HOUSTON—J. Heath Deneke, Chairman, President, and CEO of Summit Midstream Corp (NASDAQ:NYSE:SMC), recently sold shares of the company's common stock, according to a filing with the Securities and Exchange Commission. Over three days, from January 14 to January 16, Deneke sold a total of 3,000 shares, with prices ranging from $37.70 to $38.05 per share. The total value of these transactions amounted to $113,730. The sale comes as SMC's stock has shown remarkable performance, with a 119% return over the past year, according to InvestingPro data.
The sales were conducted under a pre-arranged trading plan pursuant to Rule 10b5-1, which allows company insiders to sell a predetermined number of shares at a set time. Following these transactions, Deneke retains ownership of 247,006 shares of Summit Midstream. The stock currently trades near $38.35, within its 52-week range of $15.56 to $40.75.
Summit Midstream Corp is involved in the natural gas transmission industry, and its headquarters are located in Houston, Texas. InvestingPro analysis indicates the company maintains a FAIR overall financial health score, though it operates with significant debt levels. Discover detailed insights and 6 additional ProTips with an InvestingPro subscription, including comprehensive valuation analysis and industry comparisons.
In other recent news, Summit Midstream Corporation has made several strategic moves. The company issued an additional $250 million in 8.625% Senior Secured Second Lien Notes due 2029, raising its total debt to $957 million. This effort is intended to repay a portion of its outstanding borrowings and for general corporate purposes. The company also acquired Tall Oak Midstream Operating, LLC, expanding its operational reach into the Arkoma Basin. The acquisition involved a $155 million upfront cash payment and approximately 7.5 million shares of Class B common stock.
Summit Midstream also received stockholder approval for a significant stock issuance to Tall Oak Midstream Holdings, LLC, allowing for the issuance of up to 7,471,008 shares of Class B common stock. The company's Q1 results were strong, reporting a net income of $132.9 million and adjusted EBITDA of $70.1 million. These are among the recent developments that have been shaping the company's operations and financial structure.
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