Ares Management LLC Cuts Stock Holdings in Summit Midstream Corporation (NYSE:SMC)

Ares Management LLC lowered its stake in Summit Midstream Corporation (NYSE:SMC - Free Report) by 59.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 80,594 shares of the company's stock after selling 117,976 shares during the quarter. Summit Midstream accounts for approximately 0.0% of Ares Management LLC's portfolio, making the stock its 28th largest position. Ares Management LLC owned approximately 0.76% of Summit Midstream worth $3,045,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Tower Research Capital LLC TRC increased its position in shares of Summit Midstream by 1,106.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,112 shares of the company's stock worth $118,000 after acquiring an additional 2,854 shares in the last quarter. SG Americas Securities LLC bought a new stake in Summit Midstream during the 4th quarter worth approximately $159,000. EntryPoint Capital LLC purchased a new stake in shares of Summit Midstream in the fourth quarter worth approximately $207,000. Barclays PLC bought a new position in shares of Summit Midstream in the third quarter valued at approximately $194,000. Finally, Quantbot Technologies LP purchased a new position in shares of Summit Midstream during the fourth quarter valued at approximately $229,000. Institutional investors and hedge funds own 42.97% of the company's stock.

Insiders Place Their Bets

In related news, CEO J Heath Deneke sold 1,000 shares of Summit Midstream stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $44.98, for a total transaction of $44,980.00. Following the sale, the chief executive officer now directly owns 249,326 shares in the company, valued at approximately $11,214,683.48. This trade represents a 0.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 22,052 shares of company stock valued at $893,046 in the last 90 days. 37.80% of the stock is currently owned by corporate insiders.

Summit Midstream Stock Down 2.9 %

NYSE SMC traded down $0.80 on Tuesday, reaching $26.55. The company had a trading volume of 24,781 shares, compared to its average volume of 83,795. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 1.20. The stock has a market capitalization of $495.02 million, a P/E ratio of -2.07 and a beta of 1.17. The company's fifty day moving average is $33.12 and its 200 day moving average is $36.51. Summit Midstream Corporation has a 52-week low of $25.72 and a 52-week high of $45.89.

Summit Midstream (NYSE:SMC - Get Free Report) last announced its earnings results on Friday, March 21st. The company reported ($2.40) EPS 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 quarter in the previous year, the company posted ($2.12) earnings per share.

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.