57,777 Shares in Summit Midstream Corporation (NYSE:SMC) Acquired by Rangeley Capital LLC

Rangeley Capital LLC purchased a new stake in shares of Summit Midstream Corporation (NYSE:SMC) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 57,777 shares of the company’s stock, valued at approximately $2,183,000. Summit Midstream comprises 2.0% of Rangeley Capital LLC’s portfolio, making the stock its 16th largest position.

A number of other large investors also recently added to or reduced their stakes in SMC. SG Americas Securities LLC bought a new position 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 worth $194,000. EntryPoint Capital LLC purchased a new stake in Summit Midstream during the 4th quarter valued at $207,000. Jane Street Group LLC purchased a new stake in Summit Midstream during the 3rd quarter valued at $227,000. Finally, Quantbot Technologies LP bought a new stake in Summit Midstream in the 4th quarter worth $229,000. Hedge funds and other institutional investors own 42.97% of the company’s stock.

Summit Midstream Stock Performance

Shares of NYSE:SMC opened at $36.76 on Thursday. 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 cap of $685.39 million, a price-to-earnings ratio of -2.87 and a beta of 2.28. Summit Midstream Corporation has a 12 month low of $31.81 and a 12 month high of $45.89. The company has a 50-day moving average price of $40.41 and a 200-day moving average price of $37.81.

Summit Midstream (NYSE:SMC) last released its quarterly earnings data on Friday, March 21st. The company reported ($2.40) earnings per share 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 period in the previous year, the firm posted ($2.12) earnings per share.

Insider Activity at Summit Midstream

In other Summit Midstream news, CEO J Heath Deneke sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $37.81, for a total transaction of $37,810.00. Following the transaction, the chief executive officer now owns 254,006 shares in the company, valued at approximately $9,603,966.86. This represents a 0.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 34,052 shares of company stock worth $1,370,806 over the last 90 days. 5.30% of the stock is owned by company insiders.

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.