Empowered Funds LLC bought a new position in Summit Midstream Corporation (NYSE:SMC - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 56,440 shares of the company's stock, valued at approximately $2,132,000. Empowered Funds LLC owned about 0.53% of Summit Midstream as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Barclays PLC purchased a new stake in shares of Summit Midstream in the third quarter worth about $194,000. Fractal Investments LLC purchased a new stake in shares of Summit Midstream in the third quarter worth about $1,576,000. Graham Capital Wealth Management LLC purchased a new stake in shares of Summit Midstream in the fourth quarter worth about $3,061,000. Virtus Fund Advisers LLC purchased a new stake in shares of Summit Midstream in the third quarter worth about $3,794,000. Finally, Jane Street Group LLC purchased a new stake in shares of Summit Midstream in the third quarter worth about $227,000. Hedge funds and other institutional investors own 42.97% of the company's stock.
Insiders Place Their Bets
In other news, CEO J Heath Deneke sold 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $35.82, for a total value of $35,820.00. Following the transaction, the chief executive officer now owns 284,006 shares in the company, valued at $10,173,094.92. This trade represents a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last 90 days, insiders have sold 34,000 shares of company stock worth $1,306,950. 5.30% of the stock is owned by corporate insiders.
Summit Midstream Price Performance
SMC stock traded up $0.98 during mid-day trading on Tuesday, reaching $45.18. 16,052 shares of the company's stock were exchanged, compared to its average volume of 75,677. The firm has a market capitalization of $481.17 million, a P/E ratio of -3.53 and a beta of 2.37. The firm has a 50 day moving average of $39.27. 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 12-month low of $17.03 and a 12-month high of $45.41.
Summit Midstream Profile
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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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