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HOUSTON—Deneke J. Heath, Chairman, President, and CEO of Summit Midstream Corp (NASDAQ:NYSE:SMC), recently sold shares of the company totaling $128,649, according to a filing with the Securities and Exchange Commission. The transactions took place over several days, with shares sold at prices ranging from $42.12 to $43.84, near the stock’s 52-week high of $43.99. The sales come amid a remarkable 153% surge in share price over the past year, according to InvestingPro data.
On February 5, Heath sold 300 shares at an average price of $42.12 and 700 shares at an average price of $43.07. This was followed by sales on February 6, where 793 shares were sold at $43.03 and 207 shares at $43.84. Finally, on February 7, Heath sold 850 shares at $42.59 and 150 shares at $43.10. InvestingPro analysis indicates the company operates with a significant debt burden and currently maintains a FAIR financial health score.
Following these transactions, Heath retains direct ownership of 255,326 shares of Summit Midstream Corp. These sales were conducted under a pre-established trading plan compliant with Rule 10b5-1, which allows company insiders to sell a predetermined number of shares at a predetermined time. For deeper insights into SMC’s valuation and additional ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Summit Midstream Corp has been active in financial and strategic developments. The company issued an additional $250 million in senior secured notes, bringing the total aggregate principal amount to $825 million. This move is part of Summit Midstream’s broader strategy to manage its debt portfolio and liquidity needs. The proceeds from this offering are intended to repay a portion of the outstanding borrowings under its asset-based revolving credit facility and will also be used for general corporate purposes.
In related news, Summit Midstream also completed a significant transaction that expands its operational capacity. The company entered into a material definitive agreement following an acquisition that enhances its financial structure. This strategic move is expected to bolster the company’s financial architecture and support its growth trajectory in the energy sector.
Furthermore, Summit Midstream’s stockholders approved a significant stock issuance to Tall Oak Midstream Holdings, LLC. The approval allows for the issuance of up to 7,471,008 shares of Class B common stock and an equal number of common units representing limited partner interests in Summit Midstream Partners, LP. These recent developments highlight the ongoing financial and operational activities within Summit Midstream Corp.
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