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J. Heath Deneke, Chairman, President, and CEO of Summit Midstream Corp (NYSE:SMC), recently sold a portion of his holdings in the company. According to a Form 4 filing with the SEC, Deneke sold a total of 3,000 shares across several transactions from March 7 to March 11, 2025. The stock has shown remarkable strength with an 82% gain over the past year, trading between $17.26 and $45.89 during this period. According to InvestingPro analysis, SMC currently appears undervalued based on its Fair Value model. The sales were executed at prices ranging from $37.70 to $39.70 per share, amounting to a total transaction value of approximately $115,620.
The transactions were conducted under a pre-established trading plan in compliance with Rule 10b5-1, which allows company insiders to set up a predetermined plan to sell stocks. Following these transactions, Deneke retains ownership of 234,326 shares in Summit Midstream Corp.
In other recent news, Summit Midstream Corporation has completed the acquisition of Moonrise Midstream, LLC for $90 million. The purchase includes 80 miles of natural gas and 25 miles of crude oil gathering pipelines, along with a natural gas processing plant in Colorado. This acquisition is expected to enhance Summit’s operations in the DJ Basin and support volume growth. Additionally, Summit Midstream has issued $250 million in senior secured notes, increasing its total notes to $825 million. The proceeds from this issuance aim to repay part of the outstanding borrowings and cover general corporate expenses. The notes, due in 2029, are secured on a second-priority basis by collateral tied to the company’s credit facility. These developments are part of Summit’s strategy to manage its debt and expand its infrastructure capabilities. The transaction and financial maneuvers align with Summit’s broader consolidation strategy.
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