Summit Midstream (NYSE:SMC) Trading Up 6.1% - Still a Buy?

Summit Midstream Corporation (NYSE:SMC - Get Free Report)'s stock price shot up 6.1% during mid-day trading on Wednesday . The stock traded as high as $34.99 and last traded at $35.29. 55,658 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 77,061 shares. The stock had previously closed at $33.25.

Summit Midstream Price Performance

The company has a market capitalization of $495.40 million, a price-to-earnings ratio of -2.07 and a beta of 1.92. The business has a fifty day moving average price of $39.92 and a 200 day moving average price of $37.73. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.33 and a quick ratio of 1.33.

Summit Midstream (NYSE:SMC - Get Free Report) last released its quarterly earnings results on Friday, March 21st. The company reported ($2.40) EPS for the quarter. Summit Midstream had a positive return on equity of 0.71% and a negative net margin of 23.01%. During the same quarter in the prior year, the company earned ($2.12) EPS.

Insider Transactions at Summit Midstream

In other Summit Midstream news, CEO J Heath Deneke sold 1,000 shares of the business's stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $37.60, for a total value of $37,600.00. Following the sale, the chief executive officer now directly owns 251,006 shares in the company, valued at approximately $9,437,825.60. The trade was a 0.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 33,052 shares of company stock valued at $1,332,996. Corporate insiders own 5.30% of the company's stock.

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Institutional Trading of Summit Midstream

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Squarepoint Ops LLC acquired a new stake in shares of Summit Midstream during the 4th quarter valued at $247,000. OMERS ADMINISTRATION Corp purchased a new position in Summit Midstream in the 4th quarter worth about $382,000. Millennium Management LLC raised its holdings in Summit Midstream by 599.9% during the 4th quarter. Millennium Management LLC now owns 48,610 shares of the company's stock worth $1,836,000 after buying an additional 41,665 shares during the period. Eagle Global Advisors LLC lifted its stake in Summit Midstream by 131.7% during the fourth quarter. Eagle Global Advisors LLC now owns 73,962 shares of the company's stock valued at $2,794,000 after buying an additional 42,035 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Summit Midstream in the fourth quarter worth approximately $354,000. 42.97% of the stock is owned by institutional investors and hedge funds.

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.