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

Key Points

• Summit Midstream Partners was downgraded by Wall Street Zen from a "hold" to a "sell" rating, signaling decreased confidence in the company's stock performance.
• As of the recent trading session, Summit Midstream Partners stock opened at $25.45 and has experienced fluctuations, with a 12-month low of $23.53 and a high of $45.89.
• Institutional investors hold approximately 42.97% of Summit Midstream Partners' stock, with significant increases in holdings from firms like Tower Research Capital and Empowered Funds in recent quarters.

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

Summit Midstream Partners Stock Up 2.1%

Shares of Summit Midstream Partners stock traded up $0.53 during trading on Friday, reaching $26.08. The company's stock had a trading volume of 44,233 shares, compared to its average volume of 69,805. Summit Midstream Partners has a 12-month low of $23.53 and a 12-month high of $45.89. The company has a market capitalization of $486.45 million, a P/E ratio of -1.99 and a beta of 1.10. The business has a 50 day moving average price of $25.53 and a 200-day moving average price of $32.20.

Institutional Trading of Summit Midstream Partners

A number of institutional investors have recently bought and sold shares of the company. Rangeley Capital LLC purchased a new stake in shares of Summit Midstream Partners in the fourth quarter valued at $2,183,000. Millennium Management LLC increased its stake in Summit Midstream Partners by 599.9% in the fourth quarter. Millennium Management LLC now owns 48,610 shares of the company's stock valued at $1,836,000 after purchasing an additional 41,665 shares during the last quarter. Alps Advisors Inc. acquired a new position in Summit Midstream Partners in the first quarter valued at $1,160,000. Jane Street Group LLC increased its stake in Summit Midstream Partners by 56.8% during the fourth quarter. Jane Street Group LLC now owns 10,163 shares of the company's stock worth $384,000 after acquiring an additional 3,680 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Summit Midstream Partners during the fourth quarter worth about $3,829,000. 42.97% of the stock is currently owned by hedge funds and other institutional investors.

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.