Summit Midstream Board Authorizes $35 Mln Stock Buyback Program

(RTTNews) - U.S. pipeline operator Summit Midstream Corporation (SMC) on Monday said its board authorized a program to repurchase up to $35 million of its common stock, the company's first buyback plan.

Chief Executive Heath Deneke said the authorization reflects confidence in Summit's financial strength after repaying all arrears on its Series A Preferred Stock. The company cited its free cash flow and financial flexibility.

Repurchases may be made in the open market, through privately negotiated transactions or block purchases, including under a Rule 10b5-1 trading plan, Summit said.

In pre-market activity on NYSE, shares of Summit Midstream were up 5.82 percent, changing hands at $28.20, after closing Friday's regular session 3.13 percent lower.