Bank of America Corp DE Has $12.21 Million Position in Summit Midstream Corporation (NYSE:SMC)

Bank of America Corp DE reduced its holdings 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 13F filing with the SEC. The institutional investor owned 323,167 shares of the company's stock after selling 24,029 shares during the period. Bank of America Corp DE owned about 3.03% of Summit Midstream worth $12,209,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in SMC. BNP Paribas Financial Markets acquired a new position in Summit Midstream in the fourth quarter valued at about $57,000. Tower Research Capital LLC TRC boosted its position in Summit Midstream by 1,106.2% in the fourth 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. SG Americas Securities LLC acquired a new position in Summit Midstream in the fourth quarter valued at about $159,000. EntryPoint Capital LLC acquired a new position in Summit Midstream in the fourth quarter valued at about $207,000. Finally, Quantbot Technologies LP acquired a new position in Summit Midstream in the fourth quarter valued at about $229,000. 42.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Summit Midstream

In other news, CEO J Heath Deneke sold 1,000 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $41.96, for a total transaction of $41,960.00. Following the transaction, the chief executive officer now owns 243,326 shares in the company, valued at approximately $10,209,958.96. This trade represents a 0.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 15,052 shares of company stock worth $586,956 over the last quarter. 37.80% of the stock is currently owned by insiders.

Summit Midstream Trading Up 0.8%

Shares of NYSE SMC opened at $26.91 on Friday. Summit Midstream Corporation has a 1-year low of $25.00 and a 1-year high of $45.89. The company has a market cap of $501.64 million, a PE ratio of -2.10 and a beta of 1.17. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 1.20. The company has a 50-day moving average of $30.08 and a two-hundred day moving average of $35.89.

Summit Midstream (NYSE:SMC - Get Free Report) last issued 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 last year, the firm posted ($2.12) EPS.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.