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J. Heath Deneke, the Chairman, President, and CEO of Summit Midstream Corp (NASDAQ:NYSE:SMC), recently sold shares of the company valued at $133,518. The transactions occurred over three days, from February 19 to February 21, 2025, and involved a total of 3,000 shares of common stock. The sale comes as SMC’s stock has surged nearly 150% over the past year, trading near its 52-week high of $45.89. According to InvestingPro analysis, the stock appears undervalued with strong price momentum.
The shares were sold at prices ranging from $43.68 to $45.08. After these transactions, Deneke retains ownership of 246,326 shares. The sales were conducted under a qualified selling plan, ensuring compliance with securities regulations. InvestingPro data shows the company maintains a FAIR financial health score, with revenue growing 7.8% in the last twelve months. Discover 12+ more exclusive ProTips and comprehensive analysis in the Pro Research Report, available with an InvestingPro subscription.
In other recent news, Summit Midstream Corporation has issued an additional $250 million in senior secured second lien notes due in 2029, bringing the total aggregate principal amount of these notes to $825 million. The proceeds from this issuance are intended to repay part of the outstanding borrowings under the company’s asset-based revolving credit facility and cover general corporate purposes. These notes, guaranteed by Summit Midstream and certain subsidiaries, are secured on a second-priority basis by collateral pledged for the company’s credit facility. Additionally, Summit Midstream has finalized a key agreement following its acquisition of equity interests in Tall Oak Midstream Operating, LLC. This involved a second supplemental indenture, securing $575 million in aggregate principal amount of 8.625% Senior Secured Second Lien Notes due in 2029. Furthermore, Summit Midstream’s stockholders have approved a significant stock issuance to Tall Oak Midstream Holdings, LLC, allowing for the issuance of up to 7,471,008 shares of Class B common stock and an equal number of common units. These developments reflect Summit Midstream’s strategic efforts to enhance its financial structure and operational capacity.
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