Pekin Hardy Strauss Inc. Makes New Investment in Summit Midstream Corporation (NYSE:SMC)

Pekin Hardy Strauss Inc. purchased a new stake in Summit Midstream Corporation (NYSE:SMC) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 37,425 shares of the company’s stock, valued at approximately $1,311,000.

Separately, Fractal Investments LLC acquired a new position in Summit Midstream in the 3rd quarter worth $1,576,000. Hedge funds and other institutional investors own 42.97% of the company’s stock.

Insider Buying and Selling

In other news, CEO J Heath Deneke sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $35.54, for a total transaction of $35,540.00. Following the completion of the transaction, the chief executive officer now directly owns 286,006 shares of the company’s stock, valued at $10,164,653.24. This trade represents a 0.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders sold 4,000 shares of company stock worth $142,710. 5.30% of the stock is owned by corporate insiders.

Summit Midstream Price Performance

SMC opened at $37.35 on Friday. The firm has a market cap of $397.78 million, a P/E ratio of -2.92 and a beta of 2.35. The firm has a 50-day moving average price of $35.54. Summit Midstream Corporation has a 1 year low of $15.56 and a 1 year high of $40.75. 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 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.