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In a challenging economic environment, Summit Midstream Partners LP (NYSE:SMC) stock has approached its 52-week low of $27.00, currently trading at $27.60. According to InvestingPro analysis, the company's overall Financial Health score stands at "FAIR," with a beta of 1.93 indicating higher volatility than the market. This latest price point reflects the ongoing volatility in the energy sector, with SMC actually posting a 3.64% gain over the past year, despite a concerning YTD decline of 22.31%. Investors are closely monitoring the company's performance as it navigates through the pressures of market dynamics and industry-specific headwinds, with EBITDA at $159.03M and a concerning current ratio of 0.68. The 52-week low serves as a critical indicator for the company's short-term outlook and potential strategic adjustments moving forward. For deeper insights into SMC's valuation and growth prospects, access the comprehensive Pro Research Report available exclusively on InvestingPro.
In other recent news, Summit Midstream Corporation has provided an update on its acquisition of Tall Oak Midstream Operating, LLC, revealing additional unaudited pro forma financial data for 2024. This update aims to give investors a clearer understanding of the financial impact of the acquisition, which was completed in December 2024. Summit Midstream has also completed the acquisition of Moonrise Midstream, LLC for $90 million, which includes $70 million in cash and $20 million in equity, enhancing its operations in the DJ Basin. The acquisition adds significant pipeline and processing capacity, supported by long-term contracts, which aligns with Summit's consolidation strategy.
Additionally, Summit Midstream has issued $250 million in additional senior secured notes, bringing the total to $825 million. The proceeds from this issuance are intended to repay part of the company's asset-based lending credit facility and support general corporate purposes. The notes are part of the same series as the existing $575 million notes due in 2029. These financial maneuvers are part of Summit Midstream's strategy to manage its debt portfolio effectively.
The company has also announced plans to offer another $250 million in senior secured second lien notes, sharing similar terms with the existing notes. This offering is aimed at repaying a portion of its credit facility and covering general expenses. Summit Midstream's recent activities reflect its ongoing efforts to strengthen its financial and operational standing in the energy sector.
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