Summit Midstream Partners (NYSE:SMC) Downgraded by Wall Street Zen to Sell

Key Points

• Summit Midstream Partners was downgraded from a "hold" to a "sell" rating by Wall Street Zen, indicating a more pessimistic outlook for the company.
• The company's stock opened at $24.43 and has experienced a 52-week low of $23.53 against a high of $45.89, reflecting significant volatility.
• Institutional investors own approximately 42.97% of Summit Midstream Partners, with notable increases in holdings by several hedge funds in the last quarter.

Summit Midstream Partners (NYSE:SMC - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Monday.

Summit Midstream Partners Trading Up 7.6%

Summit Midstream Partners stock traded up $1.53 during midday trading on Monday, reaching $21.79. 208,382 shares of the stock traded hands, compared to its average volume of 100,026. The company has a 50-day simple moving average of $25.11 and a two-hundred day simple moving average of $31.08. Summit Midstream Partners has a 12-month low of $20.05 and a 12-month high of $45.89. The firm has a market cap of $406.29 million, a PE ratio of -1.67 and a beta of 1.19.

Summit Midstream Partners (NYSE:SMC - Get Free Report) last posted its quarterly earnings results on Monday, August 11th. The company reported ($0.66) earnings per share (EPS) for the quarter. The company had revenue of $140.22 million during the quarter. Summit Midstream Partners had a negative net margin of 26.34% and a negative return on equity of 1.51%.

Institutional Investors Weigh In On Summit Midstream Partners

A number of hedge funds have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. acquired a new stake in shares of Summit Midstream Partners during the 2nd quarter worth about $25,000. BNP Paribas Financial Markets acquired a new stake in shares of Summit Midstream Partners during the 4th quarter worth about $57,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Summit Midstream Partners during the 2nd quarter worth about $56,000. Tower Research Capital LLC TRC raised its position in shares of Summit Midstream Partners by 1,106.2% during the 4th 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 in the last quarter. Finally, New York State Common Retirement Fund acquired a new stake in shares of Summit Midstream Partners during the 2nd quarter worth about $96,000. Institutional investors and hedge funds own 42.97% of the company's stock.

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.