Summit Midstream Corp. (SMC)
NYSEEnergyOil & Gas MidstreamSnapshot 2026-09-04
$34.20-0.61%
Close 2026-09-04 · 1-day change
NYSEEnergyOil & Gas MidstreamSnapshot 2026-09-04
QuarterlyIQ Insights · SMC
How strong the business is — where it ranks within its sector on capital efficiency and cash generation, and how well management has been executing.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
A guidance track record builds as the company issues and delivers on guidance.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Complete the Double E Pipeline compression expansion with a final investment decision by end of summer 2026 and targeted in-service date by end of 2028.
Stated in 3 quarters including 2026-Q1, 2026-Q2, and mid-2026 press releases. Double E Pipeline's contracted capacity increased to approximately 1.9 Bcf/d with a planned 50% capacity expansion from 1.6 to 2.4 Bcf/d. The project is on track for a final investment decision by end of summer 2026 and targeted in-service date by end of 2028, consistent with management's stated timeline.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 2 of the last 3 quarter-over-quarter moves. Historically, Energy names rated weak grew net income 60% of the time over the next year (vs 55% for the rest of the cohort, n=1735).
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
“We expect to be in a position to make a final investment decision prior to its conclusion.”
“Remain optimistic there will be sufficient commercial support to make a final investment decision on the approximately 800 MMcf/d mid-point compression expansion project.”
Grow crude oil gathering footprint in the Williston Basin with new long-term agreements and increased well connections.
Stated in 3 quarters including 2026-Q1, 2026-Q2, and mid-2026 press releases. Management expanded crude gathering agreements in the Williston Basin with new acreage and expects 15 new well connects in Q4 2026. Activity accelerated with 17 new wells connected post-2026-Q2 and rigs running, indicating delivery on growth plans.
“New crude gathering agreement in Divide County, North Dakota, with 15 new four-mile lateral well connects expected in Q4 2026.”
“Connected four Williston wells from new 10-year crude gathering agreement; 40 new wells expected in Q2.”
Maintain full-year 2026 Adjusted EBITDA guidance with a tightened range reflecting improved visibility and growth.
Stated in 3 quarters including 2025-Q4, 2026-Q1, and 2026-Q2. Management maintained full-year 2026 Adjusted EBITDA guidance around $225M to $265M, tightening the range to $235M to $255M in 2026-Q2 to reflect better visibility and growth projects. The trajectory shows consistent reaffirmation with a slight tightening, indicating delivery on guidance.
“Tightened 2026 Adjusted EBITDA guidance range to $235 million to $255 million.”
“Reiterating 2026 full-year Adjusted EBITDA guidance of $225 million to $265 million.”
“SMC expects Adjusted EBITDA to range from $225 million to $265 million in 2026.”
Increase total capital expenditures guidance for 2026 to fund additional high-return growth projects.
Stated in 2 quarters: 2026-Q1 and 2026-Q2. Management increased 2026 capital expenditure guidance from $50M-$70M to $100M-$120M to fund additional growth projects. Actual capital expenditures were $25.0 million in 2026-Q2, supporting the increased guidance. The trajectory shows management delivering on increased investment plans.
“Increasing total capital expenditures to $100 million to $120 million.”
“SMC's 2026 capital expenditure guidance of $50 million to $70 million, excluding Double E.”
Initiate and execute a $35 million stock repurchase program to support liquidity and market for common shares.
Newly stated in mid-2026. Management announced an inaugural $35 million stock repurchase program in June 2026 and repurchased approximately $1.0 million of shares in 2026-Q2. The program is in early execution phase with substantial capacity remaining, indicating initial delivery on the capital allocation priority.
Over the trailing year it converted 0.57x of net income into operating cash flow. Historically, Energy names rated fragile grew net income 36% of the time over the next year (vs 47% for the rest of the cohort, n=996).
Most sensitive to the broad stock market.
Not enough signal to read sensitivity to the US dollar, long-term interest rates, real (inflation-adjusted) rates, Fed net liquidity (low R² over the window).
14 material management or governance events in the past 24 months, led by capital-allocation actions. Historically, Energy names rated neutral grew net income 58% of the time over the next year (vs 56% for the rest of the cohort, n=807).
Not investment advice. As of 2026-09-04.