James David Johnston, the Executive Vice President, General Counsel, Chief Compliance Officer, and Secretary of Summit Midstream Corp (NYSE:SMC), recently sold 20,000 shares of the company's common stock. The shares were sold at a weighted average price of $36.20, yielding a total transaction value of approximately $724,000. According to InvestingPro data, SMC stock has delivered an impressive 100.5% return year-to-date, while currently trading at $35.91. Following this sale, Johnston retains ownership of 28,201 shares. This transaction was conducted under a pre-established trading plan in compliance with Rule 10b5-1. The shares were sold in multiple transactions, with prices ranging from $35.88 to $36.65. InvestingPro analysis indicates the stock is currently undervalued, with a FAIR Financial Health Score of 2.06. Subscribers can access 12+ additional ProTips and a comprehensive Pro Research Report for deeper insights into SMC's valuation and prospects.
In other recent news, Summit Midstream Corp has made several significant moves. The company has finalized a key agreement following an acquisition that strengthens its financial structure. The acquisition of Tall Oak Midstream Operating, LLC and its subsidiaries has expanded Summit's operational reach into the Arkoma Basin. This deal includes a $155 million upfront cash payment and approximately 7.5 million shares of Class B common stock.
In addition, Summit Midstream has secured stockholder approval for a substantial stock issuance to Tall Oak Midstream Holdings, LLC, involving the issuance of up to 7,471,008 shares of Class B common stock. The company has also undergone a corporate reorganization, transitioning from a master limited partnership to a C corporation.
As part of these recent developments, Summit Midstream Partners, LP launched a tender offer to repurchase up to $215 million of their 8.500% Senior Secured Second Lien Notes due 2026. The company reported strong Q1 results, with a net income of $132.9 million and adjusted EBITDA of $70.1 million. These developments highlight Summit Midstream's strategic focus on operational efficiency and shareholder value.
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