Summit Midstream Partners (NYSE:SMC) Trading 0.4% Higher – Still a Buy?

Summit Midstream Partners, LP (NYSE:SMC) shares were up 0.4% during trading on Wednesday . The stock traded as high as $31.74 and last traded at $31.46. Approximately 43,943 shares were traded during trading, a decline of 15% from the average daily volume of 51,488 shares. The stock had previously closed at $31.35.

Analysts Set New Price Targets

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

Summit Midstream Partners Price Performance

The stock has a market cap of $591.01 million, a price-to-earnings ratio of -1.72 and a beta of 0.92. The stock’s 50-day moving average is $28.48 and its 200 day moving average is $25.17.

Institutional Investors Weigh In On Summit Midstream Partners

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. acquired a new stake in shares of Summit Midstream Partners in the second quarter worth $25,000. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Summit Midstream Partners during the 2nd quarter valued at $56,000. New York State Common Retirement Fund purchased a new stake in Summit Midstream Partners during the 2nd quarter worth $96,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Summit Midstream Partners by 5,417.0% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,517 shares of the company’s stock valued at $135,000 after purchasing an additional 5,417 shares in the last quarter. Finally, Deutsche Bank AG purchased a new position in Summit Midstream Partners in the fourth quarter valued at about $186,000. 42.97% of the stock is currently owned by institutional investors and hedge funds.

About Summit Midstream Partners

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.