AlphaQuest LLC Invests $363,000 in Summit Midstream Corporation (NYSE:SMC)

AlphaQuest LLC acquired a new stake in Summit Midstream Corporation (NYSE:SMC) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 9,613 shares of the company’s stock, valued at approximately $363,000. AlphaQuest LLC owned about 0.09% of Summit Midstream as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in SMC. Virtus Fund Advisers LLC bought a new stake in shares of Summit Midstream during the third quarter valued at approximately $3,794,000. Geode Capital Management LLC purchased a new stake in Summit Midstream in the third quarter worth about $3,313,000. Graham Capital Wealth Management LLC bought a new position in Summit Midstream during the 4th quarter worth about $3,061,000. Empowered Funds LLC purchased a new position in Summit Midstream during the 4th quarter valued at about $2,132,000. Finally, Pekin Hardy Strauss Inc. bought a new stake in shares of Summit Midstream in the 3rd quarter valued at about $1,311,000. 42.97% of the stock is currently owned by institutional investors.

Insider Transactions at Summit Midstream

In other Summit Midstream news, CEO J Heath Deneke sold 1,000 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $35.18, for a total value of $35,180.00. Following the completion of the sale, the chief executive officer now directly owns 265,006 shares in the company, valued at approximately $9,322,911.08. This trade represents a 0.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 33,000 shares of company stock valued at $1,324,990 in the last quarter. 5.30% of the stock is currently owned by corporate insiders.

Summit Midstream Stock Performance

NYSE SMC opened at $36.81 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $391.99 million, a P/E ratio of -2.87 and a beta of 2.28. The company’s 50 day simple moving average is $41.20. Summit Midstream Corporation has a 52-week low of $31.81 and a 52-week high of $45.89.

Summit Midstream (NYSE:SMC) last posted its earnings results on Monday, March 10th. The company reported ($2.19) 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%. The company had revenue of $107.02 million during the quarter.

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.