Summitt Midstream Corp. (SMC) PT Raised to $43 at TD Cowen

TD Cowen analyst Jason Gabelman raised the price target on Summitt Midstream Corp. (NYSE: SMC) to $43.00 (from $39.00) while maintaining a Buy rating.

The analyst comments "SMC's 2Q EBITDA missed TD Cowen by ~$5MM with Rockies $3MM lower due to lower liquids volumes and Midcon missing by $2MM on opex. Rockies rig activity is up to 8 rigs, better than our forecast 6 and driving an increase of well connects by 30 in 2026. SMC remains confident in sanctioning the Double E expansion in coming weeks. We increase our PT to $43 accounting for higher Bakken rig activity through 2027, supporting a higher volume outlook. We value SMC on a 50/50 2027 EBITDA and NPV of FCF to 2030."

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