Summit Midstream Partners (NYSE:SMC) Stock Crosses Above Two Hundred Day Moving Average - What's Next?

Key Points

• Shares rose above their 200-day moving average of $30.66, reaching $30.97 and last trading at about $30.85.
• Quarterly results beat expectations: Summit Midstream reported EPS of $0.58 versus a $0.12 estimate and revenue of $183.01 million versus a $158.60 million estimate.
• Analyst views were mixed, but MarketBeat’s consensus rating was Moderate Buy with a $43 price target; TD Cowen raised its target to $43, while Zacks Research downgraded the stock to Hold.

Summit Midstream Partners, LP (NYSE:SMC - Get Free Report) passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $30.66 and traded as high as $30.97. Summit Midstream Partners shares last traded at $30.8510, with a volume of 211,350 shares trading hands.

Analysts Set New Price Targets

Several research analysts have recently commented on SMC shares. TD Cowen raised their price objective on shares of Summit Midstream Partners from $39.00 to $43.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Zacks Research downgraded shares of Summit Midstream Partners from a "strong-buy" rating to a "hold" rating in a research note on Monday, November 2nd. Summit Redstone set a $39.00 target price on shares of Summit Midstream Partners in a report on Monday, August 3rd. Finally, Weiss Ratings lowered shares of Summit Midstream Partners from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.00.

Summit Midstream Partners Stock Performance

The stock has a market capitalization of $626.58 million, a PE ratio of -77.13 and a beta of 0.88. The company has a quick ratio of 0.94, a current ratio of 1.25 and a debt-to-equity ratio of 1.43. The stock has a fifty day moving average of $31.43 and a 200-day moving average of $30.66.

Summit Midstream Partners (NYSE:SMC - Get Free Report) last issued its quarterly earnings results on Monday, November 9th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.46. The company had revenue of $183.01 million for the quarter, compared to the consensus estimate of $158.60 million. Summit Midstream Partners had a return on equity of 1.17% and a net margin of 1.61%. Equities analysts anticipate that Summit Midstream Partners, LP will post 0.40 earnings per share for the current fiscal year.

Insider Activity at Summit Midstream Partners

In other news, VP James Johnston sold 2,600 shares of the business's stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $30.51, for a total transaction of $79,326.00. Following the completion of the transaction, the vice president directly owned 72,757 shares of the company's stock, valued at approximately $2,219,816.07. The trade was a 3.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 42.96% of the company's stock.

Institutional Trading of Summit Midstream Partners

Hedge funds have recently added to or reduced their stakes in the company. State Street Corp lifted its stake in Summit Midstream Partners by 3.3% in the second quarter. State Street Corp now owns 184,546 shares of the company's stock worth $5,256,000 after acquiring an additional 5,939 shares during the last quarter. Empowered Funds LLC increased its position in shares of Summit Midstream Partners by 9.8% in the 1st quarter. Empowered Funds LLC now owns 89,796 shares of the company's stock valued at $2,715,000 after purchasing an additional 8,037 shares during the last quarter. Cetera Investment Advisers raised its holdings in shares of Summit Midstream Partners by 104.1% in the 1st quarter. Cetera Investment Advisers now owns 56,533 shares of the company's stock valued at $1,710,000 after purchasing an additional 28,840 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Summit Midstream Partners by 339.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 31,465 shares of the company's stock valued at $951,000 after purchasing an additional 24,313 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Summit Midstream Partners in the 1st quarter valued at $680,000. Institutional investors and hedge funds own 42.97% of the company's stock.

Summit Midstream Partners Company Profile

Summit Midstream Corporation, formerly Summit Midstream Partners, is a midstream energy company that provides infrastructure and services to natural gas and crude oil producers. Its operations include gathering, compressing, treating and processing natural gas, as well as gathering and handling crude oil and produced water. The company's assets serve production areas including the Williston Basin in North Dakota, the Piceance and Denver-Julesburg basins in Colorado, the Permian Basin in Texas and the Barnett Shale in Texas.

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