ARK & TLK Investments LLC Makes New Investment in Summit Midstream Partners, LP $SMC

ARK & TLK Investments LLC purchased a new stake in Summit Midstream Partners, LP (NYSE:SMC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 112,084 shares of the company’s stock, valued at approximately $2,749,000. Summit Midstream Partners comprises 0.9% of ARK & TLK Investments LLC’s investment portfolio, making the stock its 19th biggest position. ARK & TLK Investments LLC owned approximately 0.60% of Summit Midstream Partners at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SMC. Vanguard Group Inc. raised its position in shares of Summit Midstream Partners by 51.6% during the 1st quarter. Vanguard Group Inc. now owns 687,064 shares of the company’s stock worth $23,285,000 after purchasing an additional 233,760 shares during the last quarter. Charles Schwab Investment Management Inc. acquired a new position in shares of Summit Midstream Partners in the first quarter worth $1,193,000. Invesco Ltd. lifted its position in shares of Summit Midstream Partners by 0.4% in the first quarter. Invesco Ltd. now owns 957,026 shares of the company’s stock valued at $32,434,000 after acquiring an additional 3,674 shares in the last quarter. Eagle Global Advisors LLC boosted its stake in shares of Summit Midstream Partners by 154.5% during the first quarter. Eagle Global Advisors LLC now owns 188,266 shares of the company’s stock valued at $6,380,000 after acquiring an additional 114,304 shares during the last quarter. Finally, American Century Companies Inc. increased its position in Summit Midstream Partners by 55.2% during the 1st quarter. American Century Companies Inc. now owns 16,836 shares of the company’s stock worth $571,000 after purchasing an additional 5,989 shares in the last quarter. 42.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SMC has been the topic of a number of recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Midstream Partners in a report on Monday, November 24th. Wall Street Zen raised shares of Summit Midstream Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, August 19th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has a consensus rating of “Sell”.

Summit Midstream Partners Stock Up 0.5%

NYSE:SMC opened at $25.17 on Tuesday. The company has a market cap of $473.02 million, a P/E ratio of -1.38 and a beta of 0.87. The firm’s 50 day moving average is $22.35 and its two-hundred day moving average is $23.62. Summit Midstream Partners, LP has a fifty-two week low of $19.13 and a fifty-two week high of $45.89.

Summit Midstream Partners (NYSE:SMC) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.13) earnings per share (EPS) for the quarter. The firm had revenue of $146.88 million for the quarter.

Summit Midstream Partners 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.