Wall Street Zen Upgrades Summit Midstream Partners (NYSE:SMC) to Hold

Wall Street Zen upgraded shares of Summit Midstream Partners (NYSE:SMC - Free Report) from a sell rating to a hold rating in a report issued on Friday morning.

Summit Midstream Partners Trading Down 2.0%

SMC stock traded down $0.51 during midday trading on Friday, hitting $25.04. 23,801 shares of the company's stock were exchanged, compared to its average volume of 88,664. The stock has a market capitalization of $467.00 million, a PE ratio of -1.92 and a beta of 1.10. Summit Midstream Partners has a 1-year low of $23.53 and a 1-year high of $45.89. The business has a 50-day simple moving average of $25.98 and a two-hundred day simple moving average of $32.76.

Hedge Funds Weigh In On Summit Midstream Partners

Several hedge funds have recently added to or reduced their stakes in SMC. BNP Paribas Financial Markets purchased a new position in shares of Summit Midstream Partners in the 4th quarter valued at $57,000. Tower Research Capital LLC TRC grew its position in shares of Summit Midstream Partners by 1,106.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,112 shares of the company's stock worth $118,000 after acquiring an additional 2,854 shares during the last quarter. EntryPoint Capital LLC purchased a new position in shares of Summit Midstream Partners during the fourth quarter worth approximately $207,000. Jump Financial LLC purchased a new position in Summit Midstream Partners during the 1st quarter worth $213,000. Finally, Quantbot Technologies LP purchased a new position in Summit Midstream Partners during the 4th quarter worth $229,000. 42.97% of the stock is currently owned by hedge funds and other institutional investors.

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.