Geode Capital Management LLC Acquires New Shares in Summit Midstream Corporation (NYSE:SMC)

Geode Capital Management LLC acquired a new stake in Summit Midstream Corporation (NYSE:SMC - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 94,549 shares of the company's stock, valued at approximately $3,313,000. Geode Capital Management LLC owned about 0.89% of Summit Midstream at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the company. Virtus Fund Advisers LLC acquired a new stake in shares of Summit Midstream in the third quarter worth approximately $3,794,000. Fractal Investments LLC acquired a new position in shares of Summit Midstream during the third quarter worth about $1,576,000. Pekin Hardy Strauss Inc. purchased a new position in Summit Midstream in the 3rd quarter worth approximately $1,311,000. Valeo Financial Advisors LLC purchased a new position in shares of Summit Midstream in the third quarter valued at $529,000. Finally, Jane Street Group LLC purchased a new position in Summit Midstream in the 3rd quarter valued at about $227,000. Hedge funds and other institutional investors own 42.97% of the company's stock.

Insider Transactions at Summit Midstream

In related news, CEO J Heath Deneke sold 1,000 shares of the business's stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $35.54, for a total value of $35,540.00. Following the completion of the sale, the chief executive officer now directly owns 286,006 shares of the company's stock, valued at $10,164,653.24. The trade was a 0.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders sold 21,000 shares of company stock valued at $765,470. 5.30% of the stock is currently owned by corporate insiders.

Summit Midstream Trading Down 0.2 %

SMC stock traded down $0.06 during midday trading on Tuesday, hitting $37.81. 35,219 shares of the company's stock were exchanged, compared to its average volume of 58,780. The business has a 50 day moving average of $36.21. Summit Midstream Corporation has a 12-month low of $15.56 and a 12-month high of $40.75. The firm has a market capitalization of $402.64 million, a PE ratio of -2.95 and a beta of 2.37. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 1.20.

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.