Summit Midstream (NYSE:SMC) Stock Price Up 6.1% – Still a Buy?

Summit Midstream Corporation (NYSE:SMC) shares shot up 6.1% on Wednesday . The stock traded as high as $34.99 and last traded at $35.29. 55,658 shares changed hands during mid-day trading, a decline of 28% from the average session volume of 77,061 shares. The stock had previously closed at $33.25.

Summit Midstream Stock Up 11.4 %

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 firm has a market cap of $690.61 million, a PE ratio of -2.89 and a beta of 2.28. The company’s 50 day moving average price is $40.53 and its two-hundred day moving average price is $37.82.

Summit Midstream (NYSE:SMC) last released its earnings results 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 quarter in the prior year, the firm posted ($2.12) EPS.

Insider Transactions at Summit Midstream

In related news, CEO J Heath Deneke sold 1,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $37.49, for a total value of $37,490.00. Following the completion of the sale, the chief executive officer now directly owns 256,006 shares in the company, valued at $9,597,664.94. This trade represents a 0.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders have sold 35,052 shares of company stock valued at $1,408,296. 5.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SMC. Squarepoint Ops LLC purchased a new position in Summit Midstream during the fourth quarter valued at approximately $247,000. OMERS ADMINISTRATION Corp bought a new position in shares of Summit Midstream in the 4th quarter worth $382,000. Millennium Management LLC lifted its stake in shares of Summit Midstream by 599.9% during the 4th quarter. Millennium Management LLC now owns 48,610 shares of the company’s stock worth $1,836,000 after purchasing an additional 41,665 shares during the last quarter. Eagle Global Advisors LLC boosted its position in Summit Midstream by 131.7% during the fourth quarter. Eagle Global Advisors LLC now owns 73,962 shares of the company’s stock valued at $2,794,000 after purchasing an additional 42,035 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in Summit Midstream in the fourth quarter worth about $354,000. Hedge funds and other institutional investors own 42.97% of the company’s stock.

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.