Key Points
- Director Jerry Peters sold 10,000 shares of Summit Midstream Partners on May 19 at an average price of $32.00, totaling $320,000. The sale reduced his ownership by about 37% to 16,979 shares.
- The company recently beat earnings expectations for the quarter, reporting EPS of -$0.43 versus the -$0.49 consensus, though revenue came in slightly below estimates at $139.14 million.
- Analysts currently have a Hold consensus on the stock with an average price target of $47.00, while the shares were trading around $32.05 and near their 52-week high.
Summit Midstream Partners, LP (NYSE:SMC - Get Free Report) Director Jerry Peters sold 10,000 shares of Summit Midstream Partners stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $32.00, for a total transaction of $320,000.00. Following the completion of the transaction, the director owned 16,979 shares in the company, valued at approximately $543,328. This trade represents a 37.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Summit Midstream Partners Price Performance
NYSE:SMC opened at $32.05 on Friday. The firm's fifty day moving average price is $30.44 and its 200 day moving average price is $28.15. Summit Midstream Partners, LP has a 1-year low of $19.13 and a 1-year high of $33.50. The firm has a market cap of $607.95 million, a price-to-earnings ratio of -17.05 and a beta of 0.83.
Summit Midstream Partners (NYSE:SMC - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.43) earnings per share for the quarter, beating analysts' consensus estimates of ($0.49) by $0.06. The firm had revenue of $139.14 million during the quarter, compared to analysts' expectations of $139.88 million. As a group, analysts expect that Summit Midstream Partners, LP will post -0.93 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Summit Midstream Partners
Hedge funds and other institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets lifted its holdings in Summit Midstream Partners by 608.6% in the second quarter. BNP Paribas Financial Markets now owns 22,342 shares of the company's stock valued at $548,000 after acquiring an additional 19,189 shares during the period. XTX Topco Ltd acquired a new stake in Summit Midstream Partners in the fourth quarter valued at $531,000. American Century Companies Inc. lifted its holdings in Summit Midstream Partners by 26.2% in the second quarter. American Century Companies Inc. now owns 21,253 shares of the company's stock valued at $521,000 after acquiring an additional 4,417 shares during the period. Hsbc Holdings PLC acquired a new stake in Summit Midstream Partners in the fourth quarter valued at $250,000. Finally, Rhumbline Advisers acquired a new stake in Summit Midstream Partners in the second quarter valued at $239,000. Institutional investors and hedge funds own 42.97% of the company's stock.
Analysts Set New Price Targets
Separately, Weiss Ratings upgraded shares of Summit Midstream Partners from a "sell (d-)" rating to a "hold (c-)" rating in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $47.00.
View Our Latest Research Report on Summit Midstream Partners
About Summit Midstream Partners
(
Get Free Report)
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.
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