Summit Midstream Partners, LP $SMC Shares Sold by Shenkman Capital Management Inc.

Key Points

• Shenkman Capital Management Inc. has reduced its stake in Summit Midstream Partners by 53.2%, owning 102,745 shares valued at approximately $3.48 million after selling off a significant number of its shares during the first quarter.
• Multiple institutional investors have increased their investments, with Eagle Global Advisors LLC raising its holdings by 154.5% during the same period, now owning 188,266 shares valued at $6.38 million.
• Wall Street analysts have upgraded Summit Midstream Partners from a "sell" to a "hold" rating, indicating a more favorable outlook for the company's stock performance moving forward.

Shenkman Capital Management Inc. lowered its stake in Summit Midstream Partners, LP (NYSE:SMC - Free Report) by 53.2% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 102,745 shares of the company's stock after selling 116,962 shares during the quarter. Shenkman Capital Management Inc. owned 0.55% of Summit Midstream Partners worth $3,482,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets acquired a new stake in Summit Midstream Partners in the 4th quarter valued at $57,000. Tower Research Capital LLC TRC grew its stake in Summit Midstream Partners by 1,106.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,112 shares of the company's stock valued at $118,000 after acquiring an additional 2,854 shares during the period. Cetera Investment Advisers grew its stake in Summit Midstream Partners by 18.9% in the 4th quarter. Cetera Investment Advisers now owns 21,856 shares of the company's stock valued at $826,000 after acquiring an additional 3,472 shares during the period. Invesco Ltd. grew its stake in Summit Midstream Partners by 0.4% in the 1st quarter. Invesco Ltd. now owns 957,026 shares of the company's stock valued at $32,434,000 after acquiring an additional 3,674 shares during the period. Finally, Jane Street Group LLC grew its stake in Summit Midstream Partners by 56.8% in the 4th quarter. Jane Street Group LLC now owns 10,163 shares of the company's stock valued at $384,000 after acquiring an additional 3,680 shares during the period. Institutional investors and hedge funds own 42.97% of the company's stock.

Summit Midstream Partners Stock Down 3.4%

SMC traded down $0.6950 during trading on Monday, reaching $19.9850. The company's stock had a trading volume of 75,021 shares, compared to its average volume of 100,055. The company has a market cap of $375.12 million, a price-to-earnings ratio of -1.53 and a beta of 1.19. The firm has a fifty day simple moving average of $24.29 and a two-hundred day simple moving average of $29.81. Summit Midstream Partners, LP has a 1 year low of $19.13 and a 1 year high of $45.89.

Summit Midstream Partners (NYSE:SMC - Get Free Report) last posted 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 net margin of 26.34% and a negative return on equity of 1.51%. The company had revenue of $140.22 million during the quarter.

Analysts Set New Price Targets

Separately, Wall Street Zen raised shares of Summit Midstream Partners from a "sell" rating to a "hold" rating in a research note 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.