Summit Midstream Partners (NYSE:SMC) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Summit Midstream Partners, LP (NYSE:SMC) saw unusually-strong trading volume on Friday . Approximately 33,877 shares changed hands during mid-day trading, a decline of 39% from the previous session’s volume of 55,804 shares.The stock last traded at $27.3660 and had previously closed at $27.56.

Analysts Set New Price Targets

A number of research firms recently weighed in on SMC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Midstream Partners in a report on Monday. Zacks Research raised Summit Midstream Partners to a “hold” rating in a research report on Friday, December 19th. Noble Financial began coverage on Summit Midstream Partners in a research note on Thursday, December 18th. They set an “outperform” rating and a $47.00 price objective on the stock. Finally, Summit Redstone set a $47.00 price objective on shares of Summit Midstream Partners in a research note on Thursday, December 18th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $47.00.

Summit Midstream Partners Stock Down 0.3%

The stock has a market capitalization of $511.75 million, a P/E ratio of -1.49 and a beta of 0.87. The business’s 50 day simple moving average is $24.27 and its two-hundred day simple moving average is $23.70.

Summit Midstream Partners (NYSE:SMC) last posted its quarterly earnings data on Monday, November 10th. The company reported ($0.13) EPS for the quarter. The business had revenue of $146.88 million for the quarter.

Hedge Funds Weigh In On Summit Midstream Partners

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SMC. Ameritas Investment Partners Inc. bought a new stake in Summit Midstream Partners during the second quarter valued at approximately $25,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Summit Midstream Partners in the 2nd quarter valued at $56,000. New York State Common Retirement Fund purchased a new position in Summit Midstream Partners in the 2nd quarter worth $96,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Summit Midstream Partners by 5,417.0% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,517 shares of the company’s stock valued at $135,000 after acquiring an additional 5,417 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in Summit Midstream Partners in the 1st quarter worth approximately $213,000. 42.97% of the stock is currently owned by hedge funds and other institutional investors.

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.