Summit Midstream Partners, LP (NYSE:SMLP) Sees Significant Growth in Short Interest

Summit Midstream Partners, LP (NYSE:SMLP) was the recipient of a significant growth in short interest during the month of 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. Approximately 2.1% of the company’s shares are short sold. Based on an average trading volume of 36,400 shares, the short-interest ratio is currently 5.3 days.

Summit Midstream Partners Trading Up 0.1 %

SMLP traded up $0.04 during mid-day trading on Friday, hitting $36.93. 19,941 shares of the stock were exchanged, compared to its average volume of 31,376. The company has a market cap of $393.30 million, a PE ratio of 5.15 and a beta of 2.41. The company has a current ratio of 2.64, a quick ratio of 2.64 and a debt-to-equity ratio of 1.51. The firm’s fifty day moving average is $34.24 and its two-hundred day moving average is $26.98. Summit Midstream Partners has a 1-year low of $13.00 and a 1-year high of $37.59.

Summit Midstream Partners (NYSE:SMLP) last released its earnings results on Thursday, May 2nd. The pipeline company reported $16.36 earnings per share (EPS) for the quarter. The company had revenue of $118.87 million for the quarter. Summit Midstream Partners had a net margin of 23.24% and a return on equity of 25.67%.

Insider Activity at Summit Midstream Partners

In other Summit Midstream Partners news, Director Jerry L. Peters sold 10,000 shares of the firm’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 owns 30,239 shares of the company’s stock, valued at $1,029,033.17. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Cetera Advisors LLC increased its holdings in shares of Summit Midstream Partners by 3.5% in the 1st quarter. Cetera Advisors LLC now owns 13,420 shares of the pipeline company’s stock valued at $377,000 after acquiring an additional 450 shares during the last quarter. Pekin Hardy Strauss Inc. purchased a new stake in shares of Summit Midstream Partners during the 4th quarter worth approximately $232,000. Finally, Tower Research Capital LLC TRC acquired a new position in shares of Summit Midstream Partners in the 4th quarter valued at $48,000. 42.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on shares of Summit Midstream Partners in a report on Tuesday, July 23rd. They issued a “strong-buy” rating for the company.

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.