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. cut its stake in shares of Summit Midstream Partners, LP (NYSE:SMC - Free Report) by 53.2% in the first quarter, according to the company in its most recent disclosure 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 approximately 0.55% of Summit Midstream Partners worth $3,482,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SMC. BNP Paribas Financial Markets bought a new position in Summit Midstream Partners during the fourth quarter worth about $57,000. Tower Research Capital LLC TRC lifted 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 in the last quarter. Cetera Investment Advisers raised its stake in shares of Summit Midstream Partners by 18.9% during the 4th quarter. Cetera Investment Advisers now owns 21,856 shares of the company's stock worth $826,000 after purchasing an additional 3,472 shares in the last quarter. Invesco Ltd. raised 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 increased its position in Summit Midstream Partners by 56.8% during 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. 42.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Summit Midstream Partners Price Performance

SMC stock traded down $0.11 on Wednesday, reaching $20.65. 28,666 shares of the company traded hands, compared to its average volume of 99,944. The company has a market cap of $387.51 million, a P/E ratio of -1.58 and a beta of 1.19. The firm has a fifty day simple moving average of $24.05 and a 200-day simple moving average of $29.59. Summit Midstream Partners, LP has a one year low of $19.13 and a one year high of $45.89.

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

About Summit Midstream Partners

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.