Summit Midstream (NYSE:SMC) Posts Quarterly Earnings Results

Summit Midstream (NYSE:SMC) released its quarterly earnings results on Friday. The company reported ($2.40) earnings per share (EPS) for the quarter, RTT News reports. 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 business posted ($2.12) EPS.

Summit Midstream Stock Down 3.5 %

Shares of SMC stock traded down $1.32 on Friday, reaching $36.18. 299,292 shares of the company’s stock traded hands, compared to its average volume of 75,563. The business’s 50 day moving average price is $41.22 and its two-hundred day moving average price is $37.91. The company has a market capitalization of $385.23 million, a P/E ratio of -2.82 and a beta of 2.28. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.33 and a current ratio of 1.33. Summit Midstream has a 12-month low of $31.81 and a 12-month high of $45.89.

Insiders Place Their Bets

In other news, CEO J Heath Deneke sold 1,000 shares of the firm’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $36.19, for a total transaction of $36,190.00. Following the completion of the sale, the chief executive officer now directly owns 260,006 shares of the company’s stock, valued at $9,409,617.14. This trade represents a 0.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders sold 33,052 shares of company stock worth $1,335,646. 5.30% of the stock is currently owned by company 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.