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

Summit Midstream Partners, LP (NYSE:SMLP)’s share price crossed 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 initiated coverage on shares of Summit Midstream Partners in a report on Thursday. They issued a “strong-buy” rating on the stock.

Summit Midstream Partners Trading Up 3.7 %

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’s fifty day simple moving average is $35.10 and its 200-day simple moving average is $28.20. The firm has a market cap of $396.33 million, a PE ratio of 5.31 and a beta of 2.41.

Insider Buying and Selling at Summit Midstream Partners

In related 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 transaction of $340,300.00. Following the sale, the director now directly owns 30,239 shares of the company’s stock, valued at $1,029,033.17. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Summit Midstream Partners

Several institutional investors and hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC grew its stake in Summit Midstream Partners by 414.9% in the 2nd quarter. Acadian Asset Management LLC now owns 9,798 shares of the pipeline company’s stock valued at $347,000 after acquiring an additional 7,895 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of Summit Midstream Partners in the second quarter valued at about $386,000. Cetera Advisors LLC increased its stake in shares of Summit Midstream Partners by 3.5% during the first quarter. Cetera Advisors LLC now owns 13,420 shares of the pipeline company’s stock worth $377,000 after purchasing an additional 450 shares in the last quarter. Tower Research Capital LLC TRC acquired a new position in shares of Summit Midstream Partners during the 4th quarter worth about $48,000. Finally, Pekin Hardy Strauss Inc. purchased a new position in Summit Midstream Partners in 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.