ARK & TLK Investments LLC Has $5.96 Million Holdings in Summit Midstream Partners, LP $SMC

ARK & TLK Investments LLC lifted its position in shares of Summit Midstream Partners, LP (NYSE:SMC) by 99.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 223,525 shares of the company’s stock after purchasing an additional 111,441 shares during the quarter. Summit Midstream Partners accounts for approximately 1.6% of ARK & TLK Investments LLC’s investment portfolio, making the stock its 13th largest holding. ARK & TLK Investments LLC’s holdings in Summit Midstream Partners were worth $5,964,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Invesco Ltd. grew its holdings in shares of Summit Midstream Partners by 0.3% during the 3rd quarter. Invesco Ltd. now owns 968,080 shares of the company’s stock worth $19,884,000 after purchasing an additional 2,975 shares in the last quarter. Empowered Funds LLC boosted its stake in Summit Midstream Partners by 5.4% in the 1st quarter. Empowered Funds LLC now owns 59,481 shares of the company’s stock valued at $2,016,000 after buying an additional 3,041 shares in the last quarter. New York State Common Retirement Fund acquired a new stake in Summit Midstream Partners in the 2nd quarter valued at $96,000. American Century Companies Inc. boosted its stake 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 worth $521,000 after purchasing an additional 4,417 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Summit Midstream Partners by 5,417.0% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,517 shares of the company’s stock worth $135,000 after purchasing an additional 5,417 shares in the last quarter. Institutional investors and hedge funds own 42.97% of the company’s stock.

Insider Buying and Selling

In other Summit Midstream Partners news, Director Jerry L. Peters sold 10,000 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $32.00, for a total value of $320,000.00. Following the sale, the director owned 16,979 shares of the company’s stock, valued at approximately $543,328. This trade represents a 37.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 42.96% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Separately, Weiss Ratings raised Summit Midstream Partners from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $47.00.

Summit Midstream Partners Price Performance

SMC stock opened at $26.61 on Friday. The stock has a market capitalization of $541.15 million, a P/E ratio of -14.15 and a beta of 0.83. The business has a 50-day moving average of $30.26 and a 200-day moving average of $28.42. Summit Midstream Partners, LP has a fifty-two week low of $19.13 and a fifty-two week high of $33.50.

Summit Midstream Partners (NYSE:SMC) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.43) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.06. The company had revenue of $139.14 million for the quarter, compared to analyst estimates of $139.88 million. Equities analysts expect that Summit Midstream Partners, LP will post -0.93 EPS for the current year.

Summit Midstream Partners Company Profile

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.