HOUSTON—J. Heath Deneke, chairman, president and CEO of Summit Midstream Corp (NASDAQ:NYSE: ), 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 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 was $113,730. The sale comes as SMC shares have performed exceptionally well, returning 119% over the past year, according to InvestingPro data.
The sale was made under a prearranged trading plan in accordance with Rule 10b5-1, which allows company insiders to sell a predetermined number of shares at a specified time. Following these transactions, Deneke retains ownership of 247,006 shares of Summit Midstream. Shares are currently trading near $38.35, within a 52-week range of $15.56 to $40.75.
Summit Midstream Corp is involved in the transmission industry and is headquartered in Houston, Texas. InvestingPro analysis indicates that the company maintains FER’s overall financial health rating, even though it operates with significant levels of debt. Discover in-depth insights and 6 additional ProTips with an InvestingPro subscription, including comprehensive valuation analysis and industry benchmarking.
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, bringing its total debt to $957 million. This effort is intended to pay off part of the outstanding loans and for general corporate purposes. The company also acquired Tall Oak Midstream Operating, LLC, expanding its operational reach into the Arkoma Basin. The acquisition included $155 million in upfront cash and approximately 7.5 million shares of Class B common stock.
Summit Midstream also received stockholder approval for a substantial issuance of shares to Tall Oak Midstream Holdings, LLC, enabling the issuance of up to 7,471,008 shares of Class B common stock. The company’s first quarter results were strong, reporting net income of $132.9 million and adjusted EBITDA of $70.1 million. These are among recent events that have shaped the company’s operations and financial structure.
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