Summit Midstream Corporation (NYSE:SMC) Shares Sold by Shenkman Capital Management Inc.

Shenkman Capital Management Inc. lowered its position in shares of Summit Midstream Corporation (NYSE:SMC - Free Report) by 47.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 219,707 shares of the company's stock after selling 196,574 shares during the quarter. Shenkman Capital Management Inc. owned about 2.06% of Summit Midstream worth $8,301,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SMC. Pekin Hardy Strauss Inc. purchased a new position in Summit Midstream in the 3rd quarter worth approximately $1,311,000. Virtus Fund Advisers LLC purchased a new position in Summit Midstream in the 3rd quarter worth approximately $3,794,000. Jane Street Group LLC purchased a new position in Summit Midstream in the 3rd quarter worth approximately $227,000. Barclays PLC purchased a new position in shares of Summit Midstream during the 3rd quarter valued at approximately $194,000. Finally, Geode Capital Management LLC purchased a new position in shares of Summit Midstream during the 3rd quarter valued at approximately $3,313,000. Hedge funds and other institutional investors own 42.97% of the company's stock.

Summit Midstream Stock Down 3.1 %

Shares of Summit Midstream stock traded down $1.20 on Tuesday, hitting $37.51. 81,247 shares of the company's stock traded hands, compared to its average volume of 73,216. The stock has a market cap of $399.42 million, a P/E ratio of -2.93 and a beta of 2.28. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 1.20. The firm's 50-day moving average is $41.21 and its 200 day moving average is $37.90. Summit Midstream Corporation has a 52-week low of $31.81 and a 52-week high of $45.89.

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Summit Midstream (NYSE:SMC - Get Free Report) last released its earnings results on Monday, March 10th. The company reported ($2.19) EPS for the quarter. The business had revenue of $107.02 million for the quarter. Summit Midstream had a negative net margin of 23.01% and a positive return on equity of 0.71%.

Insider Activity

In related news, CEO J Heath Deneke sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $44.98, for a total transaction of $44,980.00. Following the sale, the chief executive officer now directly owns 249,326 shares of the company's stock, valued at approximately $11,214,683.48. This represents a 0.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last three months, insiders sold 34,000 shares of company stock worth $1,365,320. 5.30% of the stock is currently owned by insiders.

Summit Midstream 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.