HOUSTON—Summit Midstream Corp (NASDAQ:NYSE:SMC) Chairman, President, and CEO J. Heath Deneke recently sold a total of $107,920 worth of company stock over three consecutive days, according to a recent SEC filing. The stock, which has surged over 100% year-to-date and currently trades near its InvestingPro Fair Value, maintains a FAIR financial health score. The transactions involved the sale of 3,000 shares of common stock, executed between December 24 and December 27.
The sales were made at prices ranging from $35.35 to $36.38 per share. Following these transactions, Deneke retains direct ownership of 259,006 shares of Summit Midstream.
These stock sales were conducted in compliance with a pre-established trading plan under Rule 10b5-1, which allows insiders to set up a predetermined schedule for selling stocks to avoid potential accusations of insider trading.
In other recent news, Summit Midstream Corp has been busy expanding its operations and improving its financial structure. The company has completed a significant acquisition of Tall Oak Midstream Operating, LLC and its subsidiaries, which bolsters its presence in the Arkoma Basin. The deal involved a $155 million upfront cash payment and approximately 7.5 million shares of Class B common stock.
Simultaneously, Summit Midstream Holdings, LLC, and other subsidiaries have signed an agreement with Regions Bank guaranteeing $575 million in aggregate principal amount of 8.625% Senior Secured Second Lien Notes due in 2029. The company has also secured stockholder approval for the issuance of up to 7,471,008 shares of Class B common stock to Tall Oak Midstream Holdings, LLC, in line with the New York Stock Exchange Listed Company Manual Section 312.03.
Additionally, Summit Midstream has transitioned from a master limited partnership to a C corporation and has launched a tender offer to repurchase up to $215 million of their 8.500% Senior Secured Second Lien Notes due 2026. Lastly, the company reported strong Q1 results, with a net income of $132.9 million and adjusted EBITDA of $70.1 million. These are just a few of the recent developments in Summit Midstream Corp's ongoing efforts to improve its operations and financial standing.
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