Summit Midstream Corporation Shares Are Trading Higher Today: What You Need To Know
Portfolio Pulse from Vaishali Prayag
Summit Midstream Corporation (NYSE:SMC) shares surged after announcing the acquisition of Tall Oak Midstream Operating, LLC for $155 million in cash and common stock. This strategic move expands Summit's operations, reduces leverage, and diversifies its commodity portfolio.
October 02, 2024 | 6:51 pm
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Summit Midstream Corporation's acquisition of Tall Oak Midstream boosts its operations in the Arkoma Basin, reduces leverage, and diversifies its portfolio. The deal is expected to enhance financial stability and potential for dividends and buybacks by 2025.
The acquisition is a strategic move that expands Summit's processing capacity and pipeline network, reduces financial leverage, and diversifies its commodity portfolio. These factors are likely to positively impact the company's financial health and stock price in the short term.
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