Summit Midstream Partners (NYSE:SMC) Shares Gap Down – Should You Sell?

Summit Midstream Partners, LP (NYSE:SMC) shares gapped down before the market opened on Friday . The stock had previously closed at $26.68, but opened at $26.07. Summit Midstream Partners shares last traded at $26.61, with a volume of 9,875 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on SMC shares. Summit Redstone set a $47.00 target price on Summit Midstream Partners in a report on Thursday, December 18th. Zacks Research upgraded Summit Midstream Partners to a “hold” rating in a report on Friday, December 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Midstream Partners in a research note on Monday, December 29th. Finally, Noble Financial started coverage on shares of Summit Midstream Partners in a report on Thursday, December 18th. They set an “outperform” rating and a $47.00 target price on the stock. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $47.00.

Summit Midstream Partners Price Performance

The business has a 50-day moving average of $24.93 and a two-hundred day moving average of $23.72. The company has a market cap of $502.44 million, a P/E ratio of -1.46 and a beta of 0.91.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Millennium Management LLC grew its position in shares of Summit Midstream Partners by 320.2% in the first 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. Geode Capital Management LLC boosted its stake in Summit Midstream Partners by 138.5% during the second quarter. Geode Capital Management LLC now owns 231,443 shares of the company’s stock worth $5,678,000 after buying an additional 134,388 shares during the last quarter. Virtus Fixed Income Advisers LLC acquired a new position in Summit Midstream Partners during the second quarter worth $2,937,000. ARK & TLK Investments LLC purchased a new stake in Summit Midstream Partners in the 2nd quarter valued at $2,749,000. Finally, Eagle Global Advisors LLC increased its stake in shares of Summit Midstream Partners by 35.3% in the 3rd quarter. Eagle Global Advisors LLC now owns 264,186 shares of the company’s stock worth $5,426,000 after acquiring an additional 68,889 shares during the last quarter. 42.97% of the stock is owned by hedge funds and other institutional investors.

Summit Midstream Partners Company Profile

Summit Midstream Partners is a publicly traded master limited partnership that provides gathering, compression, processing and transportation services for natural gas, natural gas liquids (NGLs) and crude oil in key U.S. onshore basins. The company’s assets include a network of intrastate and interstate pipelines, processing plants, fractionators and storage facilities designed to serve producers, marketers and end users throughout the Appalachian, Gulf Coast, Mid-Continent and Western Canadian Sedimentary basins.

In the Appalachian region, Summit operates extensive gathering lines and multiple gas-processing complexes connected to the Mountaineer NGL Hub, one of the largest fractionation and storage hubs in the Mid-Atlantic.