Valeo Financial Advisors LLC Sells 5,675 Shares of Summit Midstream Corporation (NYSE:SMC)

Valeo Financial Advisors LLC reduced its position in shares of Summit Midstream Corporation (NYSE:SMC - Free Report) by 37.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,418 shares of the company's stock after selling 5,675 shares during the period. Valeo Financial Advisors LLC owned approximately 0.09% of Summit Midstream worth $356,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SMC. Fractal Investments LLC purchased a new position in Summit Midstream in the third quarter worth $1,576,000. Pekin Hardy Strauss Inc. purchased a new position in Summit Midstream in the third quarter worth $1,311,000. Virtus Fund Advisers LLC purchased a new position in Summit Midstream in the third quarter worth $3,794,000. Jane Street Group LLC purchased a new position in Summit Midstream in the third quarter worth $227,000. Finally, Barclays PLC purchased a new position in Summit Midstream in the third quarter worth $194,000. 42.97% of the stock is currently owned by hedge funds and other institutional investors.

Summit Midstream Stock Down 3.7 %

NYSE:SMC traded down $1.66 during midday trading on Friday, hitting $43.47. The company had a trading volume of 84,862 shares, compared to its average volume of 77,658. Summit Midstream Corporation has a 52-week low of $17.11 and a 52-week high of $45.89. The stock has a fifty day simple moving average of $39.76. The firm has a market cap of $462.90 million, a P/E ratio of -3.39 and a beta of 2.37. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.33 and a quick ratio of 1.33.

Insider Buying and Selling

In other Summit Midstream news, CEO J Heath Deneke sold 1,000 shares of the company's stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $34.94, for a total transaction of $34,940.00. Following the completion of the sale, the chief executive officer now directly owns 262,006 shares in the company, valued at $9,154,489.64. This represents a 0.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last ninety days, insiders sold 35,000 shares of company stock worth $1,368,800. Corporate insiders own 5.30% 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.