Bank of America Corp DE Sells 24,029 Shares of Summit Midstream Corporation (NYSE:SMC)

Bank of America Corp DE decreased its position in shares of Summit Midstream Corporation (NYSE:SMC - Free Report) by 6.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 323,167 shares of the company's stock after selling 24,029 shares during the quarter. Bank of America Corp DE owned approximately 3.03% of Summit Midstream worth $12,209,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in SMC. BNP Paribas Financial Markets acquired a new stake in Summit Midstream in the fourth quarter valued at $57,000. Tower Research Capital LLC TRC grew its stake in shares of Summit Midstream by 1,106.2% during 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 during the period. SG Americas Securities LLC purchased a new stake in shares of Summit Midstream during the 4th quarter valued at $159,000. EntryPoint Capital LLC purchased a new stake in shares of Summit Midstream during the 4th quarter valued at $207,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Summit Midstream during the 4th quarter worth about $229,000. Hedge funds and other 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 Summit Midstream stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $34.67, for a total transaction of $34,670.00. Following the completion of the transaction, the chief executive officer now directly owns 266,170 shares of the company's stock, valued at $9,228,113.90. This trade represents a 0.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last ninety days, insiders sold 13,052 shares of company stock worth $502,366. 37.80% of the stock is currently owned by insiders.

Summit Midstream Stock Performance

SMC traded up $0.19 during trading hours on Wednesday, hitting $27.06. 4,021 shares of the stock were exchanged, compared to its average volume of 82,297. The stock has a 50-day simple moving average of $29.43 and a 200-day simple moving average of $35.72. Summit Midstream Corporation has a 12 month low of $25.00 and a 12 month high of $45.89. The stock has a market cap of $504.44 million, a price-to-earnings ratio of -2.11 and a beta of 1.17. 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 posted its quarterly earnings data on Friday, March 21st. The company reported ($2.40) earnings per share (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 prior year, the firm earned ($2.12) earnings per share.

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.