Summit Midstream Partners (NYSE:SMLP) Shares Cross Above 200-Day Moving Average of $19.42

Summit Midstream Partners, LP (NYSE:SMLP) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $19.42 and traded as high as $28.19. Summit Midstream Partners shares last traded at $28.19, with a volume of 11,478 shares traded.

Summit Midstream Partners Trading Down 1.5 %

The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 2.34. The stock has a market cap of $289.78 million, a P/E ratio of -4.54 and a beta of 2.33. The firm’s 50-day simple moving average is $22.29 and its 200 day simple moving average is $19.58.

Summit Midstream Partners (NYSE:SMLP) last posted its earnings results on Friday, March 15th. The pipeline company reported ($1.29) EPS for the quarter. Summit Midstream Partners had a negative return on equity of 4.72% and a negative net margin of 8.49%. The firm had revenue of $127.32 million during the quarter.

Insiders Place Their Bets

In other Summit Midstream Partners news, insider James David Johnston sold 3,400 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $25.21, for a total value of $85,714.00. Following the completion of the transaction, the insider now owns 48,201 shares in the company, valued at approximately $1,215,147.21. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last 90 days, insiders sold 8,000 shares of company stock worth $179,459. Insiders own 3.70% of the company’s stock.

Institutional Trading of Summit Midstream Partners

A number of institutional investors have recently made changes to their positions in SMLP. JPMorgan Chase & Co. lifted its stake in shares of Summit Midstream Partners by 52.6% in the 1st quarter. JPMorgan Chase & Co. now owns 232,801 shares of the pipeline company’s stock worth $3,464,000 after acquiring an additional 80,214 shares during the period. Citigroup Inc. lifted its stake in Summit Midstream Partners by 20.3% during the first quarter. Citigroup Inc. now owns 17,660 shares of the pipeline company’s stock valued at $263,000 after purchasing an additional 2,976 shares during the last quarter. Ares Management LLC lifted its stake in Summit Midstream Partners by 31.3% during the first quarter. Ares Management LLC now owns 356,628 shares of the pipeline company’s stock valued at $5,307,000 after purchasing an additional 85,000 shares during the last quarter. Goldman Sachs Group Inc. acquired a new stake in Summit Midstream Partners during the first quarter valued at approximately $3,970,000. Finally, Farallon Capital Management LLC acquired a new stake in Summit Midstream Partners during the first quarter valued at approximately $641,000. 42.97% of the stock is owned by institutional investors and hedge funds.

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.