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HOUSTON—Deneke J. Heath, Chairman, President, and CEO of Summit Midstream Corp (NASDAQ:NYSE:SMC), recently executed a series of stock sales amounting to $130,221, according to a Form 4 filing with the Securities and Exchange Commission. The transactions took place between February 27 and March 3, 2025, with shares sold at prices ranging from $42.39 to $44.91. The stock has shown remarkable strength, delivering a 119% return over the past year, with shares currently trading near their 52-week high of $45.89.
The sales were conducted under a pre-established 10b5-1 trading plan, a common strategy used by executives to manage stock transactions in compliance with insider trading laws. Following these transactions, Deneke’s direct ownership stands at 240,326 shares. According to InvestingPro analysis, Summit Midstream appears undervalued at current levels.
Summit Midstream, headquartered in Houston, operates in the natural gas transmission sector, generating $450.9 million in revenue with a healthy 51% gross margin. Investors often scrutinize insider transactions for potential insights into company performance and executive sentiment. For deeper analysis, InvestingPro offers comprehensive research reports with detailed financial metrics and expert insights.
In other recent news, Summit Midstream Corporation has made significant financial maneuvers by issuing an additional $250 million in senior secured second lien notes due in 2029. This issuance, as detailed in a filing with the Securities and Exchange Commission, is intended to repay a portion of the company’s asset-based lending credit facility and cover general corporate expenses. The notes, which are part of a series initially totaling $575 million, now bring the aggregate principal amount to $825 million. These notes are guaranteed by Summit Midstream and certain subsidiaries, secured by collateral backing the company’s lenders under its asset-based lending facility.
Additionally, Summit Midstream recently completed a material definitive agreement following an acquisition that enhances its financial structure. This included a second supplemental indenture signed with Regions Bank, providing a guarantee for the $575 million in senior secured notes. In a parallel move, the company entered into a Joinder Agreement with Bank of America to further secure obligations under its existing loan and security agreement. These strategic moves are intended to strengthen Summit Midstream’s financial architecture and support its operational capacity in the energy sector.
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