Summit Midstream Partners, LP $SMC Shares Sold by Shenkman Capital Management Inc.
Shenkman Capital Management Inc. reduced its stake in Summit Midstream Partners, LP (NYSE:SMC) by 53.2% in Q1, now holding 102,745 shares valued at $3.48 million. Other institutional investors, including EntryPoint Capital and Quantbot Technologies, increased their holdings. Summit Midstream's stock opened at $20.00, with a market cap of $373 million. The company reported a loss of $0.66 per share for the last quarter, with revenues of $140.22 million. Analysts have upgraded the stock from 'sell' to 'hold'.
Shenkman Capital Management Inc. decreased its position in Summit Midstream Partners, LP (NYSE:SMC - Free Report) by 53.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 102,745 shares of the company's stock after selling 116,962 shares during the quarter. Shenkman Capital Management Inc. owned about 0.55% of Summit Midstream Partners worth $3,482,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the company. EntryPoint Capital LLC lifted its holdings in shares of Summit Midstream Partners by 141.9% in the first quarter. EntryPoint Capital LLC now owns 13,253 shares of the company's stock valued at $449,000 after buying an additional 7,775 shares during the period. Quantbot Technologies LP lifted its holdings in shares of Summit Midstream Partners by 87.9% during the first quarter. Quantbot Technologies LP now owns 11,377 shares of the company's stock valued at $386,000 after purchasing an additional 5,322 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Summit Midstream Partners by 55.2% during the first quarter. American Century Companies Inc. now owns 16,836 shares of the company's stock valued at $571,000 after purchasing an additional 5,989 shares during the last quarter. Eagle Global Advisors LLC lifted its holdings in shares of Summit Midstream Partners by 154.5% during the first quarter. Eagle Global Advisors LLC now owns 188,266 shares of the company's stock valued at $6,380,000 after purchasing an additional 114,304 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Summit Midstream Partners by 0.4% during the first quarter. Invesco Ltd. now owns 957,026 shares of the company's stock valued at $32,434,000 after purchasing an additional 3,674 shares during the last quarter. Institutional investors and hedge funds own 42.97% of the company's stock.
Wall Street Analysts Forecast Growth
Separately, Wall Street Zen raised Summit Midstream Partners from a "sell" rating to a "hold" rating in a report on Tuesday.
Get Our Latest Analysis on Summit Midstream Partners
Summit Midstream Partners Trading Up 3.7%
NYSE:SMC opened at $20.00 on Friday. The firm has a market capitalization of $373 million, a price-to-earnings ratio of -1.53 and a beta of 1.19. Summit Midstream Partners, LP has a 1-year low of $19.13 and a 1-year high of $45.89. The business's fifty day moving average price is $24.41 and its 200 day moving average price is $30.15.
Summit Midstream Partners (NYSE:SMC - Get Free Report) last posted its quarterly earnings results on Monday, August 11th. The company reported ($0.66) earnings per share for the quarter. The business had revenue of $140.22 million for the quarter. Summit Midstream Partners had a negative net margin of 26.34% and a negative return on equity of 1.51%.
Summit Midstream Partners Company Profile
(Free Report)Summit Midstream Corporation focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. It operates natural gas, crude oil, and produced water gathering systems in four unconventional resource basins, including the Williston Basin in North Dakota, which includes the Bakken and Three Forks shale formations; the Denver-Julesburg Basin that consists of the Niobrara and Codell shale formations in Colorado and Wyoming; the Fort Worth Basin in Texas, which comprises the Barnett Shale formation; and the Piceance Basin in Colorado, which includes the Mesaverde formation, as well as the emerging Mancos and Niobrara Shale formations.
Further Reading
- Five stocks we like better than Summit Midstream Partners
- Conference Calls and Individual Investors
- Intel's New Buyers Mean Good News for Taiwan Semiconductor Stock
- How to Plot Fibonacci Price Inflection Levels
- Shopify’s Risk-Reward Profile Is Suddenly Red Hot
- What Percentage Gainers Tell Investors and Why They Don’t Tell the Whole Story
- 3 Robotics Stocks at the Heart of the Robotics Revolution
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Should You Invest $1,000 in Summit Midstream Partners Right Now?
Before you consider Summit Midstream Partners, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Summit Midstream Partners wasn't on the list.
While Summit Midstream Partners currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
