In a recent transaction disclosed in an SEC filing, J. Heath Deneke, Chairman, President, and CEO of Summit Midstream Corp (NYSE: ), sold a total of 3,000 shares of the company’s common stock. The sale took place over three days, from November 29 to December 3, at prices ranging from $37.20 to $37.85 per share. The total value of these jobs came to about $112,850. The stock, which is up more than 112% year to date, is currently trading at $38.01. According to InvestingPro’s analysis, SMC is currently fairly valued, with a Financial Health Score rated as “FAIR.”
The shares were sold under a qualifying sale plan adopted pursuant to Rule 10b5-1, as noted in the filing. For investors looking for in-depth information, InvestingPro offers comprehensive financial analysis of SMC, including exclusive ProTips and a detailed Pro research report. After this transaction, Deneke now owns 276,006 shares of Summit Midstream Corp.
In other recent news, Summit Midstream Corp has made significant strides in its business operations. The company’s shareholders have approved a priority stock issuance by Tall Oak Midstream Holdings, LLC, which authorizes the issuance of up to 7,471,008 shares of Class B common stock and an equivalent number of common units. This move is part of a move to comply with New York Stock Exchange Listed Company Manual Section 312.03.
The company also announced the acquisition of Tall Oak Midstream Operating, LLC and its subsidiaries, a deal expected to close in the last quarter of 2024. This acquisition will expand Summit’s operations in the Arkoma Basin, adding more than 440 million cubic feet per day. processing capacity and more than 400 miles of pipeline to the Summit portfolio.
At the same time, Summit Midstream Partners, LP, reorganized, changing from a professional limited partnership to a C corporation. This strategic change is intended to simplify the company’s structure and lower its long-term cost of capital.
In their latest financial progress, Summit reported a revenue of $132.9 million and adjusted EBITDA of $70.1 million, indicating a strong financial position. Following these developments, the company divested its Northeast division of nearly $700 million, underscoring a shift toward mergers and acquisitions. This development highlights Summit’s focus on efficiency and shareholder value.
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