Shenkman Capital Management Inc. Trims Position in Summit Midstream Corporation (NYSE:SMC)

Shenkman Capital Management Inc. trimmed its position in Summit Midstream Corporation (NYSE:SMC) by 47.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 219,707 shares of the company’s stock after selling 196,574 shares during the quarter. Shenkman Capital Management Inc.’s holdings in Summit Midstream were worth $8,301,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SMC. SG Americas Securities LLC purchased a new position in Summit Midstream during the fourth quarter worth about $159,000. Barclays PLC bought a new stake in shares of Summit Midstream during the 3rd quarter valued at about $194,000. Jane Street Group LLC purchased a new position in shares of Summit Midstream during the third quarter worth about $227,000. AlphaQuest LLC bought a new position in shares of Summit Midstream in the fourth quarter worth approximately $363,000. Finally, Pekin Hardy Strauss Inc. purchased a new stake in Summit Midstream in the third quarter valued at approximately $1,311,000. 42.97% of the stock is currently owned by institutional investors.

Summit Midstream Price Performance

Shares of Summit Midstream stock opened at $36.81 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 1.20. Summit Midstream Corporation has a 1 year low of $31.81 and a 1 year high of $45.89. The company has a market capitalization of $391.99 million, a price-to-earnings ratio of -2.87 and a beta of 2.28. The company’s 50 day moving average is $41.20.

Summit Midstream (NYSE:SMC) last posted its quarterly earnings data on Monday, March 10th. The company reported ($2.19) 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%. The company had revenue of $107.02 million for the quarter.

Insiders Place Their Bets

In other news, CEO J Heath Deneke sold 1,000 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $35.18, for a total transaction of $35,180.00. Following the transaction, the chief executive officer now directly owns 265,006 shares in the company, valued at approximately $9,322,911.08. This represents a 0.38 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 33,000 shares of company stock valued at $1,324,990 over the last 90 days. Insiders own 5.30% 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.