Summit Midstream falls after $90 million deal for Moonrise Midstream

Shares of Summit Midstream Corporation SMC.N fall 3% to $38.47

Co acquires DJ basin-based Moonrise Midstream from Fundare Resources for $90 million in cash and stock

SMC to pay $70 million in cash and ~$20 million in stock

Deal expands SMC's gathering and processing footprint in the DJ Basin

Adds ~80 miles of natural gas gathering pipeline, ~25 miles of crude oil gathering pipeline and 65 million cubic feet per day of additional processing capacity

SMC stock further pressured by declines in crude prices as tariff uncertainty and rising output from OPEC+ producers kept investors on edge O/R

Including session's moves, shares were up 1.91%