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Another energy player that insiders are loading up on here is
Summit Midstream Partners (
SMLP), which is engaged in owning and operating midstream energy infrastructure that is located in North America. Insiders are buying this stock into big time strength, since shares are up 73% so far in 2013.
Summit Midstream Partners has a market cap of $1.67 billion and an enterprise value of $1.89 billion. This stock trades at a reasonable valuation, with a trailing price-to-earnings of 75.93 and a forward price-to-earnings of 20.17. Its estimated growth rate for this year is 47.3%, and for next year it's pegged at 26.1%. This is not a cash-rich company, since the total cash position on its balance sheet is $2.82 million and its total debt is $214.23 million. This stock currently sports a dividend yield of 4.9%.
A director just
bought 3.1 million shares, or about $97.98 million worth of stock, at $31.53 per share.
From a technical perspective, SMLP is currently trending above both its 50-day and 200-day moving averages, which is bullish. This stock has been uptrending very strong for the last six months, with shares soaring higher from its low of $18.04 to its intraday high of $35.40 a share.
If you're in the bull camp on SMLP, then look for long-biased trades as long as this stock is trending above some key near-term support at $32.52 and then once it takes out its previous all-time high at $35.40 a share with high volume. Look for a sustained move or close above that level with volume that registers near or above its three-month average action of 59,463 shares. If that breakout triggers soon, then SMLP will set up to enter new all-time-high territory, which is bullish price action. Some possible upside targets off that move are $40 to $43 a share.
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