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

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 lowered shares of Summit Midstream Partners (NYSE:SMC - Free Report) from a hold rating to a sell rating in a research note released on Saturday morning.

Summit Midstream Partners Stock Up 1.2%

Shares of Summit Midstream Partners stock traded up $0.31 during mid-day trading on Friday, hitting $25.86. The stock had a trading volume of 8,245 shares, compared to its average volume of 101,219. The firm has a 50-day moving average of $25.55 and a two-hundred day moving average of $32.24. Summit Midstream Partners has a 12-month low of $23.53 and a 12-month high of $45.89. The firm has a market cap of $482.07 million, a P/E ratio of -1.97 and a beta of 1.10.

Institutional Investors Weigh In On Summit Midstream Partners

Hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets acquired a new stake in Summit Midstream Partners during the 4th quarter worth approximately $57,000. Tower Research Capital LLC TRC raised its holdings in shares of 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 valued at $118,000 after purchasing an additional 2,854 shares in the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Summit Midstream Partners in the 4th quarter valued at $207,000. Jump Financial LLC acquired a new stake in shares of Summit Midstream Partners in the 1st quarter valued at $213,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Summit Midstream Partners in the 4th quarter valued at $229,000. 42.97% of the stock is currently owned by institutional investors and hedge funds.

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.