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J. Heath Deneke, Chairman, President, and CEO of Summit Midstream Corp (NYSE:SMC), recently sold shares of the company’s common stock, according to a recent SEC filing. The transactions, which took place on March 27 and 28, involved a total sale of $70,001 worth of stock. The sales were executed under a pre-established trading plan and involved prices ranging from $34.63 to $35.45 per share. The stock, which has seen a 26% gain over the past year despite a 6% decline year-to-date, currently trades near InvestingPro’s Fair Value estimate, with a "FAIR" Financial Health rating.
Following these transactions, Deneke now directly owns 266,170 shares of Summit Midstream. The sales were conducted as part of a qualified selling plan in compliance with Rule 10b5-1 under the Securities Exchange Act of 1934. For deeper insights into insider transactions and comprehensive analysis, including exclusive ProTips and detailed financial metrics, check out the full company report on InvestingPro.
In other recent news, Summit Midstream Corporation has reported several significant developments. The company has updated its financial information regarding the acquisition of Tall Oak Midstream Operating, LLC, providing additional unaudited pro forma financial data for 2024. This update aims to give investors a clearer picture of the financial impact of the acquisition, which was completed with cash and equity consideration. Summit Midstream has also completed the acquisition of Moonrise Midstream, LLC, for $90 million, enhancing its operations in the DJ Basin with additional pipeline and processing capacity. This strategic move is expected to support volume growth and operational synergies.
Additionally, Summit Midstream has issued $250 million in additional senior secured notes, increasing the total aggregate principal amount to $825 million. These notes, due in 2029, are part of the company’s strategy to manage its debt portfolio and liquidity needs. The proceeds from this offering will be used to repay a portion of the outstanding borrowings under its credit facility and for general corporate purposes. The company has also announced plans to offer an additional $250 million in senior secured second lien notes, sharing terms with the existing notes, to further support its financial strategies. These recent developments reflect Summit Midstream’s ongoing efforts to strengthen its financial and operational position.
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