Profile
Sector:
EnergyIndustry:
Oil & Gas MidstreamCountry:
United StatesIPO:
28 September 2012Website:
http://www.summitmidstream.comNext earnings report:
N/ALast dividends:
06 February 2020Next dividends:
N/APrice
regular market | Wed, 28 Aug 2024 13:30:00 GMTDividend
Analysts recommendations
Institutional Ownership
SMLP Latest News
Summit Midstream Corporation is a small-cap company worth almost $400 million that was heavily impacted by COVID-19. The company's non-premium assets have posed challenges, but efforts to clean up the balance sheet are underway. Summit Midstream is focused on generating long-term shareholder returns despite the difficult position it currently finds itself in.
HOUSTON , July 31, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) (the "Partnership" or "SMLP"), announced today that it will complete the previously announced conversion (the "Corporate Reorganization") from a master limited partnership to a C-corporation on Thursday, August 1, 2024. Pursuant to the Corporate Reorganization, the unitholders of the Partnership will become shareholders of Summit Midstream Corporation ("New Summit").
Summit Midstream has restructured debt, lowered interest expenses, and boosted cash flows after asset sales in Marcellus Basin. The company's conversion from an MLP to a c-corp will broaden shareholder base, potentially leading to material stock appreciation. With a new capital structure, lower interest rates, and potential for higher multiples as a c-corp, SMLP stock could double in the next twelve months.
Summit Schedules Second Quarter 2024 Earnings Call and Announces 2023 K-3 Tax Form Availability HOUSTON , July 18, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") announced today that, at its Special Meeting of Unitholders ("Special Meeting") held today, unitholders voted to approve the conversion from a master limited partnership ("MLP") to a C-corporation (the "Corporate Reorganization"). Heath Deneke, President, Chief Executive Officer, and Chairman of the Board, commented, "I would like to thank all of our unitholders for their strong support for Summit's conversion to a C-corporation.
Schedules July 18 th Special Meeting for Unitholder Approval: Recommends Common Unitholders Vote "FOR" C-Corporation Conversion Files Investor Presentation, Outlining Benefits for Summit Unitholders HOUSTON , June 17, 2024 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) ("Summit," "SMLP" or the "Partnership") announced today that it filed a proxy statement/prospectus (the "Proxy Statement/Prospectus") and investor presentation and scheduled a Special Meeting of Common Unitholders (the "Special Meeting") to vote on the reorganization from a master limited partnership ("MLP") to a C-corporation. The Special Meeting will be held virtually on July 18, 2024 at 2:00 p.m.
Summit Midstream Partners has a market cap consistently below $200 million and is burdened by rising debt. The company had a strong 2023 with adjusted EBITDA of $75 million and is focused on strategic alternatives for long-term survival. Despite concerns about debt and interest rates, the company's financial picture has improved and it expects continued success in its portfolio.
Summit Midstream Partners, LP (NYSE:SMLP ) Q3 2023 Earnings Call Transcript November 3, 2023 10:00 AM ET Company Participants Randall Burton - IR Heath Deneke - President, CEO & Chairman Bill Mault - CFO Conference Call Participants Gregg Brody - Bank of America Operator Good day, and thank you for standing by. Welcome to the Summit Midstream Partners Third Quarter 2023 Earnings Conference Call.
Summit Midstream Partners stock has underperformed the market and its sector this year. The company has exhibited mediocre operating performance and is on track to post an annual loss for the fourth year in the last five years. Summit Midstream Partners has an excessive debt load and its interest expense exceeds its operating income.
Summit Midstream Partners continues to struggle with low utilization, even though capital spending is ramping up. However, the company remains profitable. The company has no way to handle paying off its debt due in 2025-2026 and it will need to roll it over. That's dangerous in a high-interest rate environment. The company's management is great and showed a def ability to handle 2020. That, combined with its valuation, makes the company an incredibly valuable investment.
What type of business is Summit Midstream Partners LP?
Summit Midstream Partners, LP focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. The company provides natural gas gathering, compression, treating, and processing services, as well as crude oil and produced water gathering and freshwater delivery services. Its assets include Summit Utica system comprising the Utica and Point Pleasant shale formations in southeastern Ohio; Mountaineer Midstream system that includes the Marcellus shale in the Appalachian Basin in West Virginia; Polar and Divide system includes the Bakken and Three Forks shale formations in northwestern North Dakota; Niobrara G&P system, which comprises the Niobrara and Codell shale formations located near Hereford, Colorado. The company's assets also include Double E, a 135 mile interstate natural gas transmission pipeline; Grand River system that gathers natural gas produced from the Mancos and Niobrara shale formations in western Colorado; and DFW Midstream system comprising the Barnett Shale formation located in north-central Texas. In addition, it owns an ownership interest in Ohio Gathering, which owns and operates natural gas gathering and condensate stabilization facility in the Utica Shale in southeastern Ohio. It serves natural gas and crude oil producers. Summit Midstream GP, LLC operates as a general partner of the company. Summit Midstream Partners, LP was founded in 2009 and is based in Houston, Texas.
What sector is Summit Midstream Partners LP in?
Summit Midstream Partners LP is in the Energy sector
What industry is Summit Midstream Partners LP in?
Summit Midstream Partners LP is in the Oil & Gas Midstream industry
What country is Summit Midstream Partners LP from?
Summit Midstream Partners LP is headquartered in United States
When did Summit Midstream Partners LP go public?
Summit Midstream Partners LP initial public offering (IPO) was on 28 September 2012
What is Summit Midstream Partners LP website?
https://www.summitmidstream.com
Is Summit Midstream Partners LP in the S&P 500?
No, Summit Midstream Partners LP is not included in the S&P 500 index
Is Summit Midstream Partners LP in the NASDAQ 100?
No, Summit Midstream Partners LP is not included in the NASDAQ 100 index
Is Summit Midstream Partners LP in the Dow Jones?
No, Summit Midstream Partners LP is not included in the Dow Jones index
When was Summit Midstream Partners LP the previous earnings report?
No data
When does Summit Midstream Partners LP earnings report?
Next earnings report date is not announced yet