UBS cuts Brent crude oil forecasts
Jerry L. Peters, a director at Summit Midstream Corp (NYSE:SMC), has recently sold shares of the company, according to a Form 4 filing with the Securities and Exchange Commission. The transactions, which took place over two days, involved the sale of a total of 6,752 shares of common stock, generating proceeds of approximately $252,556. The sale comes as SMC shows a remarkable 93% return over the past year, though InvestingPro analysis indicates the stock is slightly overvalued at current levels.
On March 18, Peters sold 52 shares at a price of $38 each. The following day, March 19, he sold an additional 6,700 shares at a weighted average price of $37.40, with the prices ranging from $37.40 to $37.41. These transactions were executed through a joint spousal trust, where Peters and his spouse are the sole beneficiaries. With a beta of 2.28, SMC exhibits higher volatility than the broader market, while maintaining a FAIR Financial Health Score according to InvestingPro’s comprehensive analysis.
Following these sales, Peters retains ownership of 23,246 shares of Summit Midstream, held indirectly through the trust. For deeper insights into insider trading patterns and access to Summit Midstream’s detailed Pro Research Report, visit InvestingPro.
In other recent news, Summit Midstream Corporation has completed the acquisition of Moonrise Midstream, LLC for $90 million, comprising $70 million in cash and $20 million in equity. This acquisition adds significant infrastructure, including 80 miles of natural gas and 25 miles of crude oil gathering pipelines, as well as a natural gas processing plant in Weld County, Colorado. The company expects this to enhance its operational capabilities and support volume growth. Additionally, Summit Midstream has issued $250 million in additional senior secured notes, bringing the total to $825 million in this series. The proceeds from these notes are intended to repay a portion of its asset-based lending credit facility and cover general corporate expenses. The notes, due in 2029, are secured on a second-priority basis by collateral pledged for the company’s credit facility. Summit Midstream’s recent activities reflect its strategy to manage debt and expand its operational footprint. These developments are based on recent press releases and SEC filings.
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