Shenkman Capital Management Inc. Trims Stock Position in Summit Midstream Corporation (NYSE:SMC)

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

A number of other hedge funds and other institutional investors have also recently modified their holdings of SMC. Virtus Fund Advisers LLC acquired a new stake in Summit Midstream in the third quarter valued at approximately $3,794,000. Geode Capital Management LLC acquired a new stake in Summit Midstream in the third quarter valued at approximately $3,313,000. Graham Capital Wealth Management LLC acquired a new stake in Summit Midstream in the fourth quarter valued at approximately $3,061,000. Empowered Funds LLC acquired a new stake in Summit Midstream in the fourth quarter valued at approximately $2,132,000. Finally, Pekin Hardy Strauss Inc. acquired a new stake in Summit Midstream in the third quarter valued at approximately $1,311,000. 42.97% of the stock is currently owned by institutional investors.

Summit Midstream Stock Up 3.6 %

SMC traded up $1.36 during trading on Monday, hitting $38.80. The stock had a trading volume of 111,673 shares, compared to its average volume of 73,167. The company has a market capitalization of $413.13 million, a PE ratio of -3.03 and a beta of 2.28. Summit Midstream Corporation has a twelve month low of $31.81 and a twelve month high of $45.89. 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 stock has a 50 day simple moving average of $41.21 and a two-hundred day simple moving average of $37.90.

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

Insider Transactions at Summit Midstream

In other news, CEO J Heath Deneke sold 1,000 shares of Summit Midstream stock in a transaction on Friday, December 20th. The shares were sold at an average price of $34.97, for a total transaction of $34,970.00. Following the completion of the sale, the chief executive officer now directly owns 263,006 shares in the company, valued at approximately $9,197,319.82. The trade was a 0.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 34,000 shares of company stock worth $1,365,320. Company insiders own 5.30% of the company's stock.

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.