Summit Midstream Partners (NYSE:SMC) Upgraded to “Hold” at Wall Street Zen

Summit Midstream Partners (NYSE:SMC) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Tuesday.

Summit Midstream Partners Trading Down 2.7%

NYSE:SMC opened at $20.29 on Tuesday. The firm has a market capitalization of $378.35 million, a PE ratio of -1.55 and a beta of 1.19. Summit Midstream Partners has a 1 year low of $19.83 and a 1 year high of $45.89. The firm’s fifty day simple moving average is $24.78 and its 200 day simple moving average is $30.45.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SMC. Invesco Ltd. raised its position in shares of Summit Midstream Partners by 0.8% during the second quarter. Invesco Ltd. now owns 965,105 shares of the company’s stock valued at $23,674,000 after buying an additional 8,079 shares during the last quarter. Vanguard Group Inc. increased its stake in Summit Midstream Partners by 51.6% during the first quarter. Vanguard Group Inc. now owns 687,064 shares of the company’s stock valued at $23,285,000 after acquiring an additional 233,760 shares during the period. Geode Capital Management LLC raised its holdings in Summit Midstream Partners by 138.5% in the 2nd quarter. Geode Capital Management LLC now owns 231,443 shares of the company’s stock valued at $5,678,000 after acquiring an additional 134,388 shares in the last quarter. Millennium Management LLC lifted its position 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 worth $6,923,000 after acquiring an additional 155,655 shares during the period. Finally, Eagle Global Advisors LLC grew its holdings 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 purchasing an additional 7,031 shares in the last quarter. 42.97% of the stock is owned by 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.