price Performance

NYSE SMC traded up $1.33 during trading hours on Wednesday, reaching $21.59. The company's stock had a trading volume of 291,906 shares, compared to its average volume of 65,929. The firm has a fifty day simple moving average of $25.04 and a 200-day simple moving average of $31.01. The stock has a market cap of $402.71 million, a P/E ratio of -1.65 and a beta of 1.19. Summit Midstream Partners, LP has a 52 week low of $20.05 and a 52 week high of $45.89.

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

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 report on Monday.

Summit Midstream Partners Company 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.