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Published Mar 22, 2024 08:01PM ET

Summit Midstream executive sells shares worth over $85k © Reuters.

HOUSTON – James David Johnston, the Executive Vice President, General Counsel, and Chief Compliance Officer of Summit Midstream (NYSE:) GP, LLC, the general partner of Summit Midstream Partners, LP (NYSE:SMLP), has sold 3,400 common units of the company. The transaction, which took place on March 22, 2024, amounted to over $85,000, with the units sold at a weighted average price of $25.21.

The sale was conducted in a series of transactions with prices ranging from $25.01 to $25.65 per unit. Following the transaction, Johnston’s direct holdings in Summit Midstream Partners, LP stand at 48,201 common units. The units were sold in accordance with a pre-arranged trading plan, known as a Rule 10b5-1 plan, which allows company insiders to sell shares over a predetermined period of time.

Investors monitor insider transactions as they provide insights into the actions of company executives and their confidence in the firm’s performance. The sale by Johnston represents a notable change in his investment position but does not necessarily signal a shift in company fundamentals.

Summit Midstream Partners, LP, headquartered in Houston, Texas, operates in the transmission sector and is incorporated in Delaware. The company’s common units are traded on the New York Stock Exchange under the ticker symbol SMLP.

InvestingPro Insights

As Summit Midstream Partners, LP (NYSE:SMLP) sees insider activity with the recent sale of common units by Executive Vice President James David Johnston, investors are closely analyzing the company’s financial health and stock performance. According to InvestingPro data, Summit Midstream Partners has a market capitalization of $281.22 million, reflecting its size within the natural gas transmission sector. Despite not being profitable over the last twelve months, with a negative P/E ratio of -6.43, the company has shown significant revenue growth of 24.1% over the same period. Moreover, the gross profit margin stands at a robust 53.64%, indicating a strong ability to control costs relative to revenue.

InvestingPro Tips highlight that SMLP has experienced a significant return over the last week, with a 46.34% increase in price total return. This aligns with a broader trend of strong returns over various timeframes, including the last month, three months, and six months, with the price total return reaching 39.61%, 51.18%, and 100.74%, respectively. Notably, SMLP is trading near its 52-week high, at 90.79% of the peak price.

For investors seeking a deeper dive into Summit Midstream Partners’ performance and potential investment opportunities, there are additional InvestingPro Tips available. These tips could provide further insights into the company’s volatility, liquidity, and long-term profitability. Interested investors can explore these tips and take advantage of an exclusive offer by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. With this tool, investors can make more informed decisions based on comprehensive data and analysis.

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