Wall Street Zen upgraded shares of Summit Midstream Partners (NYSE:SMC - Free Report) from a sell rating to a hold rating in a report published on Sunday.
Summit Midstream Partners Stock Performance
Shares of NYSE SMC traded down $0.10 during midday trading on Friday, reaching $24.92. 20,213 shares of the company's stock were exchanged, compared to its average volume of 99,480. The stock has a market capitalization of $464.81 million, a PE ratio of -1.90 and a beta of 1.19. Summit Midstream Partners has a 52-week low of $23.53 and a 52-week high of $45.89. The business's fifty day moving average price is $25.34 and its two-hundred day moving average price is $31.73.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets bought a new position in shares of Summit Midstream Partners during the fourth quarter worth about $57,000. Tower Research Capital LLC TRC grew its position 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 worth $118,000 after acquiring an additional 2,854 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Summit Midstream Partners in the 1st quarter valued at approximately $213,000. Balyasny Asset Management L.P. acquired a new stake in shares of Summit Midstream Partners during the 4th quarter valued at approximately $229,000. Finally, Squarepoint Ops LLC bought a new position in Summit Midstream Partners during the fourth quarter worth $247,000. 42.97% of the stock is owned by institutional investors and hedge funds.
About Summit Midstream Partners
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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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