Summit Midstream (NYSE:SMC) Shares Up 6.1% – Should You Buy?

Summit Midstream Corporation (NYSE:SMC)’s stock price traded up 6.1% during mid-day trading on Wednesday . The stock traded as high as $34.99 and last traded at $35.29. 55,658 shares traded hands during trading, a decline of 28% from the average session volume of 77,061 shares. The stock had previously closed at $33.25.

Summit Midstream Stock Performance

The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 1.20. The company has a 50-day moving average of $40.53 and a 200 day moving average of $37.82. The firm has a market capitalization of $690.61 million, a PE ratio of -2.89 and a beta of 2.28.

Summit Midstream (NYSE:SMC) last posted its quarterly earnings data on Friday, March 21st. The company reported ($2.40) earnings per share (EPS) 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 quarter in the prior year, the company earned ($2.12) EPS.

Insider Transactions at Summit Midstream

In related news, CEO J Heath Deneke sold 1,000 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $37.81, for a total value of $37,810.00. Following the sale, the chief executive officer now directly owns 254,006 shares of the company’s stock, valued at $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 available at this link. Over the last quarter, insiders have sold 35,052 shares of company stock worth $1,408,296. Company insiders own 5.30% of the company’s stock.

Institutional Trading of Summit Midstream

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Virtus Fund Advisers LLC purchased a new stake in shares of Summit Midstream in the 3rd quarter worth approximately $3,794,000. Arrowstreet Capital Limited Partnership bought a new position in Summit Midstream during the fourth quarter valued at approximately $3,829,000. Geode Capital Management LLC purchased a new stake in Summit Midstream in the third quarter worth approximately $3,313,000. Graham Capital Wealth Management LLC bought a new stake in Summit Midstream in the 4th quarter worth approximately $3,061,000. Finally, Eagle Global Advisors LLC raised its stake in Summit Midstream by 131.7% during the 4th quarter. Eagle Global Advisors LLC now owns 73,962 shares of the company’s stock valued at $2,794,000 after buying an additional 42,035 shares during the last quarter. 42.97% of the stock is owned by hedge funds and other institutional investors.

About Summit Midstream

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.