Summit Midstream Corp.
- Open
- 30.58
- Day high
- 30.92
- Day low
- 30.35
- Prev close
- 30.41
- Volume
- 21K
- Mkt cap
- $422M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.7
- P/S
- 0.7
- Yield
- —
- Per share
- —
- ▲Insiders net buying $37.5M over the last 3 months (1 open-market buy, 2 sales)
- 🏛Institutions mixed (13F)
Summit Midstream Corp. (SMC) is a Energy company listed on NYSE. The stock is up 24% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 2 sales (SEC Form 4).
Summit Midstream Corp. (SMC) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SMC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | $-0.49 | $-0.43 | +12.2% | $139M | -0.5% |
| Mar 17, 2026 | $0.30 | $-0.66 | -320.0% | $142M | -5.2% |
| Mar 10, 2025 | — | $-2.19 | — | $107M | — |
| Aug 8, 2024 | — | $-1.86 | — | $101M | -16.4% |
| May 2, 2024 | — | $16.36 | — | $119M | — |
| Mar 15, 2024 | $0.42 | $-1.29 | -407.1% | $127M | +26.6% |
| Nov 3, 2022 | $-0.60 | $-1.28 | -113.3% | $89M | +29.7% |
SMC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Johnston James Davidofficer: Executive VP, GC, CCO and Secy | Sell | 2,600 | $29.72 |
| May 21, 2026 | PETERS JERRY Ldirector | Sell | 10,000 | $32.00 |
| Apr 13, 2026 | Connect Midstream, LLC10 percent owner | Buy | 1,220,918 | $31.08 |
| Mar 18, 2026 | PETERS JERRY Ldirector | Grant | 3,733 | — |
| Mar 18, 2026 | Oates Rommeldirector | Grant | 3,733 | — |
| Mar 18, 2026 | Stone Carolyn Jdirector | Grant | 3,733 | — |
| Mar 17, 2026 | Deneke J Heathofficer: Chairman, President and CEO | Tax | 6,247 | $30.29 |
| Mar 17, 2026 | Deneke J Heathofficer: Chairman, President and CEO | Option | 15,875 | — |
| Mar 17, 2026 | Deneke J Heathofficer: Chairman, President and CEO | Tax | 22,239 | $30.29 |
| Mar 17, 2026 | Deneke J Heathofficer: Chairman, President and CEO | Option | 58,049 | — |
| Mar 17, 2026 | Johnston James Davidofficer: Executive VP, GC, CCO and Secy | Grant | 17,544 | — |
| Mar 17, 2026 | Johnston James Davidofficer: Executive VP, GC, CCO and Secy | Tax | 3,854 | $30.29 |
| Mar 17, 2026 | Johnston James Davidofficer: Executive VP, GC, CCO and Secy | Option | 9,793 | — |
| Mar 17, 2026 | Johnston James Davidofficer: Executive VP, GC, CCO and Secy | Tax | 1,831 | $30.29 |
| Mar 17, 2026 | Johnston James Davidofficer: Executive VP, GC, CCO and Secy | Option | 4,653 | — |
Source: SMC SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full SMC insider & 13F page →Summit Midstream Corp. company profile
Overview
Summit Midstream Corporation (NYSE:SMC) is a Houston-based energy infrastructure company founded in 2012 that went public in 2010. The company operates critical midstream infrastructure assets across four major unconventional oil and gas basins in the continental United States. Summit underwent a significant corporate transformation in 2024, converting from a master limited partnership (MLP) structure to a traditional C-corporation, while simultaneously executing major portfolio optimization through strategic divestitures and acquisitions to focus on its core operating regions.
Business
Summit Midstream operates in the oil and gas midstream sector, which serves as the critical link between upstream production (drilling and extraction) and downstream processing (refining and distribution). The midstream sector encompasses the transportation, storage, and processing of crude oil, natural gas, and produced water from wellheads to processing facilities or end markets. The company's core business involves owning, developing, and operating gathering systems - networks of pipelines, compressor stations, and processing facilities that collect raw hydrocarbons from individual well sites and transport them to larger transmission pipelines or processing plants. These gathering systems are essential infrastructure that oil and gas producers must use to monetize their production, as individual wells cannot economically transport their output directly to market. Summit operates across four distinct geographic segments: 1. Rockies Segment (~45% of adjusted EBITDA): Operates in the Williston Basin covering North Dakota's Bakken and Three Forks shale formations, and the Denver-Julesburg Basin spanning Colorado and Wyoming's Niobrara and Codell formations. This segment handles both crude oil and natural gas gathering, with liquids volumes averaging 74,000 barrels per day and natural gas volumes around 129 million cubic feet per day. 2. Mid-Con Segment (~35% of adjusted EBITDA): Includes operations in the Fort Worth Basin's Barnett Shale formation in Texas and the recently acquired Arcoma Basin assets. This segment has shown significant growth with 48% volume throughput increases. 3. Piceance Segment (~15% of adjusted EBITDA): Operates in Colorado's Piceance Basin, handling natural gas from the Mesaverde formation and emerging Mancos and Niobrara shale formations, processing approximately 284 million cubic feet per day. 4. Permian Basin Segment (~5% of adjusted EBITDA): Features the Double E Pipeline system with throughput capacity of 664 million cubic feet per day, serving one of the most prolific oil and gas producing regions in North America.
Revenue model
Summit Midstream generates revenue primarily through fee-based contracts with oil and gas producers who pay for gathering, processing, and transportation services. The company typically enters into long-term agreements with producers that include minimum volume commitments (MVCs) and acreage dedications, providing relatively stable and predictable cash flows regardless of commodity price fluctuations. The business model includes several revenue streams: gathering fees based on volume throughput, processing fees for gas treatment and conditioning, compression services, and water handling services for produced water disposal. Many contracts include inflation escalators and additional fees for value-added services like gas processing and liquids extraction. Summit's customers are primarily exploration and production companies ranging from large integrated oil companies to independent producers focused on unconventional shale development. The company benefits from long-term contracts that often span 10-20 years with dedicated acreage positions, creating barriers for customers to switch providers. Several factors influence Summit's profitability margins. Positive margin drivers include increased drilling activity and well completions in their operating areas, higher commodity prices that incentivize producer activity, successful contract renegotiations with inflation adjustments, and operational efficiencies from scale and optimization projects. The company's recent $10 million optimization project in the Rockies segment exemplifies efforts to improve margins through operational improvements. Negative margin pressures stem from commodity price volatility that can reduce producer drilling activity, increased competition from other midstream operators, rising labor and materials costs, regulatory changes affecting pipeline operations, and the natural decline curves of shale wells that require continuous new drilling to maintain volumes. Environmental regulations and permitting delays can also impact expansion projects and operational costs.
Competitive moat
Summit Midstream possesses a moderate economic moat based primarily on the strategic location and physical nature of its pipeline infrastructure. Once gathering systems are constructed and operational, they create significant switching costs for producers who would need to build alternative infrastructure or pay substantially higher transportation costs to reach different takeaway points. The company's geographic positioning in prolific shale basins provides natural monopolistic characteristics, as producers in these areas have limited alternatives for moving their production to market. Long-term contracts with acreage dedications further strengthen this position by legally binding producers to use Summit's systems for extended periods. However, Summit's moat faces several competitive threats and limitations. Large integrated pipeline companies and well-capitalized midstream operators can potentially build competing infrastructure, particularly in areas with high production density that justify the capital investment. The company also faces competition from producers who may choose to build their own gathering systems or partner with other midstream providers. The durability of Summit's moat is somewhat constrained by the finite nature of shale resources and the high decline rates of unconventional wells. Unlike traditional pipeline assets that can operate for decades with minimal volume decline, shale gathering systems require continuous drilling activity to maintain throughput. This creates ongoing dependence on producer capital allocation decisions and commodity price cycles. Additionally, technological advances in drilling and completion techniques, changes in producer consolidation patterns, and potential shifts toward renewable energy could impact long-term demand for fossil fuel infrastructure. The company's recent strategic focus on four core basins and divestiture of non-core assets suggests management recognizes the need to concentrate on the most defensible market positions.
Risks & safety
Summit Midstream presents moderate financial risk with improving but still elevated leverage metrics following recent strategic transactions. • Liquidity and Solvency: Current ratio of 0.80 indicates tight short-term liquidity with current liabilities exceeding current assets. However, the company maintains $26.2 million in cash and has access to a credit facility providing additional borrowing capacity. • Debt Burden: Debt-to-equity ratio of 1.94x reflects high leverage, though management targets reducing this to 3.5x EBITDA leverage through debt paydown from free cash flow generation. The company successfully refinanced its debt structure in 2024 and raised $250 million in new financing. • Cash Generation: Positive free cash flow of $8.2 million for 2024 with management projecting over $100 million in free cash flow for 2025, indicating improving cash generation capabilities. • Valuation Metrics: EV/EBITDA of 8.3x appears reasonable for midstream infrastructure, while price-to-book ratio of 0.86x suggests potential asset value support. • Other Considerations: The company's fee-based business model provides more stable cash flows than commodity-exposed businesses, and recent corporate restructuring and portfolio optimization should improve operational efficiency and financial flexibility.
Recent development
Summit Midstream has undergone significant strategic transformation over the past two years, fundamentally reshaping its corporate structure and asset portfolio. The company executed a major corporate reorganization in 2024, converting from a master limited partnership (MLP) to a C-corporation structure, which provides greater financial flexibility and access to capital markets while eliminating the complex tax pass-through structure that limited institutional investor participation. The company's most significant strategic move was the $700 million divestiture of its Northeast segment assets, allowing management to focus capital and operational resources on four core unconventional basins with higher growth potential. These proceeds enabled comprehensive debt refinancing and provided capital for strategic acquisitions. Portfolio expansion has focused on bolt-on acquisitions in existing operating areas, including the acquisition of Tall Oak Midstream (now called Tolup Midstream) in the Arcoma Basin and Moonrise Midstream in the Denver-Julesburg Basin. These acquisitions provide operational synergies and expanded market presence in core operating regions. Operational optimization initiatives include a $10 million optimization project in the Rockies segment designed to improve system efficiency and throughput capacity. The company has also focused on connecting new wells to existing systems, adding 156 new well connections in 2024 and targeting 125-185 connections in 2025. Financial strategy improvements include the reinstatement of cash dividends on Series A preferred stock and a focus on debt reduction toward a 3.5x leverage target. Management projects generating over $100 million in free cash flow for 2025, representing a significant improvement in cash generation capabilities following the strategic portfolio optimization.
SMC company profile · for informational purposes only — not investment advice.
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