Vanguard Group Inc. Raises Stock Holdings in Summit Midstream Partners, LP $SMC

Key Points

• Vanguard Group Inc. increased its stake in Summit Midstream Partners, LP by 51.6%, owning a total of 687,064 shares worth approximately $23.3 million after acquiring an additional 233,760 shares.
• Summit Midstream Partners reported a loss of $0.66 per share for the last quarter and had a revenue of $140.22 million, indicating negative financial performance.
• Wall Street analysts upgraded Summit Midstream Partners from a "sell" to a "hold" rating, suggesting potential for growth despite recent financial struggles.

Vanguard Group Inc. boosted its position in Summit Midstream Partners, LP (NYSE:SMC - Free Report) by 51.6% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 687,064 shares of the company's stock after acquiring an additional 233,760 shares during the period. Vanguard Group Inc. owned 3.68% of Summit Midstream Partners worth $23,285,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SMC. Bridgeway Capital Management LLC bought a new stake in Summit Midstream Partners in the 4th quarter valued at about $2,321,000. Eagle Global Advisors LLC grew its holdings in Summit Midstream Partners by 131.7% during the 4th quarter. Eagle Global Advisors LLC now owns 73,962 shares of the company's stock valued at $2,794,000 after buying an additional 42,035 shares in the last quarter. Millennium Management LLC grew its holdings in Summit Midstream Partners by 599.9% during 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 in the last quarter. Alps Advisors Inc. purchased a new position in Summit Midstream Partners during the 1st quarter valued at about $1,160,000. Finally, Ancora Advisors LLC purchased a new position in Summit Midstream Partners during the 4th quarter valued at about $1,079,000. 42.97% of the stock is currently owned by institutional investors.

Summit Midstream Partners Price Performance

SMC stock traded down $0.08 during mid-day trading on Wednesday, reaching $22.28. 69,095 shares of the company traded hands, compared to its average volume of 98,099. The company has a market capitalization of $418.01 million, a P/E ratio of -1.70 and a beta of 1.21. Summit Midstream Partners, LP has a 52-week low of $19.13 and a 52-week high of $45.89. The company has a fifty day moving average price of $23.63 and a 200-day moving average price of $28.78.

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. Summit Midstream Partners had a negative return on equity of 1.51% and a negative net margin of 26.34%.The business had revenue of $140.22 million for the quarter.

Wall Street Analyst Weigh In

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

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.