Virtus Fund Advisers LLC Makes New $3.79 Million Investment in Summit Midstream Corporation (NYSE:SMC)

Virtus Fund Advisers LLC purchased a new stake in shares of Summit Midstream Corporation (NYSE:SMC) during the third quarter, HoldingsChannel reports. The fund purchased 108,293 shares of the company’s stock, valued at approximately $3,794,000. Summit Midstream comprises 15.5% of Virtus Fund Advisers LLC’s holdings, making the stock its 2nd largest holding.

Other large investors have also made changes to their positions in the company. Valeo Financial Advisors LLC bought a new position in shares of Summit Midstream during the third quarter worth $529,000. Pekin Hardy Strauss Inc. purchased a new stake in Summit Midstream in the 3rd quarter worth $1,311,000. Finally, Fractal Investments LLC bought a new position in shares of Summit Midstream during the 3rd quarter valued at about $1,576,000. 42.97% of the stock is currently owned by hedge funds and other institutional investors.

Summit Midstream Stock Up 1.7 %

Shares of Summit Midstream stock opened at $37.95 on Friday. 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 stock has a market capitalization of $404.17 million, a price-to-earnings ratio of -2.96 and a beta of 2.39. Summit Midstream Corporation has a twelve month low of $15.56 and a twelve month high of $40.75. The firm’s 50-day moving average price is $35.88.

Insider Buying and Selling at Summit Midstream

In other news, CEO J Heath Deneke sold 1,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $37.80, for a total transaction of $37,800.00. Following the completion of the transaction, the chief executive officer now directly owns 277,006 shares in the company, valued at approximately $10,470,826.80. This represents a 0.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 8,000 shares of company stock worth $291,720 in the last quarter. 5.30% of the stock is owned by corporate insiders.

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.