Geode Capital Management LLC Takes Position in Summit Midstream Corporation (NYSE:SMC)

Geode Capital Management LLC acquired a new position in Summit Midstream Corporation (NYSE:SMC) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 94,549 shares of the company’s stock, valued at approximately $3,313,000. Geode Capital Management LLC owned 0.89% of Summit Midstream as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Barclays PLC acquired a new stake in shares of Summit Midstream in the third quarter valued at approximately $194,000. Jane Street Group LLC acquired a new position in shares of Summit Midstream during the third quarter worth approximately $227,000. Valeo Financial Advisors LLC bought a new position in Summit Midstream in the 3rd quarter worth approximately $529,000. Pekin Hardy Strauss Inc. acquired a new stake in Summit Midstream in the 3rd quarter valued at approximately $1,311,000. Finally, Fractal Investments LLC bought a new stake in Summit Midstream during the 3rd quarter valued at $1,576,000. 42.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO J Heath Deneke sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $35.54, for a total transaction of $35,540.00. Following the sale, the chief executive officer now owns 286,006 shares of the company’s stock, valued at $10,164,653.24. The trade was a 0.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 20,000 shares of company stock valued at $727,660 over the last 90 days. 5.30% of the stock is currently owned by company insiders.

Summit Midstream Stock Performance

Shares of SMC stock opened at $37.87 on Tuesday. The firm has a market cap of $403.28 million, a price-to-earnings ratio of -2.96 and a beta of 2.37. 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 1 year low of $15.56 and a 1 year high of $40.75. The stock’s fifty day simple moving average is $36.21.

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.