Pekin Hardy Strauss Inc. Invests $1.31 Million in Summit Midstream Corporation (NYSE:SMC)

Pekin Hardy Strauss Inc. purchased a new stake in shares of Summit Midstream Corporation (NYSE:SMC - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 37,425 shares of the company's stock, valued at approximately $1,311,000. Pekin Hardy Strauss Inc. owned 0.35% of Summit Midstream at the end of the most recent reporting period.

Separately, Valeo Financial Advisors LLC acquired a new stake in Summit Midstream in the 3rd quarter worth approximately $529,000. Institutional investors and hedge funds own 42.97% of the company's stock.

Insiders Place Their Bets

In other Summit Midstream news, CEO J Heath Deneke sold 1,000 shares of the company's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $35.54, for a total value of $35,540.00. Following the sale, the chief executive officer now directly owns 286,006 shares in the company, valued at $10,164,653.24. This represents a 0.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 4,000 shares of company stock worth $142,710 over the last 90 days. Corporate insiders own 5.30% of the company's stock.

Summit Midstream Stock Up 3.8 %

Shares of SMC stock traded up $1.35 during trading hours on Friday, reaching $37.35. 86,883 shares of the company's stock were exchanged, compared to its average volume of 56,265. The business's fifty day simple moving average is $35.54. 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 Corporation has a fifty-two week low of $15.56 and a fifty-two week high of $40.75. The company has a market capitalization of $397.78 million, a PE ratio of -2.92 and a beta of 2.35.

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.