Summit Midstream (NYSE:SMC) Shares Down 2.3% - What's Next?

Summit Midstream Corporation (NYSE:SMC - Get Free Report)'s stock price dropped 2.3% on Monday . The stock traded as low as $29.78 and last traded at $29.17. Approximately 457 shares traded hands during trading, a decline of 100% from the average daily volume of 104,519 shares. The stock had previously closed at $29.85.

Summit Midstream Price Performance

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 firm has a fifty day moving average price of $34.93 and a two-hundred day moving average price of $36.82. The stock has a market capitalization of $541.73 million, a P/E ratio of -2.27 and a beta of 1.92.

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 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 company posted ($2.12) EPS.

Insiders Place Their Bets

In other Summit Midstream news, CEO J Heath Deneke sold 1,000 shares of the stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $34.67, for a total value of $34,670.00. Following the transaction, the chief executive officer now directly owns 266,170 shares in the company, valued at approximately $9,228,113.90. This trade represents a 0.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 25,052 shares of company stock worth $1,016,456. Company insiders own 5.30% of the company's stock.

Institutional Trading of Summit Midstream

A number of hedge funds and other institutional investors have recently modified their holdings of SMC. Arrowstreet Capital Limited Partnership purchased a new position in Summit Midstream during the fourth quarter valued at $3,829,000. Geode Capital Management LLC bought a new stake in shares of Summit Midstream in the 3rd quarter worth about $3,313,000. Graham Capital Wealth Management LLC bought a new stake in shares of Summit Midstream in the 4th quarter worth about $3,061,000. Bridgeway Capital Management LLC bought a new stake in shares of Summit Midstream in the 4th quarter worth about $2,321,000. Finally, Rangeley Capital LLC bought a new stake in shares of Summit Midstream in the 4th quarter worth about $2,183,000. 42.97% of the stock is owned by hedge funds and other institutional investors.

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.

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