Why Are These Four Stocks Surging Amid Today’s Falling Market?

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An electric utility company, Empire District Electric Co (NYSE:EDE) is also trending higher today amid falling oil prices. The stock’s performance resembles the one of CenterPoint Energy: a strong rally and a small correction before settling at the $25 level. So far this year, the stock has tumbled by 15% and is currently trading at a Price to Earnings (P/E) ratio of 18.8, above industry average of 14.3. The company also pays an annual dividend of $1.04 per share, which represents a juicy yield of 4.6%.

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During the third quarter, Empire District Electric Co (NYSE:EDE) has lost some of its appeal, as the number of funds invested dropped to 8 from 10 at the end of the second quarter. Jim Simons‘ Renaissance Technologies holds the largest position among the funds we follow: 959,517 shares worth $21.1 million according to its latest quarterly report. Israel Englander is also keeping an eye, having boosted his stake by 8% to 590,427 shares.

Summit Midstream Partners LP (NYSE:SMLP) is soaring today after the company announced it will receive further support from Energy Capital Partners to facilitate its drop-down strategy without need of equity issuance in 2016. Energy Capital has also pledged an additional $100 million for the acquisition of SMLP units in open market transactions. Summit Midstream Partners has also reaffirmed 2015 full year guidance: adjusted EBITDA is expected to range between $210 million and $220 million, while distribution growth per unit is expected to be between 4.0% and 6.0%. Shares are currently trading at $16.67, up by 22% from yesterday’s closing price.

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At the end of September, roughly 4% of Summit Midstream Partners LP (NYSE:SMLP)’s outstanding stock was held by 3 top funds, down from 4 at the end of June. According to our database, Mick Hellman and his fund, HMI Capital, hold the largest position in SMLP among elite funds. The fund reportedly owns 2.55 million shares valued at $44.9 million at the end of September.

Disclosure: none

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