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 7,363 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
Based on 4 articles about SMC published over the past 30 days
Neutral
PRNewsWire
10 hours ago
Summit Midstream Corporation Reports Fourth Quarter and Full-Year 2024 Financial and Operating Results & Provides Full-Year 2025 Guidance
HOUSTON , March 10, 2025 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today its financial and operating results for fourth quarter and full-year 2024 and provided full-year 2025 financial guidance. Highlights Fourth quarter 2024 net loss of $24.8 million, adjusted EBITDA of $46.2 million, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $22.1 million and free cash flow ("FCF") of $6.6 million Reduced total leverage to 3.9x1 at year-end 2024 Successfully closed value- and credit-accretive acquisition of Tall Oak Midstream III Connected 23 wells during the fourth quarter, resulting in 156 wells connected in 2024 Active customer base with over 100 DUCs behind our systems and 125 to 185 wells expected in 2025 Closed the value- and credit-accretive bolt on acquisition of Moonrise Midstream in the DJ Basin on March 10, 2025 Reinstated cash dividend on the Series A Preferred Stock beginning March 15, 2025 Provided 2025 full-year financial guidance range2 of $245 million to $280 million in adjusted EBITDA and total capital expenditures of $65 million to $75 million Management Commentary Heath Deneke, President, Chief Executive Officer and Chairman, commented, "2024 was an eventful and pivotal year for Summit.
Neutral
PRNewsWire
17 hours ago
Summit Midstream Corporation Announces the Acquisition of Moonrise Midstream and Provides DJ Basin Operational Update
HOUSTON , March 10, 2025 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today that its wholly owned subsidiary, Summit Midstream Holdings, LLC ("SMP Holdings"), has acquired Moonrise Midstream, LLC ("Moonrise" or "Moonrise Midstream") from Fundare Resources Company Holdco, LLC ("Fundare") for a total consideration of $90 million, including $70 million in cash and $20 million in SMC equity. Summit also provided an operational update for its broader DJ Basin position.
Negative
Seeking Alpha
2 days ago
Summit Midstream: Rough Ride Ahead
Summit Midstream's recent financial reorganization introduces a new major shareholder. The troubled past of Summit Midstream may lead to market mispricing compared to future prospects. The stock's volatility is heightened by the lack of historical performance under the current structure.
Neutral
PRNewsWire
1 week ago
Summit Midstream Corporation Announces Resumption of Preferred Dividend in First Quarter 2025
HOUSTON , Feb. 28, 2025 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("SMC" or the "Company") announced today that the board of directors of the Company, has declared a quarterly cash dividend on its Series A fixed-to-floating rate cumulative redeemable perpetual preferred stock (the "Series A Preferred Stock") for the period ended March 14, 2025. A cash dividend of $51.27 per share will be paid on the outstanding 65,508 shares on March 15, 2025 to preferred shareholders of record as of the close of business on March 3, 2025.
Neutral
PRNewsWire
2 months 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
2 months 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
3 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
3 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
3 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).
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