StockNews.com Begins Coverage on Summit Midstream Partners (NYSE:SMLP)

StockNews.com started coverage on shares of Summit Midstream Partners (NYSE:SMLP) in a report released on Friday morning. The firm issued a strong-buy rating on the pipeline company’s stock.

Summit Midstream Partners Stock Up 3.7 %

Shares of NYSE SMLP opened at $38.05 on Friday. The stock has a market capitalization of $396.33 million, a P/E ratio of 5.31 and a beta of 2.41. The company has a 50-day moving average price of $35.80 and a 200-day moving average price of $29.28. Summit Midstream Partners has a 1 year low of $13.00 and a 1 year high of $38.05. The company has a debt-to-equity ratio of 1.51, a current ratio of 2.64 and a quick ratio of 2.64.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC purchased a new position in Summit Midstream Partners during the fourth quarter worth about $48,000. Cetera Advisors LLC boosted its holdings in 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 during the last quarter. Pekin Hardy Strauss Inc. purchased a new position in Summit Midstream Partners during the fourth quarter worth about $232,000. Acadian Asset Management LLC boosted its holdings in Summit Midstream Partners by 414.9% during the second quarter. Acadian Asset Management LLC now owns 9,798 shares of the pipeline company’s stock worth $347,000 after purchasing an additional 7,895 shares during the last quarter. Finally, O Brien Greene & Co. Inc purchased a new position in Summit Midstream Partners during the second quarter worth about $297,000. 42.97% of the stock is currently owned by institutional investors and hedge funds.

Summit Midstream Partners Company Profile

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.