Shares of Summit Midstream Partners, LP (NYSE:SMLP – Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $24.45 and traded as high as $36.00. Summit Midstream Partners shares last traded at $35.35, with a volume of 15,770 shares traded.
Wall Street Analyst Weigh In
Separately, StockNews.com initiated coverage on Summit Midstream Partners in a research report on Saturday. They issued a “strong-buy” rating on the stock.
Get Our Latest Stock Report on SMLP
Summit Midstream Partners Price Performance
Summit Midstream Partners (NYSE:SMLP – Get Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $16.36 EPS for the quarter. Summit Midstream Partners had a return on equity of 25.67% and a net margin of 23.24%. The firm had revenue of $118.87 million for the quarter.
Insiders Place Their Bets
In other Summit Midstream Partners news, Director Jerry L. Peters sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $34.03, for a total value of $340,300.00. Following the completion of the transaction, the director now owns 30,239 shares in the company, valued at approximately $1,029,033.17. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.30% of the stock is owned by corporate insiders.
Institutional Trading of Summit Midstream Partners
Several institutional investors and hedge funds have recently modified their holdings of the business. Cetera Advisors LLC raised its holdings in shares of Summit Midstream Partners by 3.5% in the 1st quarter. Cetera Advisors LLC now owns 13,420 shares of the pipeline company’s stock valued at $377,000 after acquiring an additional 450 shares in the last quarter. Tower Research Capital LLC TRC purchased a new position in shares of Summit Midstream Partners during the 4th quarter valued at about $48,000. Finally, Pekin Hardy Strauss Inc. purchased a new position in shares of Summit Midstream Partners during the 4th quarter valued at about $232,000. Hedge funds and other institutional investors own 42.97% of the company’s stock.
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.
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