Summit Midstream (NYSE:SMC) Sets New 12-Month Low – Here’s What Happened

Summit Midstream Corporation (NYSE:SMC)’s share price hit a new 52-week low on Thursday . The company traded as low as $31.73 and last traded at $31.78, with a volume of 102222 shares changing hands. The stock had previously closed at $36.81.

Summit Midstream Stock Down 7.9 %

The firm’s 50-day moving average is $39.92 and its two-hundred day moving average is $37.72. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a market cap of $546.67 million, a P/E ratio of -2.29 and a beta of 1.92.

Summit Midstream (NYSE:SMC) last released its earnings results on Friday, March 21st. The company reported ($2.40) earnings per share for the quarter. Summit Midstream had a positive return on equity of 0.71% and a negative net margin of 23.01%. During the same period in the prior year, the company posted ($2.12) EPS.

Insider Buying and Selling at Summit Midstream

In other Summit Midstream news, CEO J Heath Deneke sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $37.81, for a total value of $37,810.00. Following the completion of the sale, the chief executive officer now owns 254,006 shares of the company’s stock, valued at approximately $9,603,966.86. This represents a 0.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders sold 34,052 shares of company stock worth $1,370,806. Insiders own 5.30% of the company’s stock.

Institutional Trading of Summit Midstream

Several hedge funds have recently added to or reduced their stakes in SMC. BNP Paribas Financial Markets bought a new stake in shares of Summit Midstream in the fourth quarter worth about $57,000. Tower Research Capital LLC TRC grew its position in shares of Summit Midstream by 1,106.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,112 shares of the company’s stock valued at $118,000 after purchasing an additional 2,854 shares during the period. SG Americas Securities LLC bought a new stake in Summit Midstream during the 4th quarter worth approximately $159,000. Barclays PLC acquired a new stake in Summit Midstream during the 3rd quarter worth approximately $194,000. Finally, EntryPoint Capital LLC acquired a new stake in Summit Midstream during the 4th quarter worth approximately $207,000. Institutional investors and hedge funds own 42.97% of the company’s stock.

Summit Midstream Company Profile

Summit Midstream Corporation focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. It operates natural gas, crude oil, and produced water gathering systems in four unconventional resource basins, including the Williston Basin in North Dakota, which includes the Bakken and Three Forks shale formations; the Denver-Julesburg Basin that consists of the Niobrara and Codell shale formations in Colorado and Wyoming; the Fort Worth Basin in Texas, which comprises the Barnett Shale formation; and the Piceance Basin in Colorado, which includes the Mesaverde formation, as well as the emerging Mancos and Niobrara Shale formations.