Summit Midstream Partners, LP (NYSE:SMLP – Get Free Report) was the recipient of a large growth in short interest in July. As of July 15th, there was short interest totalling 191,900 shares, a growth of 150.8% from the June 30th total of 76,500 shares. Based on an average trading volume of 36,400 shares, the short-interest ratio is presently 5.3 days. Currently, 2.1% of the shares of the stock are short sold.
Analyst Upgrades and Downgrades
Separately, StockNews.com initiated coverage on Summit Midstream Partners in a report on Tuesday, July 23rd. They issued a “strong-buy” rating for the company.
Check Out Our Latest Report on Summit Midstream Partners
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 earnings per share for the quarter. The company had revenue of $118.87 million during the quarter. Summit Midstream Partners had a return on equity of 25.67% and a net margin of 23.24%.
Insider Buying and Selling at Summit Midstream Partners
In related news, Director Jerry L. Peters sold 10,000 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was 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 approximately $1,029,033.17. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 5.30% of the company’s stock.
Institutional Investors Weigh In On Summit Midstream Partners
Institutional investors and hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC acquired a new stake in shares of Summit Midstream Partners in the fourth quarter valued at about $48,000. Pekin Hardy Strauss Inc. bought a new stake in shares of Summit Midstream Partners during the 4th quarter valued at about $232,000. Finally, Cetera Advisors LLC boosted its position in shares of Summit Midstream Partners by 3.5% during the 1st 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 in the last quarter. Institutional investors and hedge funds 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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