Hi,I am not really an insect specialist but it looks to me that a woodpecker has been making holes in the tree trying to get a boring insect that is inside. That is why the sap is coming out of the holes. Once the borer is in the tree, I don't think there is too much one can do about it unless some type of systemic insecticide is used. It will emerge as an adult. At the UConn Home & Garden Education Center (<personal data hidden>) there are several horticulturists who are much better at insect problems than me. Why don't you email them your picture and question and they would have more specific recommendations than I do.

Thank you for your time. I went to a nursery in town and they said same thing. Yellow Bellied Sap Suck. Gave me tree tape and some kind of sticky stuff to spread on it to keep him away.