Summit Midstream Partners (NYSE:SMC) Given Sell (D) Rating at Weiss Ratings

Key Points

• Summit Midstream Partners' stock has been assigned a "sell (D)" rating by Weiss Ratings, reaffirming the company's struggling performance in the market.
• Despite the negative outlook from Weiss, Wall Street Zen upgraded the stock from a "sell" to a "hold" rating, indicating some analysts have a more neutral view.
• The company's recent quarterly earnings report showed a loss of ($0.66) earnings per share with revenue of $140.22 million, reflecting tough financial conditions.

Summit Midstream Partners (NYSE:SMC - Get Free Report)'s stock had its "sell (d)" rating reaffirmed by equities research analysts at Weiss Ratings in a research note issued to investors on Friday,Weiss Ratings reports.

Separately, Wall Street Zen raised Summit Midstream Partners from a "sell" rating to a "hold" rating in a research note on Tuesday, August 19th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has an average rating of "Sell".

Summit Midstream Partners Stock Performance

Summit Midstream Partners stock opened at $22.20 on Friday. The stock has a market cap of $416.69 million, a P/E ratio of -1.70 and a beta of 1.11. Summit Midstream Partners has a fifty-two week low of $19.13 and a fifty-two week high of $45.89. The firm's fifty day moving average price is $21.66 and its 200-day moving average price is $24.63.

Summit Midstream Partners (NYSE:SMC - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.66) earnings per share for the quarter. The firm had revenue of $140.22 million for the quarter.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Ameritas Investment Partners Inc. bought a new position in shares of Summit Midstream Partners during the second quarter valued at about $25,000. Graham Capital Wealth Management LLC grew its stake in shares of Summit Midstream Partners by 3.5% during the second quarter. Graham Capital Wealth Management LLC now owns 59,167 shares of the company's stock valued at $1,451,000 after buying an additional 2,017 shares during the last quarter. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Summit Midstream Partners during the second quarter valued at about $56,000. Empowered Funds LLC grew its stake in shares of Summit Midstream Partners by 5.4% during the first quarter. Empowered Funds LLC now owns 59,481 shares of the company's stock valued at $2,016,000 after buying an additional 3,041 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Summit Midstream Partners by 0.4% during the first quarter. Invesco Ltd. now owns 957,026 shares of the company's stock valued at $32,434,000 after buying an additional 3,674 shares during the last quarter. 42.97% of the stock is owned by institutional investors.

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.

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