Summit Midstream (NYSE:SMC) Reaches New 12-Month Low – Time to Sell?

by · The Cerbat Gem

Summit Midstream Corporation (NYSE:SMC – Get Free Report)’s share price reached a new 52-week low during trading on Wednesday . The stock traded as low as $25.80 and last traded at $29.25, with a volume of 247758 shares traded. The stock had previously closed at $27.39.

Summit Midstream Stock Down 2.4 %

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 firm has a market cap of $492.88 million, a price-to-earnings ratio of -2.06 and a beta of 1.92. The business’s 50 day moving average price is $38.01 and its 200 day moving average price is $37.31.

Summit Midstream (NYSE:SMC – Get Free Report) last released its quarterly 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 last year, the business posted ($2.12) EPS.

Insider Activity at Summit Midstream

In other Summit Midstream news, CEO J Heath Deneke sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $37.63, for a total value of $37,630.00. Following the sale, the chief executive officer now directly owns 250,006 shares of the company’s stock, valued at approximately $9,407,725.78. This trade represents a 0.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 31,052 shares of company stock worth $1,257,896 in the last 90 days. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Squarepoint Ops LLC purchased a new stake in Summit Midstream in the 4th quarter worth $247,000. OMERS ADMINISTRATION Corp acquired a new position in shares of Summit Midstream during the 4th quarter worth about $382,000. Millennium Management LLC lifted its stake in Summit Midstream by 599.9% in the 4th quarter. Millennium Management LLC now owns 48,610 shares of the company’s stock valued at $1,836,000 after buying an additional 41,665 shares in the last quarter. Eagle Global Advisors LLC boosted its holdings in Summit Midstream by 131.7% in the 4th quarter. Eagle Global Advisors LLC now owns 73,962 shares of the company’s stock worth $2,794,000 after buying an additional 42,035 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in Summit Midstream during the 4th quarter worth approximately $354,000. Hedge funds and other institutional investors own 42.97% of the company’s stock.

Summit Midstream Company Profile

(Get Free Report)

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.

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