Summit Midstream Partners (NYSE:SMC) Cut to "Sell" at Wall Street Zen

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

Summit Midstream Partners Trading Up 2.3%

Shares of SMC stock traded up $0.57 during trading hours on Friday, reaching $25.10. 99,359 shares of the company's stock were exchanged, compared to its average volume of 89,426. The stock's 50 day moving average is $26.43 and its 200-day moving average is $33.43. The company has a market cap of $468.12 million, a price-to-earnings ratio of -1.92 and a beta of 1.10. Summit Midstream Partners has a fifty-two week low of $23.53 and a fifty-two week high of $45.89.

Institutional Investors Weigh In On Summit Midstream Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets acquired a new position in shares of Summit Midstream Partners during the fourth quarter valued at about $57,000. Tower Research Capital LLC TRC grew its position in 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 purchasing an additional 2,854 shares during the last quarter. Empowered Funds LLC grew its position in Summit Midstream Partners by 5.4% during the 1st quarter. Empowered Funds LLC now owns 59,481 shares of the company's stock worth $2,016,000 after purchasing an additional 3,041 shares during the last quarter. Cetera Investment Advisers increased its stake in Summit Midstream Partners by 18.9% during the 4th quarter. Cetera Investment Advisers now owns 21,856 shares of the company's stock valued at $826,000 after purchasing an additional 3,472 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Summit Midstream Partners by 0.4% in the first quarter. Invesco Ltd. now owns 957,026 shares of the company's stock worth $32,434,000 after buying an additional 3,674 shares during the last quarter. 42.97% of the stock is currently owned by hedge funds and other 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.