Millennium Management LLC Acquires 41,665 Shares of Summit Midstream Corporation (NYSE:SMC)

Millennium Management LLC lifted its holdings in shares of Summit Midstream Corporation (NYSE:SMC) by 599.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 48,610 shares of the company’s stock after purchasing an additional 41,665 shares during the quarter. Millennium Management LLC owned 0.46% of Summit Midstream worth $1,836,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership bought a new position in shares of Summit Midstream during the fourth quarter worth approximately $3,829,000. Graham Capital Wealth Management LLC bought a new position in shares of Summit Midstream during the fourth quarter worth approximately $3,061,000. Eagle Global Advisors LLC increased its holdings in shares of Summit Midstream by 131.7% during the fourth quarter. Eagle Global Advisors LLC now owns 73,962 shares of the company’s stock worth $2,794,000 after purchasing an additional 42,035 shares during the period. Bridgeway Capital Management LLC bought a new position in shares of Summit Midstream during the fourth quarter worth approximately $2,321,000. Finally, Rangeley Capital LLC bought a new position in shares of Summit Midstream during the fourth quarter worth approximately $2,183,000. 42.97% of the stock is owned by institutional investors.

Summit Midstream Stock Up 3.3%

Shares of SMC opened at $25.97 on Tuesday. Summit Midstream Corporation has a 12 month low of $25.00 and a 12 month high of $45.89. The firm’s 50 day moving average is $28.65 and its 200-day moving average is $35.46. The stock has a market capitalization of $484.29 million, a PE ratio of -2.03 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.

Summit Midstream (NYSE:SMC) last announced 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.

Insider Activity at Summit Midstream

In related news, CEO J Heath Deneke sold 1,000 shares of Summit Midstream stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $39.23, for a total value of $39,230.00. Following the transaction, the chief executive officer now directly owns 236,326 shares of the company’s stock, valued at $9,271,068.98. This trade represents a 0.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 11,052 shares of company stock valued at $414,586 over the last three months. 37.80% of the stock is owned by insiders.

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.