Summit Midstream Partners, LP $SMC Shares Sold by Ancora Advisors LLC

Key Points

• Ancora Advisors LLC significantly reduced its holdings in Summit Midstream Partners, LP by 81.8%, leaving them with 5,207 shares valued at $176,000.
• Other institutional investors, such as Vanguard Group Inc. and Millennium Management LLC, increased their stakes dramatically, with Vanguard raising its position by 51.6%.
• Analysts have recently upgraded Summit Midstream Partners from a "sell" to a "hold" rating, indicating a potential change in market sentiment regarding the stock's future performance.

Ancora Advisors LLC reduced its position in Summit Midstream Partners, LP (NYSE:SMC - Free Report) by 81.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,207 shares of the company's stock after selling 23,360 shares during the quarter. Ancora Advisors LLC's holdings in Summit Midstream Partners were worth $176,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. BNP Paribas Financial Markets purchased a new position in shares of Summit Midstream Partners in the 4th quarter worth $57,000. Cetera Investment Advisers raised its position in shares of Summit Midstream Partners by 18.9% in the 4th quarter. Cetera Investment Advisers now owns 21,856 shares of the company's stock worth $826,000 after buying an additional 3,472 shares during the period. Invesco Ltd. raised its position in shares of Summit Midstream Partners by 0.4% in the 1st quarter. Invesco Ltd. now owns 957,026 shares of the company's stock worth $32,434,000 after buying an additional 3,674 shares during the period. Jane Street Group LLC raised its position in shares of Summit Midstream Partners by 56.8% in the 4th quarter. Jane Street Group LLC now owns 10,163 shares of the company's stock worth $384,000 after buying an additional 3,680 shares during the period. Finally, Quantbot Technologies LP raised its position in shares of Summit Midstream Partners by 87.9% in the 1st quarter. Quantbot Technologies LP now owns 11,377 shares of the company's stock worth $386,000 after buying an additional 5,322 shares during the period. 42.97% of the stock is owned by hedge funds and other institutional investors.

Summit Midstream Partners Stock Down 0.1%

Shares of NYSE SMC traded down $0.04 on Friday, hitting $23.36. The company had a trading volume of 54,383 shares, compared to its average volume of 81,546. Summit Midstream Partners, LP has a 12-month low of $19.13 and a 12-month high of $45.89. The business has a 50 day moving average of $23.35 and a two-hundred day moving average of $27.77. The firm has a market capitalization of $438.37 million, a P/E ratio of -1.78 and a beta of 1.21.

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

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded Summit Midstream Partners from a "sell" rating to a "hold" rating in a report on Tuesday, August 19th.

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.