Summit Midstream Partners (NYSE:SMLP) Upgraded to “Strong-Buy” by StockNews.com

Summit Midstream Partners (NYSE:SMLP) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued on Monday.

Summit Midstream Partners Trading Up 3.6 %

Shares of SMLP traded up $1.21 during trading hours on Monday, reaching $35.24. 150,604 shares of the company traded hands, compared to its average volume of 46,961. The company’s fifty day moving average price is $25.36 and its two-hundred day moving average price is $20.60. The company has a market capitalization of $367.15 million, a price-to-earnings ratio of 4.91 and a beta of 2.32. 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 has a 12 month low of $13.00 and a 12 month high of $36.00.

Summit Midstream Partners (NYSE:SMLP) last posted its quarterly earnings data on Friday, March 15th. The pipeline company reported ($1.29) 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 for the quarter.

Insider Buying and Selling

In related news, insider James David Johnston sold 3,400 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $25.21, for a total transaction of $85,714.00. Following the sale, the insider now owns 48,201 shares of the company’s stock, valued at $1,215,147.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 8,000 shares of company stock valued at $179,459 over the last quarter. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Summit Midstream Partners stock. Pekin Hardy Strauss Inc. bought a new position in Summit Midstream Partners, LP (NYSE:SMLP) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,950 shares of the pipeline company’s stock, valued at approximately $232,000. Pekin Hardy Strauss Inc. owned approximately 0.12% of Summit Midstream Partners as of its most recent filing with the Securities and Exchange Commission (SEC). 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.