Summit Midstream Partners (NYSE:SMC) Sees Unusually-High Trading Volume – Here’s Why

Summit Midstream Partners, LP (NYSE:SMC) saw unusually-strong trading volume on Friday . Approximately 64,166 shares traded hands during mid-day trading, an increase of 52% from the previous session’s volume of 42,182 shares.The stock last traded at $28.95 and had previously closed at $27.76.

Analysts Set New Price Targets

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

Summit Midstream Partners Trading Up 0.6%

The company’s 50 day simple moving average is $26.67 and its 200 day simple moving average is $24.00. The stock has a market capitalization of $539.46 million, a PE ratio of -1.57 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) earnings per share (EPS) for the quarter. The firm had revenue of $146.88 million during the quarter.

Institutional Investors Weigh In On Summit Midstream Partners

A number of hedge funds have recently made changes to their positions in the business. Millennium Management LLC lifted its position in Summit Midstream Partners by 320.2% in the first quarter. Millennium Management LLC now owns 204,265 shares of the company’s stock worth $6,923,000 after purchasing an additional 155,655 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Summit Midstream Partners by 138.5% in the second quarter. Geode Capital Management LLC now owns 231,443 shares of the company’s stock valued at $5,678,000 after buying an additional 134,388 shares during the period. Virtus Fixed Income Advisers LLC bought a new position in Summit Midstream Partners during the second quarter valued at about $2,937,000. ARK & TLK Investments LLC acquired a new position in Summit Midstream Partners during the second quarter worth about $2,749,000. Finally, Eagle Global Advisors LLC raised its position in Summit Midstream Partners by 35.3% in the third 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 in the last quarter. Institutional investors own 42.97% of the company’s stock.

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.