Summit Midstream CEO sells $111,560 in stock

J. Heath Deneke, Chairman, President, and CEO of Summit Midstream Corp (NASDAQ:NYSE:SMC), recently sold a total of 3,000 shares of the company’s common stock. The transactions, which took place over three days, were executed under a qualified selling plan in compliance with Rule 10b5-1.

The sales occurred on December 30, 2024, December 31, 2024, and January 2, 2025, at weighted average prices of $36.52, $37.55, and $37.49 per share, respectively. The total value of these transactions amounted to approximately $111,560. According to InvestingPro analysis, the stock is currently trading near its Fair Value, with a financial health score rated as "FAIR."

Following these sales, Deneke retains ownership of 256,006 shares of Summit Midstream Corp. The company, headquartered in Houston, Texas, operates in the natural gas transmission industry, generating annual revenue of $451 million with a gross profit margin of 51%. For deeper insights into insider trading patterns and comprehensive financial analysis, investors can access the full Pro Research Report on InvestingPro, which covers over 1,400 US stocks.

In other recent news, Summit Midstream Corp has finalized a significant transaction following an acquisition, enhancing its financial structure and operational capacity. The company has secured a guarantee for $575 million in aggregate principal amount of 8.625% Senior Secured Second Lien Notes due in 2029. Furthermore, Summit Midstream has agreed to a Supplement No. 2 to the Collateral Agreement, which provides a lien and security interest in nearly all of the Guarantors' personal property.

Simultaneously, Summit Midstream has approved a significant stock issuance to Tall Oak Midstream Holdings, LLC, involving the issuance of up to 7,471,008 shares of Class B common stock. This decision is part of a compliance measure with the New York Stock Exchange Listed Company Manual Section 312.03.

The company has also announced its acquisition of Tall Oak Midstream Operating, LLC and its subsidiaries, a move that expands Summit's operational reach into the Arkoma Basin. The acquisition includes a $155 million upfront cash payment and approximately 7.5 million shares of Class B common stock.

In addition to these developments, Summit Midstream Partners, LP has undergone a corporate reorganization, transitioning from a master limited partnership to a C corporation. Lastly, the company has reported strong Q1 results, with a net income of $132.9 million and adjusted EBITDA of $70.1 million. These are recent developments in the company's operations and financial structure.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.