Geode Capital Management LLC Makes New Investment in Summit Midstream Corporation (NYSE:SMC)

Geode Capital Management LLC acquired a new stake in shares of Summit Midstream Corporation (NYSE:SMC) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 94,549 shares of the company’s stock, valued at approximately $3,313,000.

Several other hedge funds also recently made changes to their positions in the business. Barclays PLC acquired a new stake in Summit Midstream during the third quarter valued at approximately $194,000. Jane Street Group LLC acquired a new position in Summit Midstream in the third quarter worth approximately $227,000. Valeo Financial Advisors LLC bought a new position in shares of Summit Midstream in the third quarter valued at $529,000. Pekin Hardy Strauss Inc. acquired a new stake in shares of Summit Midstream during the third quarter worth approximately $1,311,000. Finally, Fractal Investments LLC purchased a new position in Summit Midstream during the third quarter valued at approximately $1,576,000. Institutional investors and hedge funds own 42.97% of the company’s stock.

Summit Midstream Stock Down 0.3 %

SMC stock opened at $37.87 on Tuesday. The business has a 50 day moving average of $36.21. The stock has a market cap of $403.28 million, a P/E ratio of -2.96 and a beta of 2.37. Summit Midstream Corporation has a 12-month low of $15.56 and a 12-month high of $40.75. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 1.20.

Insider Transactions at Summit Midstream

In other news, CEO J Heath Deneke sold 1,000 shares of Summit Midstream stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $37.49, for a total transaction 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. The trade was a 0.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders have sold 20,000 shares of company stock valued at $727,660. 5.30% of the stock is owned by insiders.

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.