Tuesday, November 10, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Third Quarter 2026 Financial Results. Summit reported revenue of $183.0 million, up 24.6% year over year. Net income attributable to Summit increased to $8.2 million, or $0.58 per diluted share, versus a loss of $1.6 million, or $(0.13) per share, a year ago. Adjusted EBITDA rose 7.9% year over year and 16.4% sequentially to $70.7 million. Revenue, Adjusted EBITDA, and EPS exceeded our estimates of $158.0 million, $65.1 million, and $0.34, respectively. Distributable cash flow declined to $32.6 million from $36.7 million, while free cash flow fell to $5.2 million from $16.7 million, partly reflecting higher cash interest and Double E investment.
Guidance Increased. Management raised 2026 Adjusted EBITDA guidance to $250–$260 million from $235–$255 million, implying fourth-quarter EBITDA of $64.4–$74.4 million. Rockies segment Adjusted EBITDA increased 32% sequentially to $40.0 million, supported by 51 new well connections and higher liquids throughput. Results also benefited from $3.7 million of commercial billing settlements. With seven active rigs and approximately 140 drilled but uncompleted wells, Summit anticipates 200–250 well connections in 2027.
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