In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Summit Midstream Partners Lp. (NYSE:SMLP) reported that Energy Capital Partners Ii, Llc. has picked up 31,770,408 of common stock as of 2017-02-08.
The acquisition brings the aggregate amount owned by Energy Capital Partners Ii, Llc. to a total of 31,770,408 representing a 44.06% stake in the company.
For those not familiar with the company, Summit Midstream Partners, LP is a limited partnership focused on developing, owning and operating midstream energy infrastructure assets. The Company’s segments include the Marcellus Shale, which is served by Mountaineer Midstream; the Williston Basin, which is served by Bison Midstream; the Barnett Shale, which is served by DFW Midstream; the Piceance Basin, which is served by Grand River, and Corporate. It provides natural gas gathering, treating and processing services pursuant to long-term and natural gas gathering and processing agreements. The Company operates in approximately four resource basins, including the Appalachian Basin, the Williston Basin, the Fort Worth Basin and the Piceance Basin. Its midstream assets gathering systems include Mountaineer Midstream in northern West Virginia; Bison Midstream in northwestern North Dakota; Polar and Divide in northwestern North Dakota; DFW Midstream in north-central Texas, and Grand River in western Colorado and eastern Utah.
A glance at Summit Midstream Partners Lp. (NYSE:SMLP)’s key stats reveals a current market capitalization of 1.71 billion based on 72.09 million shares outstanding and a price at last close of $23.20 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2016-03-09, Energy picked up 8,590 at a purchase price of $20.90. This brings their total holding to 5,915,827 as of the date of the filing.
On the sell side, the most recent transaction saw Energy unload 4,000,000 shares at a sale price of $24.00. This brings their total holding to 25,854,581.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Summit Midstream Partners Lp. (NYSE:SMLP) as things move forward to see if its progress aligns with these transactions.
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