Summit Midstream (NYSE:SMC) Sets New 52-Week Low – Time to Sell?

Summit Midstream Corporation (NYSE:SMC)’s stock price hit a new 52-week low during trading on Thursday . The company traded as low as $31.73 and last traded at $31.78, with a volume of 102222 shares. The stock had previously closed at $36.81.

Summit Midstream Stock Performance

The business has a fifty day simple moving average of $40.41 and a two-hundred day simple moving average of $37.81. The company has a market cap of $592.61 million, a PE ratio of -2.48 and a beta of 2.28. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.33 and a quick ratio of 1.33.

Summit Midstream (NYSE:SMC) last announced its earnings results on Friday, March 21st. The company reported ($2.40) earnings per share 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 last year, the company earned ($2.12) earnings per share.

Insider Activity at Summit Midstream

In other news, CEO J Heath Deneke sold 1,000 shares of the company’s stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $34.67, for a total transaction of $34,670.00. Following the transaction, the chief executive officer now owns 266,170 shares in the company, valued at $9,228,113.90. This represents a 0.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold 34,052 shares of company stock valued at $1,370,806 in the last ninety days. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets acquired a new position in Summit Midstream in the 4th quarter worth approximately $57,000. Tower Research Capital LLC TRC boosted its holdings in Summit Midstream by 1,106.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,112 shares of the company’s stock worth $118,000 after buying an additional 2,854 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Summit Midstream during the 4th quarter worth approximately $159,000. Barclays PLC purchased a new position in shares of Summit Midstream in the third quarter valued at approximately $194,000. Finally, EntryPoint Capital LLC purchased a new stake in shares of Summit Midstream during the fourth quarter worth approximately $207,000. Institutional investors and hedge funds own 42.97% of the company’s stock.

About Summit Midstream

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.