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

Ares Management LLC lessened its holdings in Summit Midstream Corporation (NYSE:SMC - Free Report) by 59.4% in the 4th quarter, according to the company in 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 period. Summit Midstream comprises about 0.0% of Ares Management LLC's portfolio, making the stock its 28th largest holding. Ares Management LLC owned 0.76% of Summit Midstream worth $3,045,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Tower Research Capital LLC TRC lifted its stake in Summit Midstream by 1,106.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,112 shares of the company's stock valued at $118,000 after buying an additional 2,854 shares in the last quarter. Jane Street Group LLC grew its position in Summit Midstream by 56.8% in the fourth quarter. Jane Street Group LLC now owns 10,163 shares of the company's stock worth $384,000 after acquiring an additional 3,680 shares during the period. SG Americas Securities LLC purchased a new stake in Summit Midstream in the 4th quarter valued at about $159,000. EntryPoint Capital LLC purchased a new stake in shares of Summit Midstream in the 4th quarter valued at approximately $207,000. Finally, Barclays PLC acquired a new position in Summit Midstream during the third quarter worth $194,000. Institutional investors and hedge funds own 42.97% of the company's stock.

Summit Midstream Trading Up 3.3 %

Summit Midstream stock traded up $0.89 during midday trading on Friday, reaching $28.14. 65,006 shares of the stock traded hands, compared to its average volume of 84,306. The company has a 50-day simple moving average of $33.42 and a two-hundred day simple moving average of $36.56. 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 Corporation has a 12-month low of $25.72 and a 12-month high of $45.89. The firm has a market cap of $524.67 million, a PE ratio of -2.20 and a beta of 1.92.

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

Insider Activity at Summit Midstream

In other Summit Midstream news, CEO J Heath Deneke sold 1,000 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $44.98, for a total transaction of $44,980.00. Following the completion of the transaction, the chief executive officer now owns 249,326 shares in the company, valued at $11,214,683.48. The trade was a 0.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders sold 23,052 shares of company stock worth $934,086. Company 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.