Summit Midstream Partners (NYSE:SMC) Stock Price Down 4.5% - Here's Why

Summit Midstream Partners, LP (NYSE:SMC - Get Free Report) traded down 4.5% during mid-day trading on Monday . The stock traded as low as $24.47 and last traded at $24.60. 296,380 shares were traded during trading, an increase of 232% from the average session volume of 89,317 shares. The stock had previously closed at $25.77.

Summit Midstream Partners Price Performance

The stock has a fifty day moving average price of $26.71 and a 200-day moving average price of $33.65.

Hedge Funds Weigh In On Summit Midstream Partners

A number of large investors have recently added to or reduced their stakes in SMC. BNP Paribas Financial Markets bought a new stake in shares of Summit Midstream Partners in the 4th quarter valued at about $57,000. Tower Research Capital LLC TRC lifted its position in 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 valued at $118,000 after acquiring an additional 2,854 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in Summit Midstream Partners in the fourth quarter valued at approximately $207,000. Quantbot Technologies LP purchased a new position in Summit Midstream Partners in the fourth quarter worth $229,000. Finally, Balyasny Asset Management L.P. acquired a new position in shares of Summit Midstream Partners during the fourth quarter worth $229,000. 42.97% of the stock is currently owned by 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.