Summit Midstream Corporation (NYSE:SMC) Shares Acquired by Millennium Management LLC

Millennium Management LLC lifted its stake in Summit Midstream Corporation (NYSE:SMC - Free Report) by 599.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 48,610 shares of the company's stock after purchasing an additional 41,665 shares during the period. Millennium Management LLC owned approximately 0.46% of Summit Midstream worth $1,836,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Summit Midstream in the fourth quarter valued at about $3,829,000. Graham Capital Wealth Management LLC acquired a new stake in shares of Summit Midstream in the fourth quarter valued at about $3,061,000. Eagle Global Advisors LLC lifted its stake in shares of Summit Midstream by 131.7% in the fourth quarter. Eagle Global Advisors LLC now owns 73,962 shares of the company's stock valued at $2,794,000 after purchasing an additional 42,035 shares during the period. Bridgeway Capital Management LLC acquired a new stake in shares of Summit Midstream in the fourth quarter valued at about $2,321,000. Finally, Rangeley Capital LLC acquired a new stake in shares of Summit Midstream in the fourth quarter valued at about $2,183,000. Institutional investors and hedge funds own 42.97% of the company's stock.

Summit Midstream Price Performance

Shares of NYSE SMC traded up $0.49 during midday trading on Friday, hitting $25.03. The company had a trading volume of 42,814 shares, compared to its average volume of 82,134. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 1.20. Summit Midstream Corporation has a twelve month low of $24.39 and a twelve month high of $45.89. The business has a 50-day simple moving average of $28.09 and a two-hundred day simple moving average of $35.24. The firm has a market capitalization of $466.72 million, a price-to-earnings ratio of -1.95 and a beta of 1.17.

Summit Midstream (NYSE:SMC - Get Free Report) last announced its quarterly earnings data 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 last year, the firm posted ($2.12) earnings per share.

Insider Activity at Summit Midstream

In other Summit Midstream news, CEO J Heath Deneke sold 1,000 shares of Summit Midstream stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $38.04, for a total transaction of $38,040.00. Following the completion of the transaction, the chief executive officer now owns 233,326 shares in the company, valued at approximately $8,875,721.04. The trade was a 0.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 9,052 shares of company stock worth $334,806 over the last 90 days. Company insiders own 37.80% of the company's stock.

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.