Summit Midstream Partners (NYSE:SMC) Upgraded by Wall Street Zen to Hold Rating

Summit Midstream Partners (NYSE:SMC) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.

Summit Midstream Partners Stock Performance

NYSE SMC opened at $20.29 on Tuesday. Summit Midstream Partners has a one year low of $19.83 and a one year high of $45.89. The stock has a 50-day moving average of $24.78 and a 200 day moving average of $30.45. The company has a market capitalization of $378.35 million, a price-to-earnings ratio of -1.55 and a beta of 1.19.

Summit Midstream Partners (NYSE:SMC) last announced its quarterly earnings results on Monday, August 11th. The company reported ($0.66) earnings per share (EPS) for the quarter. Summit Midstream Partners had a negative net margin of 26.34% and a negative return on equity of 1.51%. The company had revenue of $140.22 million for the quarter.

Institutional Investors Weigh In On Summit Midstream Partners

Large investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. bought a new position in shares of Summit Midstream Partners in the 2nd quarter worth approximately $25,000. BNP Paribas Financial Markets bought a new position in Summit Midstream Partners in the fourth quarter worth approximately $57,000. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Summit Midstream Partners during the 2nd quarter worth $56,000. Tower Research Capital LLC TRC grew its position in shares of 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 valued at $118,000 after acquiring an additional 2,854 shares during the period. Finally, New York State Common Retirement Fund bought a new stake in shares of Summit Midstream Partners during the 2nd quarter valued at $96,000. Institutional investors own 42.97% of the company’s stock.

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.