Summit Midstream (NYSE:SMC) Sees Unusually-High Trading Volume - Here's What Happened

Shares of Summit Midstream Corporation (NYSE:SMC - Get Free Report) saw unusually-high trading volume on Monday . Approximately 149,138 shares were traded during mid-day trading, an increase of 88% from the previous session's volume of 79,314 shares.The stock last traded at $28.60 and had previously closed at $29.35.

Summit Midstream Trading Down 2.4 %

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 business's 50 day moving average price is $38.01 and its 200-day moving average price is $37.31. The company has a market cap of $492.88 million, a price-to-earnings ratio of -2.06 and a beta of 1.92.

Summit Midstream (NYSE:SMC - Get Free Report) last released its quarterly earnings data on Friday, March 21st. The company reported ($2.40) 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%. During the same period last year, the company earned ($2.12) EPS.

Insider Activity

In related news, CEO J Heath Deneke sold 1,000 shares of the stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $37.63, for a total transaction of $37,630.00. Following the sale, the chief executive officer now directly owns 250,006 shares in the company, valued at $9,407,725.78. This represents a 0.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have sold 31,052 shares of company stock worth $1,257,896. Corporate insiders own 5.30% of the company's stock.

Institutional Trading of Summit Midstream

Several large investors have recently made changes to their positions in the business. Jane Street Group LLC bought a new stake in Summit Midstream during the 3rd quarter worth about $227,000. Barclays PLC bought a new position in Summit Midstream in the 3rd quarter worth approximately $194,000. Geode Capital Management LLC acquired a new position in Summit Midstream during the 3rd quarter worth $3,313,000. SG Americas Securities LLC bought a new position in Summit Midstream in the 4th quarter valued at $159,000. Finally, Graham Capital Wealth Management LLC bought a new stake in shares of Summit Midstream during the fourth quarter worth $3,061,000. Institutional investors own 42.97% of the company's stock.

About Summit Midstream

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.