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Summit Midstream (SMC)
NYSE:SMC
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Summit Midstream
(NYSE:SMC)
52Neutral
Summit Midstream (SMC) vs. S&P 500 (SPY)
Market Cap
$499.91M
Dividend YieldN/A
Average Volume (3M)122.67K
Price to Earnings (P/E)5.9
Beta (1Y)0.94
Revenue Growth-4.69%
EPS Growth-411.36%
CountryUS
Employees272
SectorEnergy
Sector Strength51
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)0.39
Shares Outstanding12,241,098
10 Day Avg. Volume60,027
30 Day Avg. Volume122,665
Financial Highlights & Ratios
PEG Ratio0.50
Price to Book (P/B)0.88
Price to Sales (P/S)0.00
P/FCF Ratio57.50
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
Summit Midstream Business Overview & Revenue Model
Company DescriptionSummit Midstream Corporation focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. It operates natural gas, crude oil, and produced water gathering systems in four unconventional resource basins, including the Williston Basin in North Dakota, which includes the Bakken and Three Forks shale formations; the Denver-Julesburg Basin that consists of the Niobrara and Codell shale formations in Colorado and Wyoming; the Fort Worth Basin in Texas, which comprises the Barnett Shale formation; and the Piceance Basin in Colorado, which includes the Mesaverde formation, as well as the emerging Mancos and Niobrara Shale formations. It serves natural gas and crude oil producers. Summit Midstream Corporation was founded in 2012 and is based in Houston, Texas.
How the Company Makes MoneySummit Midstream makes money through a fee-based revenue model primarily by providing essential midstream services to oil and gas producers. Its key revenue streams include gathering and processing fees for transporting and treating natural gas and crude oil, as well as produced water handling. The company's financial performance is supported by long-term contracts with take-or-pay provisions, which ensure stable cash flows regardless of fluctuations in energy production volumes. Additionally, strategic partnerships and joint ventures enhance Summit Midstream's ability to expand its infrastructure network and capture new business opportunities in the energy sector.
Summit Midstream Financial Statement Overview
Summary
Summit Midstream shows mixed financial health. Revenue and profit margins have fluctuated with operational challenges. The balance sheet improved through debt reduction, yet stability risks remain. Cash flow indicates efficiency but inconsistent profitability.Income Statement
Summit Midstream's revenue has fluctuated over the years, showing a decline from 2023 to 2024. Despite the gross profit margin improving in 2024, the net profit margin remains negative, highlighting operational challenges. EBIT and EBITDA margins are also negative, indicating potential inefficiencies in cost management.42
Neutral
Balance Sheet
The balance sheet shows a significant improvement in equity from negative in 2020 to positive in 2024, attributed to the elimination of total debt. The debt-to-equity ratio has improved, but stockholders' equity as a percentage of total assets decreased, reflecting potential stability risks.55
Neutral
Cash Flow
Operating cash flow remained positive, but free cash flow growth has been inconsistent. The company has managed to maintain a positive operating cash flow to net income ratio, suggesting efficient cash operations despite ongoing net losses.60
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 429.62M | 458.90M | 369.59M | 400.62M | 383.47M | Gross Profit |
| 297.69M | 122.94M | 89.56M | 125.39M | 142.66M | EBIT |
| -41.94M | 80.80M | 44.61M | 66.62M | 69.27M | EBITDA |
| 250.53M | 193.32M | 81.88M | 158.00M | 188.34M | Net Income Common Stockholders |
| -113.17M | -38.95M | -123.46M | -19.95M | 192.35M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 22.82M | 14.04M | 11.81M | 7.35M | 15.54M | Total Assets |
| 2.36B | 2.49B | 2.56B | 2.52B | 2.50B | Total Debt |
| 993.58M | 1.47B | 1.49B | 1.36B | 1.35B | Net Debt |
| -22.82M | 1.46B | 1.48B | 1.35B | 1.33B | Total Liabilities |
| 1.39B | 1.65B | 1.80B | 1.62B | 1.58B | Stockholders Equity |
| 467.79M | 718.56M | 764.82M | 904.36M | -186.07M |
| Cash Flow | Free Cash Flow | |||
| 8.16M | 58.00M | 68.27M | 140.07M | 155.46M | Operating Cash Flow |
| 61.77M | 126.91M | 98.74M | 165.10M | 198.59M | Investing Cash Flow |
| 487.06M | -74.76M | -226.56M | -165.73M | -140.57M | Financing Cash Flow |
| -540.28M | -49.04M | 121.77M | 4.66M | -79.40M |
Summit Midstream Technical Analysis
Neutral
28.34
Price Trends
32.81
Negative
36.46
Negative
36.30
Negative
Market Momentum
-1.27
Negative
44.53
Neutral
54.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SMC, the sentiment is Neutral. The current price of 28.34 is above the 20-day moving average (MA) of 28.17, below the 50-day MA of 32.81, and below the 200-day MA of 36.30, indicating a neutral trend. The MACD of -1.27 indicates Negative momentum. The RSI at 44.53 is Neutral, neither overbought nor oversold. The STOCH value of 54.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SMC.
Summit Midstream Peers Comparison
Overall Rating
UnderperformOutperform
Sector (56)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $50.14B | 11.34 | 32.54% | 7.36% | 5.53% | 11.29% | |
63 Neutral | $2.09B | 12.87 | 542.39% | 11.54% | -8.79% | 7.75% | |
57 Neutral | $1.64B | 15.29 | 16.23% | 6.02% | 6.04% | 18.28% | |
56 Neutral | $7.06B | 3.68 | -4.87% | 5.83% | 0.28% | -51.94% | |
52 Neutral | $499.91M | 5.86 | -28.25% | ― | -4.69% | -411.36% | |
44 Neutral | $401.32M | ― | -19.22% | ― | -19.76% | -323.41% | |
41 Neutral | $120.29M | 33.55 | -6.93% | 0.65% | -2.03% | -348.43% |
* Energy Sector Average
Performance Comparison
SMC
Summit Midstream
28.34
-4.82
-14.54%
GLP
Global Partners
48.17
9.07
23.20%
MMLP
Martin Midstream
3.08
0.16
5.48%
NGL
NGL Energy Partners
3.04
-2.58
-45.91%
DKL
Delek Logistics
37.83
3.29
9.53%
MPLX
MPLX
49.12
11.06
29.06%
Summit Midstream Earnings Call Summary
Earnings Call Date:May 08, 2025
(Q1-2025)
| % Change Since: 0.18%|
Next Earnings Date:Aug 07, 2025
Earnings Call Sentiment Positive
The earnings call highlights a robust liquidity position, strategic acquisitions, and solid performance in various segments. However, challenges such as declining crude prices and natural gas volumes in the Rockies present potential headwinds. Overall, the sentiment is predominantly positive with significant achievements outweighing the challenges.Q1-2025 Updates
Positive Updates
Strong Liquidity Position
Summit Midstream raised $250 million in senior secured second lien notes, positioning the company with over $350 million of liquidity.
Reinstatement of Preferred Stock Dividend
In March, the Board of Directors reinstated a cash dividend on the Series A preferred stock, indicating financial stability and progress towards reinstating common dividends.
Accretive Acquisition of Moonrise Midstream
Summit Midstream closed the acquisition of Moonrise Midstream, expanding their DJ Basin footprint and providing additional operating synergies.
Increase in Permian Basin Gas Volumes
The Double E pipeline in the Permian Basin saw average daily volumes grow by 8% quarter-over-quarter.
Mid-Con Segment Performance
The Mid-Con segment reported adjusted EBITDA of $22.5 million, a $9.6 million increase driven by an acquisition and increased volume throughput.
Rockies Segment Volume Growth
The Rockies segment saw an 8.8% increase in liquids volume throughput and higher freshwater sales.
Negative Updates
Decrease in Crude Oil Prices
A significant reduction in crude oil prices since March may impact activity levels in the second half of the year, particularly in the crude-oriented Rockies segment.
Natural Gas Volume Decline in Rockies
The Rockies segment experienced a 1.5% decrease in natural gas volume throughput due to natural production declines.
Lower-than-Expected BTU and NGL Content in Arkoma
The Arkoma wells underperformed in terms of BTU and NGL content, although initial production rates exceeded expectations.
Company Guidance
During the first quarter of 2025, Summit Midstream Corporation reported adjusted EBITDA of $57.5 million and capital expenditures of $20.6 million, primarily in the Rockies and Mid-Con segments. The company raised $250 million through senior secured second lien notes, boosting liquidity to over $350 million. In the Rockies segment, 30 new wells were connected, contributing to an adjusted EBITDA of $24.9 million. The Permian Basin segment saw an 8% increase in gas volumes on the Double E pipeline, while the Mid-Con segment benefited from the Tall Oak acquisition, achieving an adjusted EBITDA of $22.5 million. Despite a downturn in crude oil prices, the company reiterated its full-year adjusted EBITDA guidance of $245 million to $280 million and capital expenditures between $65 million and $75 million.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.