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.
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