Summit Midstream Partners (NYSE:SMC) Trading 1.5% Higher - Here's What Happened

Summit Midstream Partners, LP (NYSE:SMC - Get Free Report) traded up 1.5% during trading on Thursday . The company traded as high as $22.23 and last traded at $21.90. 63,572 shares changed hands during trading, a decline of 6% from the average session volume of 67,404 shares. The stock had previously closed at $21.58.

Analyst Ratings Changes

A number of analysts have commented on SMC shares. Wall Street Zen upgraded Summit Midstream Partners from a "sell" rating to a "hold" rating in a research report on Tuesday, August 19th. Weiss Ratings reiterated a "sell (d)" rating on shares of Summit Midstream Partners in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has an average rating of "Sell".

Summit Midstream Partners Trading Up 1.5%

The company has a 50 day moving average of $21.63 and a 200 day moving average of $24.66. The firm has a market cap of $411.14 million, a price-to-earnings ratio of -1.67 and a beta of 1.11.

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

Institutional Trading of Summit Midstream Partners

Institutional investors have recently bought and sold shares of the stock. Alps Advisors Inc. bought a new position in Summit Midstream Partners in the 1st quarter valued at $1,160,000. Vanguard Group Inc. raised its position in Summit Midstream Partners by 51.6% in the 1st quarter. Vanguard Group Inc. now owns 687,064 shares of the company's stock valued at $23,285,000 after purchasing an additional 233,760 shares during the last quarter. Charles Schwab Investment Management Inc. bought a new position in Summit Midstream Partners in the 1st quarter valued at $1,193,000. Invesco Ltd. raised its position in Summit Midstream Partners by 0.4% in the 1st quarter. Invesco Ltd. now owns 957,026 shares of the company's stock valued at $32,434,000 after purchasing an additional 3,674 shares during the last quarter. Finally, Eagle Global Advisors LLC raised its position in Summit Midstream Partners by 154.5% in the 1st quarter. Eagle Global Advisors LLC now owns 188,266 shares of the company's stock valued at $6,380,000 after purchasing an additional 114,304 shares during the last quarter. 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.

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