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

Key Points

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

Summit Midstream Partners Stock Performance

Summit Midstream Partners stock traded up $0.5650 during trading on Tuesday, hitting $20.5950. The company's stock had a trading volume of 101,562 shares, compared to its average volume of 82,404. The stock has a market capitalization of $384.10 million, a price-to-earnings ratio of -1.57 and a beta of 1.19. The stock's fifty day moving average is $24.29 and its 200 day moving average is $29.91. Summit Midstream Partners has a 1-year low of $19.13 and a 1-year high of $45.89.

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 firm had revenue of $140.22 million for the quarter. Summit Midstream Partners had a negative return on equity of 1.51% and a negative net margin of 26.34%.

Institutional Investors Weigh In On Summit Midstream Partners

Institutional investors and hedge funds have recently modified their holdings of the stock. Millennium Management LLC boosted its position in shares of Summit Midstream Partners by 599.9% in the fourth quarter. Millennium Management LLC now owns 48,610 shares of the company's stock worth $1,836,000 after buying an additional 41,665 shares during the period. Eagle Global Advisors LLC boosted its position in shares of Summit Midstream Partners by 154.5% in the first quarter. Eagle Global Advisors LLC now owns 188,266 shares of the company's stock worth $6,380,000 after buying an additional 114,304 shares during the period. Alps Advisors Inc. purchased a new stake in shares of Summit Midstream Partners in the first quarter worth about $1,160,000. Jane Street Group LLC boosted its position in shares of Summit Midstream Partners by 56.8% in the fourth quarter. Jane Street Group LLC now owns 10,163 shares of the company's stock worth $384,000 after buying an additional 3,680 shares during the period. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Summit Midstream Partners in the fourth quarter worth about $357,000. Hedge funds and other institutional investors 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.