Summit Midstream Partners (NYSE:SMLP) Upgraded at StockNews.com

StockNews.com upgraded shares of Summit Midstream Partners (NYSE:SMLP) from a buy rating to a strong-buy rating in a research note published on Monday.

Summit Midstream Partners Trading Down 1.2 %

NYSE SMLP opened at $34.12 on Monday. Summit Midstream Partners has a 52 week low of $13.00 and a 52 week high of $36.00. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.73 and a current ratio of 0.73. The stock’s 50 day moving average price is $26.25 and its two-hundred day moving average price is $20.91. The stock has a market capitalization of $355.39 million, a price-to-earnings ratio of 4.76 and a beta of 2.32.

Summit Midstream Partners (NYSE:SMLP) last released its earnings results on Friday, March 15th. The pipeline company reported ($1.29) earnings per share (EPS) for the quarter. The company had revenue of $127.32 million for the quarter. Summit Midstream Partners had a return on equity of 26.81% and a net margin of 23.24%.

Insider Buying and Selling

In other Summit Midstream Partners news, insider James David Johnston sold 3,400 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $25.21, for a total transaction of $85,714.00. Following the completion of the sale, the insider now owns 48,201 shares of the company’s stock, valued at approximately $1,215,147.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 8,000 shares of company stock worth $179,459. Company insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On Summit Midstream Partners

A hedge fund recently bought a new stake in Summit Midstream Partners stock. Pekin Hardy Strauss Inc. bought a new position in Summit Midstream Partners, LP (NYSE:SMLP) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,950 shares of the pipeline company’s stock, valued at approximately $232,000. Pekin Hardy Strauss Inc. owned about 0.12% of Summit Midstream Partners at the end of the most recent quarter. Hedge funds and other institutional investors own 42.97% of the company’s stock.

Summit Midstream Partners Company Profile

Summit Midstream Partners, LP focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. The company provides natural gas gathering, compression, treating, and processing services, as well as crude oil and produced water gathering and freshwater delivery services.