Summit Midstream (NYSE:SMC) Sees Large Volume Increase – Here’s Why

Shares of Summit Midstream Corporation (NYSE:SMC) saw unusually-strong trading volume on Monday . Approximately 149,138 shares changed hands during mid-day trading, an increase of 88% from the previous session’s volume of 79,314 shares.The stock last traded at $28.60 and had previously closed at $29.35.

Summit Midstream Stock Down 9.5 %

The stock has a market cap of $495.40 million, a price-to-earnings ratio of -2.07 and a beta of 1.92. The firm has a 50 day simple moving average of $39.92 and a two-hundred day simple moving average of $37.73. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.33 and a quick ratio of 1.33.

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

Insider Buying and Selling

In related news, CEO J Heath Deneke sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $37.60, for a total value of $37,600.00. Following the completion of the transaction, the chief executive officer now directly owns 251,006 shares in the company, valued at approximately $9,437,825.60. The trade was a 0.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders have sold 33,052 shares of company stock valued at $1,332,996. 5.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Summit Midstream during the fourth quarter worth $3,829,000. Geode Capital Management LLC acquired a new stake in shares of Summit Midstream in the 3rd quarter valued at about $3,313,000. Graham Capital Wealth Management LLC acquired a new stake in shares of Summit Midstream in the 4th quarter valued at about $3,061,000. Bridgeway Capital Management LLC bought a new stake in shares of Summit Midstream in the fourth quarter valued at about $2,321,000. Finally, Rangeley Capital LLC acquired a new position in shares of Summit Midstream during the fourth quarter worth about $2,183,000. Institutional investors 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.