Summit Midstream (NYSE:SMC) Corp, headquartered in Houston, operates in the natural gas transmission industry. While InvestingPro analysis indicates the stock is currently fairly valued, the company faces challenges with a significant debt burden and negative earnings in the last twelve months. The company continues to focus on its strategic objectives under Deneke's leadership. Get deeper insights into SMC's financial health and growth prospects with InvestingPro's comprehensive research report, part of its coverage of over 1,400 US stocks.
Deneke sold 1,000 shares of common stock on each of the three days. The prices per share ranged from $35.12 to $35.18. Following these transactions, Deneke now holds 265,006 shares directly.
These sales were made under a pre-established trading plan, compliant with Rule 10b5-1, allowing insiders to sell a predetermined number of shares at a predetermined time. The plan is intended to avoid concerns about insider trading.
Summit Midstream Corp, headquartered in Houston, operates in the natural gas transmission industry. While InvestingPro analysis indicates the stock is currently fairly valued, the company faces challenges with a significant debt burden and negative earnings in the last twelve months. The company continues to focus on its strategic objectives under Deneke's leadership. Get deeper insights into SMC's financial health and growth prospects with InvestingPro's comprehensive research report, part of its coverage of over 1,400 US stocks.
In other recent news, Summit Midstream Corp has finalized a key agreement following an acquisition that expands its operational capacity. The company has entered into a material definitive agreement, securing a guarantee for $575 million in aggregate principal amount of 8.625% Senior Secured Second Lien Notes due in 2029. The acquisition involves Tall Oak Midstream Operating, LLC and its subsidiaries, enhancing Summit's operational reach into the Arkoma Basin with an upfront payment of $155 million and approximately 7.5 million shares of Class B common stock.
Simultaneously, Summit Midstream Corp has gained stockholder approval for a significant stock issuance to Tall Oak Midstream Holdings, LLC, which involves the issuance of up to 7,471,008 shares of Class B common stock. This move is part of a compliance measure with the New York Stock Exchange Listed Company Manual Section 312.03.
In addition to these developments, Summit Midstream Partners, LP has undergone a corporate reorganization, transitioning from a master limited partnership to a C corporation. The company has also launched a tender offer to repurchase up to $215 million of their 8.500% Senior Secured Second Lien Notes due 2026.
Lastly, Summit Midstream Corp has reported strong Q1 results, with a net income of $132.9 million and adjusted EBITDA of $70.1 million. These are the recent developments in the company's operations.
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