Summit Midstream Partners (NYSE:SMC) Stock: Insider James David Johnston Sells 2,600 Shares

Key Points

• Insider sale: VP James David Johnston sold 2,600 Summit Midstream Partners shares for $79,326 under a pre-arranged Rule 10b5-1 trading plan, reducing his ownership by 3.45% to 72,757 shares.
• Financial and stock performance: SMC traded at $30.90, within a $19.83–$36.47 52-week range. Its latest quarterly EPS of $0.11 beat estimates, although revenue of $155.01 million fell short of expectations and profitability metrics remained negative.
• Analyst outlook: Analysts maintain a “Moderate Buy” consensus with a $43 average price target; TD Cowen recently raised its target to $43 and assigned a Buy rating. Institutional investors own approximately 42.97% of the stock.

Summit Midstream Partners, LP (NYSE:SMC - Get Free Report) VP James David Johnston sold 2,600 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $30.51, for a total value of $79,326.00. Following the sale, the vice president directly owned 72,757 shares in the company, valued at approximately $2,219,816.07. This trade represents a 3.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Summit Midstream Partners Price Performance

Shares of NYSE SMC traded up $0.27 during mid-day trading on Friday, reaching $30.90. The company had a trading volume of 66,376 shares, compared to its average volume of 76,251. The firm has a market cap of $627.52 million, a price-to-earnings ratio of -27.83 and a beta of 0.80. The business's 50-day simple moving average is $32.72 and its 200 day simple moving average is $30.96. Summit Midstream Partners, LP has a one year low of $19.83 and a one year high of $36.47. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.94 and a current ratio of 0.94.

Summit Midstream Partners (NYSE:SMC - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.47. Summit Midstream Partners had a negative net margin of 0.06% and a negative return on equity of 0.04%. The business had revenue of $155.01 million during the quarter, compared to analysts' expectations of $169.00 million. On average, research analysts predict that Summit Midstream Partners, LP will post 0.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SMC has been the subject of several recent analyst reports. Weiss Ratings upgraded Summit Midstream Partners from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, August 21st. TD Cowen lifted their price target on Summit Midstream Partners from $39.00 to $43.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Finally, Summit Redstone set a $39.00 price target on Summit Midstream Partners in a report on Monday, August 3rd. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Summit Midstream Partners currently has an average rating of "Moderate Buy" and a consensus price target of $43.00.

Institutional Investors Weigh In On Summit Midstream Partners

Several hedge funds and other institutional investors have recently made changes to their positions in SMC. Public Employees Retirement System of Ohio bought a new stake in shares of Summit Midstream Partners during the first quarter worth $46,000. Ancora Advisors LLC bought a new position in shares of Summit Midstream Partners in the 2nd quarter valued at $143,000. Squarepoint Ops LLC acquired a new stake in shares of Summit Midstream Partners during the 2nd quarter valued at $238,000. Valeo Financial Advisors LLC acquired a new stake in shares of Summit Midstream Partners during the 2nd quarter valued at $268,000. Finally, Hsbc Holdings PLC grew its position in Summit Midstream Partners by 11.7% during the 1st quarter. Hsbc Holdings PLC now owns 10,446 shares of the company's stock worth $322,000 after acquiring an additional 1,096 shares during the last quarter. 42.97% of the stock is owned by institutional investors.

Summit Midstream Partners Company Profile

Summit Midstream Partners, LP is a midstream energy company that develops, owns and operates infrastructure used to gather, process and transport natural gas, crude oil and produced water. Its systems connect oil and gas producers with downstream pipelines, processing facilities and other energy markets.

The company's assets have historically included natural gas gathering and processing systems, crude oil gathering infrastructure and water-handling services in several major U.S. producing regions, including the Rocky Mountains, the Williston Basin, the Piceance Basin and the Permian Basin.

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