SMC
Summit Midstream CorporationSMC
SMC
About: Summit Midstream Corp is a value-driven corporation focused on developing, owning and operating midstream energy infrastructure assets strategically located in unconventional resource basins, primarily shale formations, in the continental U.S. It currently operates natural gas, crude oil and produced water gathering systems in four unconventional resource basins: the Williston Basin in North Dakota, which includes the Bakken and Three Forks shale formations; the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; the Fort Worth Basin in Texas, which includes the Barnett Shale formation; and the Piceance Basin in Colorado, which includes the liquids-rich Mesaverde formation as well as the emerging Mancos and Niobrara Shale formations.
Employees: 244
0
Funds holding %
of 7,139 funds
–
Analysts bullish %
Fund manager confidence
Based on 2024 Q4 regulatory filings by fund managers ($100M+ AUM)
3,460% more call options, than puts
Call options by funds: $2.03M | Put options by funds: $57K
833% more first-time investments, than exits
New positions opened: 28 | Existing positions closed: 3
100% more funds holding in top 10
Funds holding in top 10: 1 [Q3] → 2 (+1) [Q4]
74% more funds holding
Funds holding: 34 [Q3] → 59 (+25) [Q4]
33% more repeat investments, than reductions
Existing positions increased: 12 | Existing positions reduced: 9
15% more capital invested
Capital invested by funds: $128M [Q3] → $148M (+$19.8M) [Q4]
2.43% more ownership
Funds ownership: 34.34% [Q3] → 36.77% (+2.43%) [Q4]
Research analyst outlook
We haven’t received any recent analyst ratings for SMC.
Financial journalist opinion
Neutral
PRNewsWire
1 month ago
Summit Midstream Corporation Announces Pricing of Offering of $250 Million of Additional 8.625% Senior Secured Second Lien Notes Due 2029
HOUSTON , Jan. 7, 2025 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("SMC" or the "Company") announced today that Summit Midstream Holdings, LLC (the "Issuer"), which is a subsidiary of the Company, has priced the previously announced offering (the "Offering") of $250.0 million in aggregate principal amount of additional 8.625% Senior Secured Second Lien Notes due 2029 (the "Additional Notes") at 103.375% of par, plus accrued and unpaid interest from July 26, 2024 to, but excluding, the issue date. The Additional Notes will be issued under the same indenture as the Issuer's $575.0 million in aggregate principal amount of 8.625% Senior Secured Second Lien Notes due 2029 (the "Existing Notes"), will have substantially identical terms as the Existing Notes, other than the issue date and issue price, and will form a single series and vote together with the Existing Notes.
Neutral
PRNewsWire
1 month ago
Summit Midstream Corporation Announces Proposed Offering of $250 Million of Additional 8.625% Senior Secured Second Lien Notes Due 2029
HOUSTON , Jan. 7, 2025 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("SMC" or the "Company") announced today that Summit Midstream Holdings, LLC (the "Issuer"), which is a subsidiary of the Company, has commenced an offering (the "Offering") of $250.0 million in aggregate principal amount of additional 8.625% Senior Secured Second Lien Notes due 2029 (the "Additional Notes"). The Additional Notes will be issued under the same indenture as the Issuer's $575.0 million in aggregate principal amount of 8.625% Senior Secured Second Lien Notes due 2029 (the "Existing Notes"), will have substantially identical terms as the Existing Notes, other than the issue date and issue price, and will form a single series and vote together with the Existing Notes.
Neutral
Seeking Alpha
2 months ago
Summit Midstream's Stagnation Is Temporary
Summit Midstream has transformed post-COVID-19, improving its financial position and extending debt maturities to 2029, enhancing shareholder returns. The Tall Oak acquisition and portfolio improvements position Summit Midstream for long-term growth, with a focus on natural gas and 8% EBITDA growth. Key risks include the future of the Piceance basin and natural gas demand; however, rising prices and LNG demand are promising.
Negative
Seeking Alpha
2 months ago
Summit Midstream Has A New Major Shareholder
Summit Midstream's management avoided bankruptcy and turned the company from "fairly hopeless" to viable, with Tailwater Capital becoming a major shareholder. Tailwater Capital's involvement, with midstream experience, can be a big plus in the future. With a debt ratio under 4 and deferred preferred stock distributions gone, the company can now focus on sustainable growth.
Neutral
PRNewsWire
2 months ago
Summit Midstream Corporation Completes Acquisition of Tall Oak Midstream III
HOUSTON , Dec. 2, 2024 /PRNewswire/ --Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today that it and its wholly owned subsidiary, Summit Midstream Partners, LP (the "Partnership"), received shareholder approval and has completed the previously announced acquisition of Tall Oak Midstream Operating, LLC and its subsidiaries (collectively, "Tall Oak" or "Tall Oak Midstream III") from an affiliate of Tailwater Capital LLC ("Tailwater Capital") for $155 million of cash, 7.5 million common units of the Partnership and associated 7.5 million shares of SMC Class B Common Stock (the "Equity Consideration"), and up to $25 million contingent consideration in cash over certain measurement periods through March 31, 2026. This strategic acquisition marks a significant milestone in Summit's growth strategy, rebalancing its portfolio to approximately 50% natural gas-oriented drilling activities and increasing scale in a credit and value accretive manner.
Neutral
PRNewsWire
2 months ago
Summit Midstream Corporation Correction to Access Link for Virtual Shareholder Meeting
HOUSTON , Nov. 29, 2024 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") provides a correction to access link for Virtual Shareholder Meeting. Correction to Access Link for Virtual Shareholder Meeting: The special meeting of stockholders of Summit Midstream Corporation (the "Company") to be held virtually, conducted via live audio webcast on November 29, 2024, at 2:00 PM, Central Time (the "Special Meeting") is accessible online by visiting https://web.lumiconnect.com/217371229 (password: summit2024).
Neutral
Seeking Alpha
3 months ago
Summit Midstream Corporation (SMC) Q3 2024 Earnings Call Transcript
Summit Midstream Corporation (NYSE:SMC ) Q3 2024 Earnings Conference Call November 12, 2024 10:00 AM ET Company Participants Randall Burton – Director of Finance and Investor Relations Heath Deneke – President, Chief Executive Officer and Chairman Bill Mault – Chief Financial Officer Conference Call Participants Operator Hello, and welcome to Summit Midstream Corporation Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode.
Neutral
PRNewsWire
3 months ago
Summit Midstream Corporation Reports Third Quarter 2024 Financial and Operating Results
HOUSTON , Nov. 12, 2024 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today its financial and operating results for the three months ended September 30, 2024. Highlights Third quarter 2024 net loss of $197.5 million, including $142.6 million non-cash income tax expense to primarily establish SMC's deferred tax liability associated with the C-Corp conversion Generated adjusted EBITDA of $45.2 million, representing approximately 9% quarter-over-quarter growth1, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $22.1 million and free cash flow ("FCF") of $9.9 million Expect to generate approximately $45 million to $50 million of adjusted EBITDA in the fourth quarter 2024 Connected 38 wells during the third quarter and maintained an active customer base with six active drilling rigs and more than 100 drilled but uncompleted wells ("DUCs") behind our systems Closed the C-Corp conversion and a series of re-financing transactions, further simplifying our corporate structure, extending debt maturities and lowering our cost of capital Announced the transformative acquisition of Tall Oak Midstream III in the Arkoma Basin and filed the definitive proxy with the special meeting of stockholders expected to occur on November 29, 2024 1 Normalized for $1.6 million of Northeast segment adjusted EBITDA generated in the second quarter 2024 Management Commentary Heath Deneke, President, Chief Executive Officer and Chairman, commented, "Summit's third quarter operating and financial results were in line with management expectations, reflecting a very active quarter both corporately and operationally.
Neutral
PRNewsWire
3 months ago
Summit Midstream Corporation Schedules Third Quarter 2024 Earnings Call
HOUSTON , Nov. 4, 2024 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today that it will report operating and financial results for the third quarter of 2024 on Tuesday, November 12, 2024, before the open of trading on the New York Stock Exchange. Third Quarter 2024 Earnings Call SMC will host a conference call at 10:00 a.m.
Positive
Seeking Alpha
4 months ago
Summit Midstream Keeps Digging
Summit Midstream's previous management's complacency led to severe financial troubles. New management has announced an acquisition, marking a significant step in the company's long recovery to becoming a competitive industry player. Long-term shareholders have suffered substantial losses that are unlikely to be recovered.
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