Summit Midstream Partners (NYSE:SMLP) Receives New Coverage from Analysts at StockNews.com

StockNews.com started coverage on shares of Summit Midstream Partners (NYSE:SMLP) in a research note published on Thursday. The brokerage issued a strong-buy rating on the pipeline company’s stock.

Summit Midstream Partners Stock Up 3.7 %

NYSE:SMLP traded up $1.34 during mid-day trading on Thursday, hitting $38.05. 74,800 shares of the company’s stock were exchanged, compared to its average volume of 41,874. Summit Midstream Partners has a one year low of $13.00 and a one year high of $38.05. The company has a debt-to-equity ratio of 1.51, a current ratio of 2.64 and a quick ratio of 2.64. The business has a fifty day moving average price of $35.10 and a 200 day moving average price of $28.20. The company has a market cap of $396.33 million, a PE ratio of 5.31 and a beta of 2.41.

Insider Buying and Selling

In other news, Director Jerry L. Peters sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $34.03, for a total value of $340,300.00. Following the transaction, the director now owns 30,239 shares in the company, valued at $1,029,033.17. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC purchased a new position in shares of Summit Midstream Partners during the fourth quarter valued at approximately $48,000. Pekin Hardy Strauss Inc. purchased a new position in shares of Summit Midstream Partners during the fourth quarter valued at approximately $232,000. Acadian Asset Management LLC raised its holdings in shares of Summit Midstream Partners by 414.9% during the second quarter. Acadian Asset Management LLC now owns 9,798 shares of the pipeline company’s stock valued at $347,000 after purchasing an additional 7,895 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in Summit Midstream Partners during the second quarter valued at approximately $386,000. Finally, Cetera Advisors LLC increased its holdings in Summit Midstream Partners by 3.5% during the first quarter. Cetera Advisors LLC now owns 13,420 shares of the pipeline company’s stock valued at $377,000 after buying an additional 450 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, 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.