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

Summit Midstream Partners (NYSE:SMC - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday.

Summit Midstream Partners Price Performance

Shares of SMC opened at $25.29 on Friday. The firm has a 50 day simple moving average of $26.62 and a 200-day simple moving average of $33.58. Summit Midstream Partners has a 1-year low of $23.53 and a 1-year high of $45.89. The stock has a market cap of $471.66 million, a price-to-earnings ratio of -1.93 and a beta of 1.10.

Hedge Funds Weigh In On Summit Midstream Partners

Hedge funds and other institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets acquired a new position in shares of Summit Midstream Partners during the 4th quarter valued at $57,000. Tower Research Capital LLC TRC lifted its holdings in Summit Midstream Partners by 1,106.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,112 shares of the company's stock worth $118,000 after buying an additional 2,854 shares in the last quarter. EntryPoint Capital LLC acquired a new position in Summit Midstream Partners in the 4th quarter worth $207,000. Jump Financial LLC acquired a new position in Summit Midstream Partners in the 1st quarter worth $213,000. Finally, Quantbot Technologies LP acquired a new position in Summit Midstream Partners in the 4th quarter worth $229,000. Institutional investors and hedge funds own 42.97% of the company's stock.

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.

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