Summit Midstream Partners, LP (NYSE:SMC) Short Interest Update

Summit Midstream Partners, LP (NYSE:SMC) saw a significant drop in short interest in February. As of February 27th, there was short interest totaling 189,322 shares, a drop of 20.8% from the February 12th total of 239,024 shares. Based on an average daily trading volume, of 44,660 shares, the short-interest ratio is currently 4.2 days. Approximately 1.1% of the company’s stock are sold short. Approximately 1.1% of the company’s stock are sold short. Based on an average daily trading volume, of 44,660 shares, the short-interest ratio is currently 4.2 days.

Hedge Funds Weigh In On Summit Midstream Partners

Several institutional investors have recently added to or reduced their stakes in the business. Nuveen LLC raised its stake in Summit Midstream Partners by 3.1% during the fourth quarter. Nuveen LLC now owns 21,498 shares of the company’s stock worth $574,000 after purchasing an additional 656 shares during the period. Ameritas Investment Partners Inc. acquired a new stake in shares of Summit Midstream Partners in the second quarter valued at about $25,000. Graham Capital Wealth Management LLC raised its stake in shares of Summit Midstream Partners by 3.5% during the second quarter. Graham Capital Wealth Management LLC now owns 59,167 shares of the company’s stock valued at $1,451,000 after purchasing an additional 2,017 shares during the period. Police & Firemen s Retirement System of New Jersey purchased a new stake in Summit Midstream Partners during the 2nd quarter worth $56,000. Finally, Invesco Ltd. lifted its stake in shares of Summit Midstream Partners by 0.3% in the third quarter. Invesco Ltd. now owns 968,080 shares of the company’s stock worth $19,884,000 after acquiring an additional 2,975 shares in the last quarter. 42.97% of the stock is currently owned by institutional investors and hedge funds.

Summit Midstream Partners Price Performance

Summit Midstream Partners stock traded down $0.61 during mid-day trading on Friday, reaching $30.26. The company had a trading volume of 85,974 shares, compared to its average volume of 52,673. The stock’s 50-day simple moving average is $28.63 and its 200-day simple moving average is $25.32. The company has a market capitalization of $568.39 million, a P/E ratio of -1.66 and a beta of 0.92. Summit Midstream Partners has a 1 year low of $19.13 and a 1 year high of $39.64.

Analyst Upgrades and Downgrades

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

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.