Summit Midstream (NYSE:SMC) Reaches New 52-Week Low – Here’s Why

Summit Midstream Corporation (NYSE:SMC)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $31.73 and last traded at $31.78, with a volume of 102222 shares traded. The stock had previously closed at $36.81.

Summit Midstream Stock Down 7.9 %

The company has a market cap of $546.67 million, a price-to-earnings ratio of -2.29 and a beta of 1.92. 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 business has a 50-day simple moving average of $39.92 and a two-hundred day simple moving average of $37.72.

Summit Midstream (NYSE:SMC) last posted its quarterly earnings data on Friday, March 21st. The company reported ($2.40) 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 period in the prior year, the business earned ($2.12) earnings per share.

Insider Activity at Summit Midstream

In other Summit Midstream news, CEO J Heath Deneke sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $44.98, for a total value of $44,980.00. Following the completion of the transaction, the chief executive officer now owns 249,326 shares of the company’s stock, valued at $11,214,683.48. This represents a 0.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 34,052 shares of company stock worth $1,370,806 in the last ninety days. 5.30% of the stock is currently owned by insiders.

Institutional Trading of Summit Midstream

Institutional investors and hedge funds have recently modified their holdings of the company. Virtus Fund Advisers LLC bought a new stake in Summit Midstream in the 3rd quarter valued at $3,794,000. Jane Street Group LLC bought a new position in Summit Midstream during the third quarter worth about $227,000. Barclays PLC acquired a new stake in Summit Midstream during the third quarter valued at approximately $194,000. Geode Capital Management LLC bought a new stake in shares of Summit Midstream in the 3rd quarter valued at approximately $3,313,000. Finally, SG Americas Securities LLC acquired a new stake in Summit Midstream in the 4th quarter valued at $159,000. 42.97% of the stock is currently owned by 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.