Virtus Fund Advisers LLC Invests $3.79 Million in Summit Midstream Corporation (NYSE:SMC)

Virtus Fund Advisers LLC purchased a new stake in shares of Summit Midstream Corporation (NYSE:SMC - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 108,293 shares of the company's stock, valued at approximately $3,794,000. Summit Midstream accounts for about 15.5% of Virtus Fund Advisers LLC's portfolio, making the stock its 2nd biggest holding. Virtus Fund Advisers LLC owned about 1.02% of Summit Midstream at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Fractal Investments LLC acquired a new position in shares of Summit Midstream in the 3rd quarter valued at $1,576,000. Pekin Hardy Strauss Inc. bought a new stake in shares of Summit Midstream in the third quarter worth about $1,311,000. Finally, Valeo Financial Advisors LLC acquired a new stake in Summit Midstream during the 3rd quarter worth approximately $529,000. Institutional investors own 42.97% of the company's stock.

Insider Buying and Selling

In related news, CEO J Heath Deneke sold 1,000 shares of the firm's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $35.54, for a total value of $35,540.00. Following the completion of the transaction, the chief executive officer now owns 286,006 shares of the company's stock, valued at approximately $10,164,653.24. This trade represents a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders sold 9,000 shares of company stock worth $329,150. 5.30% of the stock is owned by corporate insiders.

Summit Midstream Trading Down 0.4 %

SMC traded down $0.14 during trading on Friday, hitting $37.81. The company had a trading volume of 96,720 shares, compared to its average volume of 51,629. The stock has a 50-day moving average of $35.88. Summit Midstream Corporation has a one year low of $15.56 and a one year high of $40.75. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 1.20.

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.