Summit Midstream Partners (NYSE:SMLP) Share Price Passes Above 200 Day Moving Average of $28.14

Summit Midstream Partners, LP (NYSE:SMLP) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $28.14 and traded as high as $38.05. Summit Midstream Partners shares last traded at $38.05, with a volume of 74,800 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com assumed coverage on Summit Midstream Partners in a report on Thursday. They set a “strong-buy” rating for the company.

Summit Midstream Partners Stock Performance

The stock has a market cap of $396.33 million, a PE ratio of 5.31 and a beta of 2.41. The company has a debt-to-equity ratio of 1.51, a current ratio of 2.64 and a quick ratio of 2.64. The stock has a 50-day simple moving average of $35.10 and a 200-day simple moving average of $28.20.

Insider Activity

In other Summit Midstream Partners news, Director Jerry L. Peters sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $34.03, for a total transaction of $340,300.00. Following the completion of the sale, the director now directly owns 30,239 shares in the company, valued at $1,029,033.17. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SMLP. Pekin Hardy Strauss Inc. purchased a new position in Summit Midstream Partners in the 4th quarter worth approximately $232,000. Tower Research Capital LLC TRC acquired a new position in shares of Summit Midstream Partners during the fourth quarter worth $48,000. Cetera Advisors LLC boosted its stake in shares of Summit Midstream Partners by 3.5% in the first quarter. Cetera Advisors LLC now owns 13,420 shares of the pipeline company’s stock valued at $377,000 after purchasing an additional 450 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Summit Midstream Partners during the 2nd quarter valued at $386,000. Finally, Acadian Asset Management LLC increased its stake in Summit Midstream Partners by 414.9% during the 2nd quarter. Acadian Asset Management LLC now owns 9,798 shares of the pipeline company’s stock worth $347,000 after buying an additional 7,895 shares during the period. 42.97% of the stock is owned by hedge funds and other institutional investors.

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.