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Deneke J. Heath, the Chairman, President, and CEO of Summit Midstream Corp (NYSE:SMC), recently executed a series of stock sales, according to a Form 4 filing with the Securities and Exchange Commission. The transactions, carried out under a pre-arranged 10b5-1 trading plan, involved the sale of 3,000 shares of common stock over three days. The sales come amid a remarkable period for SMC, which has delivered a 158% return over the past year according to InvestingPro data.
On January 23, Heath sold 1,000 shares at a weighted average price of $42.86, with actual sale prices ranging from $42.22 to $43.33. The following day, another 1,000 shares were sold at an average price of $42.36, within a range of $41.82 to $42.85. The final transaction occurred on January 27, with 1,000 shares sold at an average price of $40.80, with sale prices between $39.72 and $42.14. These transactions occurred near the stock's 52-week high of $43.99.
These sales brought in a total of $126,020, and following these transactions, Heath holds 264,326 shares of Summit Midstream common stock. According to InvestingPro's Fair Value analysis, SMC currently appears slightly undervalued, with additional insights available through the comprehensive Pro Research Report covering this and 1,400+ other US stocks.
In other recent news, Summit Midstream Corporation has made significant strides in its financial structure and operations. The company issued an additional $250 million in aggregate principal amount of 8.625% Senior Secured Second Lien Notes due 2029, bringing the total aggregate principal amount of the notes to $825 million. This issuance is part of a broader strategy to manage Summit's debt portfolio, which stands at $956.97 million according to InvestingPro data.
Furthermore, Summit Midstream finalized a key transaction following the acquisition of Tall Oak Midstream Operating, LLC. This acquisition, which cost an upfront cash payment of $155 million and approximately 7.5 million shares of Class B common stock, extends Summit's operational range into the Arkoma Basin.
The company also gained stockholder approval for a substantial stock issuance to Tall Oak Midstream Holdings, LLC, allowing for the issuance of up to 7,471,008 shares of Class B common stock.
In terms of financial performance, Summit Midstream reported strong Q1 results, with a net income of $132.9 million and adjusted EBITDA of $70.1 million. These are among the recent developments shaping the company's operations and financial structure.
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