Summit Midstream Partners (NYSE:SMLP) Raised to Strong-Buy 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 released on Monday.

Summit Midstream Partners Price Performance

SMLP stock opened at $34.04 on Monday. The stock has a market capitalization of $354.70 million, a price-to-earnings ratio of 4.75 and a beta of 2.32. The stock’s fifty day simple moving average is $25.96 and its 200-day simple moving average is $20.82. Summit Midstream Partners has a 52-week low of $13.00 and a 52-week high of $36.00. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 2.34.

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

Insider Buying and Selling

In other news, insider James David Johnston sold 3,300 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $20.25, for a total transaction of $66,825.00. Following the completion of the sale, the insider now directly owns 22,850 shares of the company’s stock, valued at approximately $462,712.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders sold 8,000 shares of company stock valued at $179,459. Insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On Summit Midstream Partners

An institutional investor recently bought a new position in Summit Midstream Partners stock. Tower Research Capital LLC TRC acquired a new position in shares of Summit Midstream Partners, LP (NYSE:SMLP) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,660 shares of the pipeline company’s stock, valued at approximately $48,000. 42.97% of the stock is currently owned by institutional investors and hedge funds.

About Summit Midstream Partners

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.