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Deneke J. Heath, Chairman, President, and CEO of Summit Midstream Corp (NASDAQ:NYSE:SMC), recently reported a series of transactions involving the company’s common stock. On March 17 and 18, Heath sold a total of 2,000 shares, generating proceeds of approximately $76,510. The shares were sold at prices ranging from $37.99 to $38.96 per share. According to InvestingPro data, these transactions occurred as the stock trades near $37.47, having delivered an impressive 106.79% return over the past year.
In addition to the sales, Heath also executed several transactions involving the acquisition of common stock through the exercise of corporation restricted stock units. These transactions resulted in the acquisition of a significant number of shares, although they were reported at no cost.
Further, Heath disposed of shares to cover tax liabilities, resulting in a total transaction value of $1,089,429, based on a price of $37.44 per share.
These activities were conducted in accordance with a pre-established trading plan under Rule 10b5-1, which allows company insiders to sell stock at predetermined times to avoid potential accusations of insider trading. Following these transactions, Heath’s direct ownership of Summit Midstream common stock stands at 274,170 shares. For deeper insights into SMC’s valuation and financial health metrics, including exclusive ProTips and comprehensive analysis, check out the full research report on InvestingPro.
In other recent news, Summit Midstream Corporation has completed the acquisition of Moonrise Midstream, LLC for $90 million, which includes $70 million in cash and $20 million in Summit equity. This strategic acquisition adds approximately 80 miles of natural gas and 25 miles of crude oil gathering pipelines, along with a 65 million cubic feet per day natural gas processing plant in Colorado. The company expects this move to enhance processing capabilities and support volume growth efficiently. Additionally, Summit Midstream has issued an additional $250 million in senior secured notes, contributing to a total of $825 million in aggregate principal amount. These notes, due in 2029, aim to repay a portion of the company’s asset-based lending credit facility and cover general corporate expenses. The issuance is part of a broader strategy to manage Summit’s debt portfolio and liquidity needs. The notes are secured by collateral backing the company’s lenders and will be treated as a single class with existing notes post-February 2025. Summit’s recent financial activities underscore its focus on strategic growth and debt management.
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