Summit Midstream (SMC)


Market Price (10/30/2026): $31.18 | Market Cap: $429.8 MilSector: Energy | Industry: Oil & Gas Storage & Transportation

Summit Midstream (SMC)


Market Price (10/30/2026): $31.18
Market Cap: $429.8 Mil
Sector: Energy
Industry: Oil & Gas Storage & Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 21%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%

Attractive yield
FCF Yield is 10%

Low stock price volatility
Vol 12M is 35%

Megatrend and thematic drivers
Megatrends include US Energy Independence. Themes include US LNG, and US Oilfield Technologies.

Weak multi-year price returns
2Y Excs Rtn is -43%, 3Y Excs Rtn is -102%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 281%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.7%

Key risks
SMC key risks include [1] a substantial debt load and [2] low asset utilization tied to its dependence on customer production levels.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 21%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%
2 Attractive yield
FCF Yield is 10%
3 Low stock price volatility
Vol 12M is 35%
4 Megatrend and thematic drivers
Megatrends include US Energy Independence. Themes include US LNG, and US Oilfield Technologies.
5 Weak multi-year price returns
2Y Excs Rtn is -43%, 3Y Excs Rtn is -102%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 281%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.7%
8 Key risks
SMC key risks include [1] a substantial debt load and [2] low asset utilization tied to its dependence on customer production levels.

SMC in ETFs

Weight = SMC's share of each fund

VTI0.00%
IWM0.01%
IWN0.02%
FNDA0.01%
AVUV0.01%
VTWO0.01%
DFAS0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/14/2026

Summit Midstream (SMC) stock has gained about 10% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Earnings Beat and Upgraded Full-Year Guidance.

Summit Midstream reported robust financial performance for fiscal Q2 2026, which ended on June 30, 2026, announcing earnings per share (EPS) of $0.11, significantly exceeding the consensus estimate of -$0.36. This positive surprise, alongside a 12% sequential increase in Adjusted EBITDA to $60.7 million, led the company to raise its full-year 2026 Adjusted EBITDA guidance to a range of $235 million-$255 million. The company also increased its total capital expenditure guidance to $100 million-$120 million to fund additional high-returning growth projects in its Rockies and Permian segments, signaling confidence in future operational expansion.

2. Strategic Growth Initiatives and Operational Expansion.

The company demonstrated tangible progress in its strategic growth initiatives, notably with the final investment decision on the Double E Pipeline mainline compression expansion announced on August 31, 2026. This period also saw increased customer activity across Summit Midstream's footprint, resulting in 36 new well connections during fiscal Q2 2026. The Mid-Con Segment experienced a 9.9% increase in natural gas volume throughput, reaching 523 MMcf/d, while Double E volume throughput increased by 6.7% to 859 MMcf/d, contributing to the overall positive operational momentum.

Show more
Updated on 10/14/2026

Summit Midstream (SMC) stock has gained about 10% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Earnings Beat and Upgraded Full-Year Guidance.

Summit Midstream reported robust financial performance for fiscal Q2 2026, which ended on June 30, 2026, announcing earnings per share (EPS) of $0.11, significantly exceeding the consensus estimate of -$0.36. This positive surprise, alongside a 12% sequential increase in Adjusted EBITDA to $60.7 million, led the company to raise its full-year 2026 Adjusted EBITDA guidance to a range of $235 million-$255 million. The company also increased its total capital expenditure guidance to $100 million-$120 million to fund additional high-returning growth projects in its Rockies and Permian segments, signaling confidence in future operational expansion.

2. Strategic Growth Initiatives and Operational Expansion.

The company demonstrated tangible progress in its strategic growth initiatives, notably with the final investment decision on the Double E Pipeline mainline compression expansion announced on August 31, 2026. This period also saw increased customer activity across Summit Midstream's footprint, resulting in 36 new well connections during fiscal Q2 2026. The Mid-Con Segment experienced a 9.9% increase in natural gas volume throughput, reaching 523 MMcf/d, while Double E volume throughput increased by 6.7% to 859 MMcf/d, contributing to the overall positive operational momentum.

3. Favorable Macroeconomic Environment with Rising Crude Oil Prices.

The broader energy market contributed positively to Summit Midstream's performance, particularly with a significant increase in crude oil prices during fiscal Q3 2026 (July through September). Brent crude futures prices steadily climbed, surpassing $100 per barrel on July 23, 2026, and reaching as high as $109 per barrel by September 15, 2026. This upward trend was driven by persistent conflict in the Middle East and renewed military actions. The U.S. Energy Information Administration (EIA) further reinforced this positive outlook by raising its 2026 Brent crude oil spot price forecast by over $5 per barrel in October 2026. As a midstream operator involved in crude oil gathering, Summit Midstream benefited from this supportive price environment.

4. Improved Financial Profile and Positive Analyst Sentiment.

Summit Midstream's financial health showed improvement, leading to a credit rating upgrade by Fitch Ratings on August 21, 2026. Fitch upgraded the company's Long-Term Issuer Default Rating (IDR) to 'B' from 'B-', maintaining a Stable Outlook, citing improvements to Summit's financial profile and expected leverage management. Analyst sentiment also remained positive, with a consensus "Buy" rating and an average price target of $43.00, suggesting a significant upside potential of approximately 33.2% from the stock's price of $32.28 as of October 13, 2026. Furthermore, the company had established a $35 million share repurchase program, with $34.0 million remaining as of June 30, 2026, indicating management's belief in the company's valuation and a commitment to shareholder returns.

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Stock Movement Drivers

Fundamental Drivers

The 10.2% change in SMC stock from 6/30/2026 to 10/29/2026 was primarily driven by a 20.3% change in the company's P/S Multiple.
(LTM values as of)630202610292026Change
Stock Price ($)28.4831.3910.2%
Change Contribution By: 
Total Revenues ($ Mil)5695832.6%
P/S Multiple0.60.720.3%
Shares Outstanding (Mil)1214-10.7%
Cumulative Contribution10.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/29/2026
ReturnCorrelation
SMC10.2% 
Market (SPY)3.0%2.2%
Sector (XLE)29.4%43.5%

Fundamental Drivers

The 3.8% change in SMC stock from 3/31/2026 to 10/29/2026 was primarily driven by a 12.7% change in the company's P/S Multiple.
(LTM values as of)331202610292026Change
Stock Price ($)30.2431.393.8%
Change Contribution By: 
Total Revenues ($ Mil)5625833.8%
P/S Multiple0.70.712.7%
Shares Outstanding (Mil)1214-11.2%
Cumulative Contribution3.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/29/2026
ReturnCorrelation
SMC3.8% 
Market (SPY)18.6%-4.9%
Sector (XLE)13.0%39.4%

Fundamental Drivers

The 52.8% change in SMC stock from 9/30/2025 to 10/29/2026 was primarily driven by a 59.3% change in the company's P/S Multiple.
(LTM values as of)930202510292026Change
Stock Price ($)20.5431.3952.8%
Change Contribution By: 
Total Revenues ($ Mil)46958324.5%
P/S Multiple0.50.759.3%
Shares Outstanding (Mil)1114-22.9%
Cumulative Contribution52.8%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/29/2026
ReturnCorrelation
SMC52.8% 
Market (SPY)16.4%11.5%
Sector (XLE)57.3%34.5%

Fundamental Drivers

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Market Drivers

9/30/2023 to 10/29/2026
ReturnCorrelation
SMC  
Market (SPY)86.2%29.9%
Sector (XLE)66.1%43.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SMC Return----3%-29%17%-20%
Peers Return64%25%19%54%2%30%399%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
SMC Win Rate---20%50%80% 
Peers Win Rate77%58%58%71%54%72% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
SMC Max Drawdown-----57%-18% 
Peers Max Drawdown-17%-27%-16%-13%-27%-16% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: HESM, TRGP, OKE, AM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/29/2026 (YTD)

How Low Can It Go

EventSMCS&P 500
2024 Yen Carry Trade Unwind
  % Loss-11.8%-7.8%
  % Gain to Breakeven13.4%8.5%
  Time to Breakeven157 days18 days

Compare to HESM, TRGP, OKE, AM

In The Past

Summit Midstream's stock fell -11.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 13.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

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Compare to HESM, TRGP, OKE, AM

In The Past

Summit Midstream's stock fell -11.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 13.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Summit Midstream (SMC)

Summit Midstream Corporation (SMC) is an energy infrastructure company operating within the "midstream" sector of the oil and gas industry. The company's primary business involves owning, developing, and operating crucial infrastructure assets designed for the gathering and transportation of energy commodities. Its operations are concentrated in significant shale formations located across the continental United States.

SMC's main products and services revolve around its comprehensive gathering systems, which handle natural gas, crude oil, and produced water. These systems are strategically located in four key unconventional resource basins: the Williston Basin (North Dakota), the Denver-Julesburg Basin (Colorado and Wyoming), the Fort Worth Basin (Texas), and the Piceance Basin (Colorado). Specific formations served include the Bakken, Three Forks, Niobrara, Codell, Barnett, Mesaverde, and emerging Mancos shales.

The company's primary customers are natural gas and crude oil producers operating within these basins. By providing essential gathering and transportation services, Summit Midstream enables these producers to efficiently move their extracted resources from the wellhead, connecting them to larger pipeline networks or processing facilities to reach end markets.

AI Analysis | Feedback

Here are 1-3 brief analogies for Summit Midstream (SMC):

  • Crown Castle for energy. (Summit Midstream provides the essential pipeline infrastructure for energy producers, much like Crown Castle provides cell tower infrastructure for telecommunication companies.)

  • Comcast for oil and gas wells. (Summit Midstream provides the critical "pipes" and gathering systems that connect individual oil and gas wells to larger transportation networks, similar to how Comcast connects homes and businesses to the internet and cable networks.)

AI Analysis | Feedback

  • Natural Gas Gathering Systems: Summit Midstream provides infrastructure and services for collecting natural gas from production wells.
  • Crude Oil Gathering Systems: Summit Midstream provides infrastructure and services for collecting crude oil from production wells.
  • Produced Water Gathering Systems: Summit Midstream provides infrastructure and services for collecting and transporting produced water, a byproduct of oil and gas extraction, from production wells.

AI Analysis | Feedback

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Summit Midstream Corporation (SMC) primarily sells its services to other companies, specifically natural gas and crude oil producers. Based on recent financial filings, its major customers include:

  • XTO Energy Inc. (a subsidiary of Exxon Mobil Corporation - NYSE: XOM)
  • Continental Resources, Inc.
  • Hess Corporation (NYSE: HES)
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AI Analysis | Feedback

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Management Team

J. Heath Deneke, Chairman of the Board, President and Chief Executive Officer
J. Heath Deneke joined Summit Midstream in September 2019 as President and Chief Executive Officer, and was appointed Chairman of the Board in May 2020. Prior to Summit Midstream, Mr. Deneke served as Executive Vice President, Chief Operating Officer, and a member of the Office of the Chairman at Crestwood Equity Partners, where he oversaw commercial development and operations for midstream businesses across various basins. He also held roles as Chief Operating Officer and President of Crestwood's Pipeline Services Group, and President of the Natural Gas Business Unit for Crestwood's general partner. Earlier in his career, from 1996, Mr. Deneke held various management positions at El Paso Corporation and its affiliates, including Vice President of Project Development and Engineering for the Pipeline Group and Director of Marketing and Asset Optimization for Tennessee Gas Pipeline Company, LLC. He holds a bachelor's degree in Mechanical Engineering from Auburn University. Under his leadership, Summit underwent a transformative year in 2024, involving asset divestitures, debt refinancing, and the acquisition of Tall Oak Midstream. Summit Midstream was initially backed by private equity firm Energy Capital Partners at its IPO in 2012.

William J. Mault, Executive Vice President and Chief Financial Officer
William J. Mault serves as the Executive Vice President and Chief Financial Officer of Summit Midstream. He has also held the title of Vice President of Finance and Treasurer.

James D. Johnston, Executive Vice President, General Counsel, Chief Compliance Officer and Secretary
James D. Johnston joined Summit Midstream in September 2020. Before joining Summit Midstream, he was Senior Vice President and General Counsel at Crestwood Equity Partners. From 1997 to 2013, Mr. Johnston served as Assistant General Counsel for Kinder Morgan and held various legal and commercial roles of increasing responsibility at Kinder Morgan, El Paso Corporation, and Sonat, Inc. He earned a bachelor's degree from Western University in Ontario, Canada, and a Doctor of Jurisprudence from Samford University's Cumberland School of Law.

Chris Tennant, Senior Vice President and Chief Commercial Officer
Chris Tennant joined Summit Midstream as Senior Vice President and Chief Commercial Officer in February 2026, where he is responsible for the company's commercial strategy, customer relationships, and long-term growth initiatives. He brings over three decades of experience in the U.S. energy value chain, specializing in midstream strategy and commercial optimization, with expertise in NGL, crude oil, and natural gas markets. Previously, Mr. Tennant served as Senior Vice President and Chief Commercial Officer Midstream at Matador Resources. He also had a 14-year tenure at EnLink Midstream, holding several senior commercial leadership roles.

Matthew Sicinski, Senior Vice President & Chief Accounting Officer
Matthew Sicinski serves as the Senior Vice President & Chief Accounting Officer at Summit Midstream.

AI Analysis | Feedback

The key risks for Summit Midstream Corporation (SMC) primarily stem from its exposure to commodity price fluctuations, its substantial debt burden, and its reliance on a concentrated customer base.

The most significant risk is the prolonged weakness in natural gas, natural gas liquids (NGL), and crude oil prices, which could lead to reduced throughput on the company's gathering and processing systems, directly and materially affecting its revenues and operating results. The company's success is directly tied to its customers replacing naturally declining production from existing wells and Summit Midstream's ability to maintain overall throughput levels.

A second major risk is Summit Midstream's significant indebtedness and the associated debt service obligations. A high debt load and weak interest coverage are noted as substantial concerns, potentially limiting the company's financial flexibility to pursue growth opportunities or meet future capital requirements.

Finally, the company faces risks due to its dependence on a relatively small number of customers for a substantial portion of its revenues. The loss of, material nonpayment or nonperformance by, or the curtailment of production by any of these key customers could materially and adversely impact Summit Midstream's revenues, cash flows, and overall results of operations.

AI Analysis | Feedback

The global energy transition away from fossil fuels poses a clear emerging threat. As renewable energy sources and electrification gain traction, the long-term demand for natural gas and crude oil, which Summit Midstream Corporation's infrastructure is designed to gather and transport, is expected to decrease. This shift could lead to reduced volumes flowing through SMC's systems and a decline in the need for new midstream infrastructure development.

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The addressable markets for Summit Midstream Corporation's (SMC) main products and services, which include natural gas, crude oil, and produced water gathering systems, are primarily within the United States.

Natural Gas and Crude Oil Gathering Systems

The U.S. Oil and Gas Midstream Market, which encompasses services such as gathering, transportation, storage, and processing of crude oil and natural gas, provides an indication of the addressable market for Summit Midstream's natural gas and crude oil gathering operations. This market was valued at approximately USD 17.10 billion in 2025 and is projected to grow to about USD 21.08 billion by 2031, at a compound annual growth rate (CAGR) of 3.55% during the forecast period from 2026 to 2031. Within this market, pipelines, which are central to gathering systems, accounted for 44.25% of the U.S. oil and gas midstream market share in 2025, and crude oil transport represented 37.35% of the market share in the same year.

Produced Water Gathering Systems

For produced water gathering, the U.S. midstream water market for oil and gas is a relevant addressable market. This market is projected to reach a total of approximately USD 156 billion between 2025 and 2030, with an average annual value exceeding USD 26 billion. The market is expected to grow at a CAGR of 2.1%. This market includes the supply, transport, storage, treatment, and disposal of water, with transportation accounting for 43% of total water-related costs for operators.

AI Analysis | Feedback

Summit Midstream Corporation (SMC) anticipates several key drivers for revenue growth over the next two to three years:

  1. Increased Well Connections and Associated Volume Growth: Summit Midstream expects continued growth in throughput volumes driven by new well connections across its operating footprint. The company connected 156 new wells in 2024 and projected between 125 and 185 well connections in 2025, with approximately 75% being crude oil-oriented and 25% natural gas-oriented. In the third quarter of 2025, 21 new wells were connected, and the company anticipates approximately 50 more in the fourth quarter, with over 120 new well connections expected in the first half of 2026. Specifically, the Mid-Con segment saw significant volumetric growth in the Barnett Shale, and a key customer in the Arkoma Basin has a 20-well program projected to drive 5% to 10% volumetric growth from 2025 to 2026. The Rockies segment also experienced increased natural gas volumes in Q3 2025 due to new well connections reaching peak production and higher third-party onloads.

  2. Strategic Acquisitions and Integration: Recent acquisitions are expected to contribute to revenue growth. Summit Midstream closed the acquisition of Tall Oak Midstream III in December 2024, which has already positively impacted the Mid-Con segment's adjusted EBITDA and volume throughput. Additionally, the acquisition of Moonrise Midstream in the DJ Basin was finalized on March 10, 2025, expanding Summit's footprint in the region and offering new operating synergies. Capital expenditures in 2025 include integration capital related to these acquisitions.

  3. Double E Pipeline Volume Ramp and New Contracts: The Double E pipeline is a significant growth driver, with existing take-or-pay contracts continually ramping up. Contracted volumes are expected to increase from an average of approximately 1.069 BCF per day in 2025 to 1.115 BCF per day in 2026. Furthermore, an additional 100 million cubic feet per day contract is anticipated to come online in the fourth quarter of 2026, leading to expected contracted volumes of 1.215 BCF per day in 2027, representing over 13% growth relative to 2025 and corresponding to over $40 million of EBITDA net to Summit.

  4. System Optimization and Efficiency Improvements: Summit Midstream has undertaken optimization projects designed to enhance operational efficiency and improve financial performance. An optimization project in the Rockies, finalized in Q1 2025, is expected to improve Adjusted EBITDA margins starting in the second quarter of 2025. The company has also strategically redeployed latent compressors from the Piceance and DJ Basins to the Arkoma, supporting volumetric growth in that region.

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Share Repurchases

  • In March 2024, Summit Midstream announced a $19.3 million offer to repurchase senior secured notes, which was triggered by excess cash flow from fiscal year 2023.
  • Following the acquisition of Tall Oak Midstream III in October 2024, Summit anticipated having the financial flexibility to potentially launch a share buyback program in 2025.

Share Issuance

  • In December 2024, Summit issued 7.5 million common units of its partnership and associated 7.5 million shares of SMC Class B Common Stock as part of the consideration for the Tall Oak Midstream III acquisition.
  • In March 2025, the company issued approximately 0.5 million shares of SMC Class A common stock, contributing to the $20 million equity portion of the Moonrise Midstream acquisition.

Inbound Investments

  • The acquisition of Tall Oak Midstream III in December 2024 from an affiliate of Tailwater Capital LLC resulted in Tailwater Capital becoming a significant shareholder, holding approximately 40% ownership in the pro forma company.

Outbound Investments

  • In December 2024, Summit Midstream acquired Tall Oak Midstream Operating, LLC and its subsidiaries for $155 million in cash, 7.5 million common units of its partnership and associated Class B shares, and up to $25 million in contingent consideration.
  • In March 2025, Summit acquired Moonrise Midstream, LLC for a total consideration of $90 million, comprising $70 million in cash and $20 million in SMC equity.

Capital Expenditures

  • For the full year 2025, Summit Midstream projected total capital expenditures between $65 million and $75 million, with an estimated $15 million to $20 million allocated for maintenance capital.
  • In the third quarter of 2025, capital expenditures totaled $22.9 million, primarily directed towards pad connections in the Rockies and Mid-Con segments and compressor relocations.
  • For the six months ended June 30, 2025, capital expenditures amounted to $47.0 million.

Better Bets vs. Summit Midstream (SMC)

Peer Outperformance in Oil & Gas Storage & Transportation

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Share of Oil & Gas Storage & Transportation constituents that SMC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
45%
of 22 industry peers · 42.0% return
3Y
—
insufficient peer history
5Y
—
insufficient peer history
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Median price return by industry across the Energy sector, ranked by 5Y. Oil & Gas Storage & Transportation is SMC's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Oil & Gas Refining & Marketing 11 90.2%126.3%338.7% MPC 633% · PBF 482% · VLO 481%
Integrated Oil & Gas 7 49.9%84.2%205.4% IMO 337% · SU 266% · XOM 239%
Oil & Gas Storage & Transportation ← 18 46.9%137.4%202.9% INSW 991% · LPG 879% · TRGP 531%
Oil & Gas Drilling 7 70.4%19.3%89.5% VAL 189% · NE 123% · RIG 90%
Oil & Gas Equipment & Services 33 29.3%25.5%84.8% SEI 979% · FTI 827% · TDW 603%
Oil & Gas Exploration & Production 51 45.4%16.2%61.7% BTE 1003% · PR 312% · CNQ 232%
Coal & Consumable Fuels 14 -27.9%9.4%48.6% CNR 250% · CCJ 248% · UEC 119%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Title
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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SMCHESMTRGPOKEAMMedian
NameSummit M.Hess Mid.Targa Re.ONEOK Antero M. 
Mkt Price31.3632.97311.1896.4121.5232.97
Mkt Cap0.44.266.860.810.210.2
Rev LTM5831,60916,74243,1871,3501,609
Op Inc LTM931,0023,8366,1547391,002
FCF LTM458387412,52861741
FCF 3Y Avg337305312,724460531
CFO LTM1311,0364,2865,9121,3491,349
CFO 3Y Avg1079733,7045,4541,0261,026

Growth & Margins

SMCHESMTRGPOKEAMMedian
NameSummit M.Hess Mid.Targa Re.ONEOK Antero M. 
Rev Chg LTM20.9%2.7%-2.0%36.8%8.0%8.0%
Rev Chg 3Y Avg15.2%8.1%-1.9%36.4%7.3%8.1%
Rev Chg Q10.6%-3.8%4.2%44.3%12.0%10.6%
QoQ Delta Rev Chg LTM2.6%-1.0%1.1%9.7%2.8%2.6%
Op Inc Chg LTM44.6%3.0%27.6%4.2%7.2%7.2%
Op Inc Chg 3Y Avg27.6%8.4%16.7%17.4%6.9%16.7%
Op Mgn LTM16.0%62.3%22.9%14.2%54.8%22.9%
Op Mgn 3Y Avg15.6%61.7%18.4%18.6%55.3%18.6%
QoQ Delta Op Mgn LTM0.7%0.2%1.0%-1.3%-1.3%0.2%
CFO/Rev LTM22.5%64.4%25.6%13.7%99.9%25.6%
CFO/Rev 3Y Avg20.9%63.3%22.2%18.5%81.3%22.2%
FCF/Rev LTM7.7%52.1%4.4%5.9%4.6%5.9%
FCF/Rev 3Y Avg6.3%47.4%3.2%9.6%38.0%9.6%

Valuation

SMCHESMTRGPOKEAMMedian
NameSummit M.Hess Mid.Targa Re.ONEOK Antero M. 
Mkt Cap0.44.266.860.810.210.2
P/S0.72.64.01.47.62.6
P/Op Inc4.74.217.49.913.89.9
P/EBIT4.34.217.49.29.19.1
P/E-141.511.329.415.015.115.0
P/CFO3.34.115.610.37.67.6
Total Yield-0.7%18.5%4.8%11.1%10.9%10.9%
Dividend Yield0.0%9.5%1.4%4.4%4.3%4.3%
FCF Yield 3Y Avg-18.0%1.3%5.4%5.5%5.5%
D/E2.90.90.30.50.30.5
Net D/E2.80.90.30.50.30.5

Returns

SMCHESMTRGPOKEAMMedian
NameSummit M.Hess Mid.Targa Re.ONEOK Antero M. 
1M Rtn3.8%-12.4%13.8%11.0%7.4%7.4%
3M Rtn2.8%-16.5%16.5%9.5%0.9%2.8%
6M Rtn-0.9%-12.2%20.2%6.8%0.5%0.5%
12M Rtn41.9%6.3%110.0%51.3%28.2%41.9%
3Y Rtn-19.6%41.4%294.8%71.1%107.3%71.1%
1M Excs Rtn2.5%-13.0%13.9%11.8%6.7%6.7%
3M Excs Rtn-1.6%-21.1%11.7%4.0%-4.4%-1.6%
6M Excs Rtn-8.3%-19.8%12.8%-0.7%-6.9%-6.9%
12M Excs Rtn30.2%-6.7%96.0%34.6%15.3%30.2%
3Y Excs Rtn-101.8%-46.5%206.1%-14.3%25.9%-14.3%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Natural Gas, Natural Gas Liquids (NGLs) and condensate sales2651951798683
Gathering services and related fees256201248248282
Other revenues4134313536
Total562430459370401


Assets by Segment
$ Mil20202019201820172016
Piceance580631700  
Williston Basin426452527513724
Barnett337351377383404
Ohio Gathering260275649690 
Utica Shale209206207212907
Denver-Julesburg (DJ) Basin200205167  
Marcellus Shale176185209217225
Permian Basin166186146  
Corporate and other14683448012
Eliminations  -4-0-0
Piceance/Denver-Julesburg (DJ) Basins   799843
Total2,5002,5743,0212,8953,115


Price Behavior

Price Behavior
Market Price$31.39 
Market Cap ($ Bil)0.4 
First Trading Date08/01/2024 
Distance from 52W High-10.2% 
   50 Days200 Days
DMA Price$32.37$30.64
DMA Trendindeterminateup
Distance from DMA-3.0%2.4%
 3M1YR
Volatility32.3%35.3%
Downside Capture-51.35-11.68
Upside Capture-33.8632.16
Correlation (S&P 500)-5.3%6.1%
SMC Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta-0.43-0.65-0.15-0.250.29-0.05
Up Beta-0.98-0.77-0.22-0.74-0.18-0.06
Down Beta0.182.101.45-0.021.090.04
Up Capture-99%-80%-26%-8%26%10%
Bmk +ve Days6162766132424
Stock +ve Days5152857119260
Down Capture96%-98%-81%-19%-5%78%
Bmk -ve Days16263760120328
Stock -ve Days17273669132278

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SMC
SMC42.9%35.3%1.06-
Sector ETF (XLE)61.1%22.2%2.0533.7%
Equity (SPY)13.0%12.7%0.675.0%
Gold (GLD)1.2%28.4%0.03-2.5%
Commodities (DBC)49.5%20.6%1.8317.5%
Real Estate (VNQ)7.2%14.0%0.250.7%
Bitcoin (BTCUSD)-29.5%43.4%-0.697.1%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SMC
SMC-3.7%43.1%-0.08-
Sector ETF (XLE)23.2%25.5%0.8043.8%
Equity (SPY)12.6%17.1%0.5529.8%
Gold (GLD)17.2%18.9%0.73-1.2%
Commodities (DBC)9.4%19.5%0.3624.4%
Real Estate (VNQ)1.0%18.9%-0.0621.5%
Bitcoin (BTCUSD)5.1%51.6%0.2812.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SMC
SMC-1.9%43.1%-0.08-
Sector ETF (XLE)11.2%29.6%0.4143.8%
Equity (SPY)15.4%17.9%0.7329.8%
Gold (GLD)11.8%16.4%0.58-1.2%
Commodities (DBC)8.1%18.1%0.3624.4%
Real Estate (VNQ)5.2%20.7%0.2121.5%
Bitcoin (BTCUSD)62.3%66.2%1.0212.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.2 Mil
Short Interest: % Change Since 9302026-6.7%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest1.5 days
Basic Shares Quantity13.8 Mil
Short % of Basic Shares1.2%

Earnings Returns History

Updated 9/11/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/20268.9%9.1%7.5%
5/11/2026-0.6%6.9%-0.1%
11/10/2025-0.1%0.6%16.2%
8/12/2025-16.6%-17.9%-5.9%
5/8/20252.5%6.3%-9.3%
3/10/2025-2.7%0.0%-29.2%
11/12/2024-0.8%0.4%1.6%
8/9/2024-1.6%-6.0%2.9%
SUMMARY STATS   
# Positive264
# Negative624
Median Positive5.7%3.4%5.2%
Median Negative-1.2%-11.9%-7.6%
Max Positive8.9%9.1%16.2%
Max Negative-16.6%-17.9%-29.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/20268.9%9.1%7.5%
5/11/2026-0.6%6.9%-0.1%
11/10/2025-0.1%0.6%16.2%
8/12/2025-16.6%-17.9%-5.9%
5/8/20252.5%6.3%-9.3%
3/10/2025-2.7%0.0%-29.2%
11/12/2024-0.8%0.4%1.6%
8/9/2024-1.6%-6.0%2.9%
SUMMARY STATS   
# Positive264
# Negative624
Median Positive5.7%3.4%5.2%
Median Negative-1.2%-11.9%-7.6%
Max Positive8.9%9.1%16.2%
Max Negative-16.6%-17.9%-29.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/11/202610-Q
12/31/202503/16/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202403/11/202510-K
09/30/202411/12/202410-Q
03/31/202405/06/202410-Q
12/31/202303/15/202410-K
09/30/202311/07/202310-Q
06/30/202308/09/202310-Q
03/31/202305/05/202310-Q
12/31/202203/01/202310-K
09/30/202211/07/202210-Q
06/30/202208/05/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/11/202610-Q
12/31/202503/16/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202403/11/202510-K
09/30/202411/12/202410-Q
03/31/202405/06/202410-Q
12/31/202303/15/202410-K
09/30/202311/07/202310-Q
06/30/202308/09/202310-Q
03/31/202305/05/202310-Q
12/31/202203/01/202310-K
09/30/202211/07/202210-Q
06/30/202208/05/202210-Q
03/31/202205/05/202210-Q
12/31/202102/28/202210-K
09/30/202111/05/202110-Q
06/30/202108/09/202110-Q
03/31/202105/07/202110-Q
12/31/202003/04/202110-K
09/30/202011/06/202010-Q
06/30/202008/10/202010-Q
03/31/202005/08/202010-Q
12/31/201903/09/202010-K
09/30/201911/08/201910-Q
06/30/201908/09/201910-Q

Recent Forward Guidance

Updated 10/26/2026

Latest: Q2 2026 Earnings Reported 8/10/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted EBITDAReported235.00 Mil245.00 Mil255.00 Mil0 AffirmedGuidance: 245.00 Mil for 2026
2026 Capital ExpendituresReported100.00 Mil110.00 Mil120.00 Mil   


Prior: Q1 2026 Earnings Reported 5/11/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Adjusted EBITDAReported225.00 Mil245.00 Mil265.00 Mil0.0% AffirmedGuidance: 245.00 Mil for 2026

Q4 2025 Earnings Reported 3/16/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Investment in Double E equity method investeeReported35.00 Mil35.00 Mil35.00 Mil   
2026 Unallocated G&A, OtherReported-37.00 Mil-37.00 Mil-37.00 Mil   
2026 Well ConnectionsReported116121126   
2026 Mid-Con Well ConnectionsReported262626   
2026 Rockies Well ConnectionsReported9095100   
2026 Natural Gas Throughput (MMcf/d)Reported875897.5920   
2026 Rockies Liquids Throughput (Mbbl/d)Reported6577.590   
2026 Double E Natural Gas Throughput (MMcf/d, gross)Reported900900900   
2026 MVC Shortfall Payments in PiceanceReported 13.00 Mil    
2026 Adjusted EBITDAReported225.00 Mil245.00 Mil265.00 Mil-6.7% Lower NewGuidance: 262.50 Mil for 2025
2026 Piceance Adjusted EBITDAReported35.00 Mil35.00 Mil35.00 Mil   
2026 Mid-Con Adjusted EBITDAReported95.00 Mil100.00 Mil105.00 Mil   
2026 Permian Adjusted EBITDAReported37.00 Mil37.00 Mil37.00 Mil   
2026 Rockies Adjusted EBITDAReported95.00 Mil110.00 Mil125.00 Mil   
2026 Capital Expenditures (Excluding Double E)Reported50.00 Mil60.00 Mil70.00 Mil   
2026 Growth Capital ExpendituresReported3.5E9%4.25E9%5.0E9%   
2026 Maintenance Capital ExpendituresReported15.00 Mil17.50 Mil20.00 Mil   
2026 Total Capital ExpendituresReported85.00 Mil95.00 Mil105.00 Mil   
2029 Permian Segment Adjusted EBITDAReported 60.00 Mil    

Q3 2025 Earnings Reported 11/10/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Well ConnectsReported 50    
Q1 2026 Well ConnectsReported 120    
2025 Adjusted EBITDAReported245.00 Mil262.50 Mil280.00 Mil0 AffirmedGuidance: 262.50 Mil for 2025
2026 Volumetric GrowthReported5.0%7.5%10.0%   

Insider Activity

Updated 10/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Johnston, James DavidExecutive VP, GC, CCO and SecyDirectSell1002202630.512,60079,3262,219,816Form
2Johnston, James DavidExecutive VP, GC, CCO and SecyDirectSell706202629.722,60077,2722,239,610Form
3Peters, Jerry L Joint Spousal TrustSell521202632.0010,000320,000543,328Form
4Connect, Midstream, LlcDirectBuy413202631.081,220,91837,946,13142,498,699Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Johnston, James DavidExecutive VP, GC, CCO and SecyDirectSell1002202630.512,60079,3262,219,816Form
2Johnston, James DavidExecutive VP, GC, CCO and SecyDirectSell706202629.722,60077,2722,239,610Form
3Peters, Jerry L Joint Spousal TrustSell521202632.0010,000320,000543,328Form
4Connect, Midstream, LlcDirectBuy413202631.081,220,91837,946,13142,498,699Form

Investor Activity (13F)

Updated Oct 30, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Deltroit Asset Management (UK) LLP$21.4 Mil3.7%39Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Deltroit Asset Management (UK) LLP$21.4 Mil3.7%39Hold13F
Core Cache Last Updated: 10/29/2026