Wall Street Zen Upgrades Summit Midstream Partners (NYSE:SMC) to "Hold"

Key Points

• Wall Street Zen upgraded Summit Midstream Partners from a "sell" rating to a "hold" rating, indicating a more cautious outlook on the stock.
• As of Friday, Summit Midstream's shares opened at $24.39 with a market capitalization of $454.80 million and a one-year stock price range from $23.53 to $45.89.
• Several institutional investors, including Vanguard Group Inc. and Millennium Management LLC, significantly increased their holdings in Summit Midstream Partners during the first quarter of this year.

Summit Midstream Partners (NYSE:SMC - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Sunday.

Summit Midstream Partners Price Performance

Shares of SMC stock opened at $24.39 on Friday. The company has a market capitalization of $454.80 million, a price-to-earnings ratio of -1.86 and a beta of 1.19. Summit Midstream Partners has a one year low of $23.53 and a one year high of $45.89. The company's fifty day moving average price is $25.43 and its 200-day moving average price is $31.94.

Hedge Funds Weigh In On Summit Midstream Partners

Several institutional investors have recently bought and sold shares of the stock. Invesco Ltd. lifted its holdings in Summit Midstream Partners by 0.4% during the 1st quarter. Invesco Ltd. now owns 957,026 shares of the company's stock valued at $32,434,000 after buying an additional 3,674 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Summit Midstream Partners by 51.6% in the 1st quarter. Vanguard Group Inc. now owns 687,064 shares of the company's stock valued at $23,285,000 after purchasing an additional 233,760 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Summit Midstream Partners by 320.2% in the 1st quarter. Millennium Management LLC now owns 204,265 shares of the company's stock valued at $6,923,000 after purchasing an additional 155,655 shares in the last quarter. Eagle Global Advisors LLC raised its stake in shares of Summit Midstream Partners by 3.7% during the 2nd quarter. Eagle Global Advisors LLC now owns 195,297 shares of the company's stock worth $4,791,000 after acquiring an additional 7,031 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Summit Midstream Partners during the 4th quarter worth approximately $3,829,000. 42.97% of the stock is 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.

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