UBS cuts Brent crude oil forecasts
Jerry L. Peters, a director at Summit Midstream Corp (NYSE:SMC), recently executed notable stock transactions, according to a recent SEC filing. On March 17, Peters sold 3,303 shares of common stock at a price of $39.12 per share, amounting to a total of $129,213. The sale occurred with the stock showing remarkable strength, having gained 118% over the past year. According to InvestingPro analysis, SMC currently trades slightly above its Fair Value, with a FAIR overall Financial Health Score.
Earlier, on March 14, Peters acquired 3,062 shares of common stock through an indirect acquisition by a Joint Spousal Trust. This transaction, however, did not involve any monetary exchange as the shares were acquired at no cost.
Following these transactions, Peters holds 29,998 shares indirectly through the Joint Spousal Trust, where he and his spouse are the sole beneficiaries.
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 Summit equity. This acquisition expands Summit’s operations in the DJ Basin with additional natural gas and crude oil gathering pipelines and a natural gas processing plant. The company expects this move to enhance its processing capabilities and support volume growth efficiently. In another development, Summit Midstream issued $250 million in additional senior secured notes, increasing the total aggregate principal amount to $825 million. These notes are part of the company’s strategy to manage its debt portfolio and improve liquidity. The proceeds from this offering will be used to repay part of the outstanding borrowings under Summit’s asset-based credit facility and for general corporate purposes. The notes, due in 2029, are guaranteed by Summit and certain subsidiaries and are secured on a second-priority basis. Summit Midstream’s recent financial activities underscore its efforts to strengthen its financial position and operational capabilities.
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