Wall Street Zen Downgrades Summit Midstream Partners (NYSE:SMC) to Sell

Summit Midstream Partners (NYSE:SMC) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

Summit Midstream Partners Stock Up 0.1%

Shares of NYSE:SMC opened at $25.29 on Friday. Summit Midstream Partners has a fifty-two week low of $23.53 and a fifty-two week high of $45.89. The firm has a 50-day simple moving average of $26.62 and a 200 day simple moving average of $33.58. The company has a market cap of $471.66 million, a PE ratio of -1.93 and a beta of 1.10.

Institutional Investors Weigh In On Summit Midstream Partners

Several hedge funds have recently made changes to their positions in SMC. AlphaQuest LLC purchased a new stake in shares of Summit Midstream Partners in the 4th quarter valued at approximately $363,000. Quantbot Technologies LP purchased a new stake in shares of Summit Midstream Partners in the 4th quarter valued at approximately $229,000. American Century Companies Inc. purchased a new stake in shares of Summit Midstream Partners in the 4th quarter valued at approximately $410,000. EntryPoint Capital LLC purchased a new stake in shares of Summit Midstream Partners in the 4th quarter valued at approximately $207,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Summit Midstream Partners in the 4th quarter valued at approximately $357,000. Hedge funds and other institutional investors own 42.97% of the company’s stock.

Summit Midstream Partners Company Profile

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.