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Antero Resources (AR)

Market Price (5/18/2026): $38.38 | Market Cap: $11.9 Bil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Antero Resources (AR)

Market Price (5/18/2026): $38.38
Market Cap: $11.9 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production

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

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.0%, FCF Yield is 14%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 23%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%, CFO LTM is 2.0 Bil

Low stock price volatility
Vol 12M is 39%

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 -27%

Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.3%

Key risks
AR key risks include [1] earnings volatility from its unhedged production profile and [2] discounted gas prices resulting from pipeline constraints.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.0%, FCF Yield is 14%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 23%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%, CFO LTM is 2.0 Bil
3 Low stock price volatility
Vol 12M is 39%
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 -27%
6 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.3%
7 Key risks
AR key risks include [1] earnings volatility from its unhedged production profile and [2] discounted gas prices resulting from pipeline constraints.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Antero Resources (AR) stock has gained about 5% since 1/31/2026 because of the following key factors:

1. Strong Q1 2026 Financial and Operational Performance: Antero Resources reported robust first-quarter 2026 results, with net income attributable to Antero jumping to $535 million, or $1.73 per basic share, significantly exceeding the forecast of $1.17 per share. Total revenue rose to $1.95 billion, beating estimates of $1.71 billion. The company achieved a record net daily natural gas equivalent production of 3.9 Bcfe/d, a 13% increase from the prior year period, and generated $657 million in Adjusted Free Cash Flow. These strong company-specific results provided significant support for the stock.

2. Strategic Portfolio Optimization for Future Efficiency and Growth: The company completed its HG acquisition in early February 2026, which added $246 million of revenue and $116 million of net income between February 3 and March 31, 2026. Simultaneously, Antero divested its Ohio Utica Shale assets in late February, narrowing its focus to the Marcellus Shale. This strategic shift is expected to drive a 6% increase in production and a 15% reduction in cash costs per Mcfe from Q1 2026 to Q2 2026, and full-year 2026 production guidance was raised to 4.1 Bcfe/d, reflecting approximately 20% year-over-year growth.

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Stock Movement Drivers

Fundamental Drivers

The 5.1% change in AR stock from 1/31/2026 to 5/17/2026 was primarily driven by a 44.9% change in the company's Net Income Margin (%).
(LTM values as of)13120265172026Change
Stock Price ($)36.3738.245.1%
Change Contribution By: 
Total Revenues ($ Mil)4,8805,48412.4%
Net Income Margin (%)12.1%17.5%44.9%
P/E Multiple19.012.3-35.4%
Shares Outstanding (Mil)309309-0.1%
Cumulative Contribution5.1%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/17/2026
ReturnCorrelation
AR5.1% 
Market (SPY)7.1%-25.0%
Sector (XLE)17.2%69.5%

Fundamental Drivers

The 23.7% change in AR stock from 10/31/2025 to 5/17/2026 was primarily driven by a 44.9% change in the company's Net Income Margin (%).
(LTM values as of)103120255172026Change
Stock Price ($)30.9138.2423.7%
Change Contribution By: 
Total Revenues ($ Mil)4,8805,48412.4%
Net Income Margin (%)12.1%17.5%44.9%
P/E Multiple16.212.3-24.0%
Shares Outstanding (Mil)309309-0.1%
Cumulative Contribution23.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/17/2026
ReturnCorrelation
AR23.7% 
Market (SPY)9.0%-9.5%
Sector (XLE)36.9%54.8%

Fundamental Drivers

The 9.8% change in AR stock from 4/30/2025 to 5/17/2026 was primarily driven by a 222.1% change in the company's Net Income Margin (%).
(LTM values as of)43020255172026Change
Stock Price ($)34.8338.249.8%
Change Contribution By: 
Total Revenues ($ Mil)4,4545,48423.1%
Net Income Margin (%)5.4%17.5%222.1%
P/E Multiple44.712.3-72.5%
Shares Outstanding (Mil)3113090.8%
Cumulative Contribution9.8%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/17/2026
ReturnCorrelation
AR9.8% 
Market (SPY)34.8%4.8%
Sector (XLE)52.4%52.4%

Fundamental Drivers

The 66.3% change in AR stock from 4/30/2023 to 5/17/2026 was primarily driven by a 303.6% change in the company's P/E Multiple.
(LTM values as of)43020235172026Change
Stock Price ($)22.9938.2466.3%
Change Contribution By: 
Total Revenues ($ Mil)7,7965,484-29.7%
Net Income Margin (%)28.8%17.5%-39.0%
P/E Multiple3.012.3303.6%
Shares Outstanding (Mil)297309-3.9%
Cumulative Contribution66.3%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/17/2026
ReturnCorrelation
AR66.3% 
Market (SPY)84.7%32.6%
Sector (XLE)54.0%58.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AR Return221%77%-27%55%-2%8%580%
Peers Return13062%31%35%41%7%3%35873%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
AR Win Rate67%67%33%58%50%60% 
Peers Win Rate54%62%56%58%54%55% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
AR Max Drawdown-26%-40%-35%-30%-32%-20% 
Peers Max Drawdown-30%-37%-21%-22%-22%-17% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: EQT, RRC, CNX, GPOR. See AR Returns vs. Peers.
[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 5/15/2026 (YTD)

How Low Can It Go

EventARS&P 500
2025 US Tariff Shock
  % Loss-20.9%-18.8%
  % Gain to Breakeven26.4%23.1%
  Time to Breakeven33 days79 days
2024 Yen Carry Trade Unwind
  % Loss-21.3%-7.8%
  % Gain to Breakeven27.1%8.5%
  Time to Breakeven107 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-16.8%-9.5%
  % Gain to Breakeven20.2%10.5%
  Time to Breakeven71 days24 days
2023 SVB Regional Banking Crisis
  % Loss-28.3%-6.7%
  % Gain to Breakeven39.4%7.1%
  Time to Breakeven96 days31 days
2020 COVID-19 Crash
  % Loss-62.8%-33.7%
  % Gain to Breakeven169.0%50.9%
  Time to Breakeven20 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-50.8%-19.2%
  % Gain to Breakeven103.4%23.8%
  Time to Breakeven1008 days105 days

Compare to EQT, RRC, CNX, GPOR

In The Past

Antero Resources's stock fell -20.9% during the 2025 US Tariff Shock. Such a loss loss requires a 26.4% 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.

EventARS&P 500
2025 US Tariff Shock
  % Loss-20.9%-18.8%
  % Gain to Breakeven26.4%23.1%
  Time to Breakeven33 days79 days
2024 Yen Carry Trade Unwind
  % Loss-21.3%-7.8%
  % Gain to Breakeven27.1%8.5%
  Time to Breakeven107 days18 days
2023 SVB Regional Banking Crisis
  % Loss-28.3%-6.7%
  % Gain to Breakeven39.4%7.1%
  Time to Breakeven96 days31 days
2020 COVID-19 Crash
  % Loss-62.8%-33.7%
  % Gain to Breakeven169.0%50.9%
  Time to Breakeven20 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-50.8%-19.2%
  % Gain to Breakeven103.4%23.8%
  Time to Breakeven1008 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-26.7%-3.7%
  % Gain to Breakeven36.5%3.9%
  Time to Breakeven1754 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-29.5%-12.2%
  % Gain to Breakeven41.8%13.9%
  Time to Breakeven53 days62 days

Compare to EQT, RRC, CNX, GPOR

In The Past

Antero Resources's stock fell -20.9% during the 2025 US Tariff Shock. Such a loss loss requires a 26.4% 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 Antero Resources (AR)

Antero Resources Corporation, an independent oil and natural gas company, acquires, explores for, develops, and produces natural gas, natural gas liquids, and oil properties in the United States. As of December 31, 2021, it had approximately 502,000 net acres in the Appalachian Basin; and 174,000 net acres in the Upper Devonian Shale. The company also owned and operated 494 miles of gas gathering pipelines in the Appalachian Basin; and 21 compressor stations. It had estimated proved reserves of 17.7 trillion cubic feet of natural gas equivalent, including 10.2 trillion cubic feet of natural gas; 718 million barrels of assumed recovered ethane; 501 million barrels of primarily propane, isobutane, normal butane, and natural gasoline; and 36 million barrels of oil. The company was formerly known as Antero Resources Appalachian Corporation and changed its name to Antero Resources Corporation in June 2013. Antero Resources Corporation was founded in 2002 and is headquartered in Denver, Colorado.

AI Analysis | Feedback

1. An EQT Corporation that also specializes in extracting valuable natural gas liquids from the Appalachian Basin.

2. An independent energy producer similar to EOG Resources, but with a primary focus on natural gas and natural gas liquids in Appalachia.

AI Analysis | Feedback

  • Natural Gas: Antero Resources explores for, develops, and produces natural gas for sale.
  • Natural Gas Liquids (NGLs): The company extracts and sells various natural gas liquids, including ethane, propane, and natural gasoline.
  • Oil: Antero Resources is involved in the exploration, development, and production of oil.

AI Analysis | Feedback

Major Customers of Antero Resources (AR)

Antero Resources (AR) is an independent oil and natural gas company that sells its products primarily to other companies, not directly to individuals. While Antero's public filings typically do not disclose the names of individual major customers (e.g., those accounting for 10% or more of revenue) due to commercial confidentiality, one significant and publicly announced major customer for a portion of its natural gas production is:

  • TotalEnergies (NYSE: TTE): TotalEnergies is a major global multi-energy company. Antero has entered into a significant long-term natural gas sales agreement with an affiliate of TotalEnergies, committing 0.3 Bcf/d of natural gas for a 10-year term beginning in 2025. This contract represents a substantial portion of Antero's future natural gas production intended for liquefaction and export, making TotalEnergies a major customer.

For the remainder of its natural gas, natural gas liquids (NGLs), and oil production, Antero typically sells to a diverse group of corporate customers that fall into the following categories:

  • Natural Gas Marketers and Traders: These companies purchase natural gas from producers for resale to a wide range of end-users, including utilities, industrial facilities, and power generators. Specific names are rarely disclosed by Antero, even when they account for a significant portion of annual revenue (as noted in its 2021 10-K).
  • Natural Gas Local Distribution Companies (LDCs) and Utilities: These entities are responsible for transporting and delivering natural gas to residential, commercial, and industrial consumers within specific geographic areas.
  • Industrial End-Users and Petrochemical Companies: This category includes large industrial facilities that consume natural gas as fuel or feedstock, as well as petrochemical companies that utilize NGLs (such as ethane, propane, and butane) as raw materials for manufacturing plastics and other chemicals.

AI Analysis | Feedback

  • Antero Midstream Corporation (AM)

AI Analysis | Feedback

Michael N. Kennedy, Chief Executive Officer and President

Michael N. Kennedy was appointed Chief Executive Officer and President of Antero Resources and Antero Midstream in August 2025. He previously served as Antero Resources' Chief Financial Officer since 2021 and Senior Vice President—Finance since 2016, and also held CFO roles for Antero Midstream. Before joining Antero in 2013, Mr. Kennedy spent 12 years at Forest Oil Corporation, including serving as Executive Vice President and Chief Financial Officer from 2009 to 2013. His career also includes experience as an auditor with Arthur Andersen, specializing in the Natural Resources Industry from 1996 to 2001.

Brendan E. Krueger, Chief Financial Officer, Senior Vice President—Finance and Treasurer

Brendan E. Krueger became Chief Financial Officer, Senior Vice President—Finance and Treasurer of Antero Resources in August 2025. He joined Antero in 2014 and has been instrumental in various capital markets activities and strategic transactions, including two initial public offerings. Prior to Antero, Mr. Krueger accumulated seven years of experience as an investment banker, focusing on equity and debt financing and M&A advisory with firms such as Robert W. Baird & Co., Wells Fargo Securities, and A.G. Edwards, Inc.

Paul M. Rady, Chairman Emeritus

Paul M. Rady co-founded Antero Resources in 2002 and served as its Chief Executive Officer and President until his transition to Chairman Emeritus in August 2025. Prior to Antero, he co-founded Pennaco Energy with Glen C. Warren, Jr., which they successfully sold to Marathon Oil for $1.1 billion in 2001. Antero Resources was initially backed by significant private equity investment, including from Warburg Pincus. Mr. Rady also led Antero's predecessor company from its founding in 2002 to its sale to XTO Energy Inc. in 2005 for over $1 billion. His experience also includes serving as President and CEO of Barrett Resources Corporation.

Glen C. Warren, Jr., Co-Founder (retired)

Glen C. Warren, Jr. co-founded Antero Resources with Paul M. Rady in June 2002. He served as President, Chief Financial Officer, and Secretary of Antero Resources from May 2004 until his retirement in April 2021. Before Antero, Mr. Warren was the Chief Financial Officer and Executive Vice President at Pennaco Energy, Inc. from 1998 until its sale in 2001. Antero was initially funded by an investor group that included Warburg Pincus, Yorktown Energy Partners, and Lehman Brothers Merchant Banking Group.

Sheri L. Pearce, Senior Vice President, Accounting and Chief Accounting Officer

Sheri L. Pearce serves as the Senior Vice President, Accounting and Chief Accounting Officer for Antero Resources and Antero Midstream.

AI Analysis | Feedback

Here are the key risks to Antero Resources (AR):
  1. Commodity Price Volatility: Antero Resources' financial performance is highly dependent on the prices of natural gas, natural gas liquids (NGLs), and oil. A substantial or prolonged period of low commodity prices could adversely affect its business, financial condition, results of operations, and ability to meet capital expenditure obligations and financial commitments. The company's unhedged strategy further exposes it to decreased free cash flow during periods of depressed pricing.
  2. Regulatory Uncertainty and Environmental Risks: The oil and natural gas industry is subject to extensive governmental regulations and environmental laws. Changes in these laws or increased regulatory scrutiny, including those related to greenhouse gas emissions and permitting for infrastructure projects, can lead to higher compliance costs, operational restrictions, and long-term regulatory uncertainty.
  3. Inflation, Supply Chain Disruptions, and Cost of Equipment and Services: Antero Resources faces risks related to inflation, disruptions in the supply chain, and the availability and cost of drilling, completion, and production equipment and services. These factors can increase operational expenses and impact the efficiency and profitability of its development activities.

AI Analysis | Feedback

The accelerating global transition to renewable energy sources and the electrification of transportation, heating, and industrial sectors, driven by increasingly cost-effective solar, wind, and battery storage technologies, poses a clear emerging threat to Antero Resources by fundamentally eroding long-term demand for its primary products: natural gas, natural gas liquids, and oil.

AI Analysis | Feedback

Antero Resources' main products are natural gas, natural gas liquids (NGLs), and oil. The addressable markets for these products in the United States are substantial:

  • Natural Gas: The U.S. natural gas market is projected to be valued at approximately US$473.4 billion in 2025 and is expected to reach US$601.8 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 3.5% during this period. The Appalachian Basin, where Antero Resources operates, was the largest natural gas-producing region in the U.S. in 2025, accounting for 36.6 billion cubic feet per day (Bcf/d), which represents about 31% of the total U.S. marketed production.
  • Natural Gas Liquids (NGLs): The North American Natural Gas Liquids (NGL) market is estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion in 2033, with a CAGR of 5.57%. The United States is a dominant player in this market, holding a 92.8% share in North America in 2024. The overall natural gas liquids market size was estimated at USD 23.83 billion in 2025 and is expected to reach USD 32.18 billion by 2030 globally.
  • Oil: While specific market sizing for oil alone can often be integrated into broader oil and gas reports, the U.S. oil and gas market combined is a significant addressable market. This market was valued at USD 1.55 trillion in 2024, grew to USD 1.61 trillion in 2025, and is projected to reach around USD 2.24 trillion by 2034, expanding at a CAGR of 3.75% between 2025 and 2034. The United States became the largest producer of crude oil globally in 2023.

AI Analysis | Feedback

Antero Resources (AR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

  1. Increased Production Volumes: Antero Resources projects a significant increase in its production of natural gas equivalent (Bcfe/d). The company's average production was 3.4 Bcfe/d in 2025 and is projected to rise to 4.1 Bcfe/d in 2026. Furthermore, 2027 guidance is set at 4.3 Bcfe/d, with an optional growth target of up to 4.5 Bcfe/d, depending on market conditions.
  2. Strategic Acquisitions and Expanded Core Inventory: The recent acquisition of HG Energy plays a pivotal role in Antero's growth strategy. This transaction closed ahead of schedule, adding 385,000 net acres and over 400 drilling locations, which extends the company's core inventory life by five years and increases its exposure to dry gas markets. This expansion directly supports the projected increase in production volumes.
  3. Growing Demand for Natural Gas: Antero Resources is strategically positioned to capitalize on the increasing demand for natural gas. The company anticipates significant opportunities from liquefied natural gas (LNG) exports in the Gulf Coast, as well as rising demand from data centers and natural gas-fired power plants regionally.
  4. Favorable Natural Gas Liquids (NGL) Market and Export Capacity: As the largest publicly traded NGL exporter, Antero Resources is poised to benefit from favorable NGL market dynamics. Global NGL demand growth is forecast to be substantial in 2026, representing the largest annual increase since 2021. Additionally, significant expansions in LPG export capacity have alleviated bottlenecks, ensuring unconstrained U.S. export capacity through at least 2028, which should support NGL revenue. Analysts also anticipate a recovery in natural gas liquids pricing, particularly for propane.

AI Analysis | Feedback

Share Repurchases

  • Antero Resources repurchased $136 million of stock in 2025.
  • Year-to-date through September 30, 2025, the company purchased approximately 4.7 million shares for an aggregate of $163 million.
  • Approximately $915 million of capacity remains on the previously approved share repurchase program.

Share Issuance

  • No new equity was issued for recent transactions, including the HG Energy acquisition.
  • Antero Resources' 2025 shares outstanding were 0.312 billion, a 0.34% decline from 2024.

Outbound Investments

  • In early February 2026, Antero Resources closed the acquisition of HG Energy, which added 385,000 net acres and over 400 drilling locations, extending the core inventory life by five years.
  • During 2025, Antero completed several bolt-on acquisitions in its core Marcellus footprint in West Virginia for approximately $260 million. These acquisitions included 75-100 MMcfe/d of net production and 10 net undeveloped locations.
  • The company invested in land, adding approximately 7,000 net acres and 26 incremental drilling locations in Q4 2025 for $33 million, and 7,000 net acres and 32 incremental drilling locations in Q3 2025 for $42 million.

Capital Expenditures

  • For 2026, the drilling and completion capital budget is $1 billion, comprising $900 million for maintenance capital and $100 million related to not entering into a drilling joint venture.
  • Antero may invest up to an additional $200 million in discretionary growth capital in 2026, focusing on completing an additional two to three pads, based on commodity prices and in-basin demand needs.
  • Full-year 2025 drilling and completion capital expenditures were decreased to $650 to $675 million due to continued capital efficiency gains. The full-year 2025 land capital budget was increased to $125 to $150 million for expanded leasing in the Marcellus Fairway.

Better Bets vs. Antero Resources (AR)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Antero Resources Stock In Shambles: Down 11% With 5-Day Losing Streak04/07/2026
2Antero Resources Stock 7-Day Winning Spree: Stock Climbs 16%03/20/2026
3Antero Resources Earnings Notes12/26/2025
4How Low Can Antero Resources Stock Really Go?10/17/2025
5Antero Resources vs Microsoft: Which Is A Better Investment?08/18/2025
6Antero Resources vs Diamondback Energy: Which Is A Better Investment?08/18/2025
7How Does Antero Resources Stock Stack Up Against Its Peers?08/13/2025
8Better Bet Than AR Stock: Pay Less Than Antero Resources To Get More From RTX, MU 08/12/2025
9AR Dip Buy Analysis07/10/2025
10ARTICLES 
11Antero Resources Stock Plummets -11% With 5-Day Losing Streak04/07/2026
12Antero Resources Stock Rockets 16% With 7-Day Winning Streak03/20/2026
13AR Lost 21% In A Month. Past Slides Turned Into Crashes.07/26/2025

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Peer Comparisons

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Financials

AREQTRRCCNXGPORMedian
NameAntero R.EQT Range Re.CNX Reso.Gulfport. 
Mkt Price38.2456.2242.4636.09182.7842.46
Mkt Cap11.835.110.05.13.410.0
Rev LTM5,4849,5513,2092,3151,4333,209
Op Inc LTM1,1444,1141,0669645861,066
FCF LTM1,6464,053814557362814
FCF 3Y Avg1,1271,953446324213446
CFO LTM2,0326,4401,4601,0919191,460
CFO 3Y Avg1,3304,1751,0798967221,079

Growth & Margins

AREQTRRCCNXGPORMedian
NameAntero R.EQT Range Re.CNX Reso.Gulfport. 
Rev Chg LTM23.1%50.8%23.6%38.4%38.6%38.4%
Rev Chg 3Y Avg-5.3%10.0%-6.1%-0.6%-2.8%-2.8%
Rev Chg Q33.8%49.5%26.1%28.2%31.9%31.9%
QoQ Delta Rev Chg LTM9.4%14.3%7.4%8.0%8.3%8.3%
Op Inc Chg LTM223.6%200.4%92.1%140.7%156.1%156.1%
Op Inc Chg 3Y Avg100.5%728.6%17.7%57.6%47.4%57.6%
Op Mgn LTM20.9%43.1%33.2%41.6%40.9%40.9%
Op Mgn 3Y Avg10.6%21.1%23.6%26.2%25.6%23.6%
QoQ Delta Op Mgn LTM4.3%7.0%4.3%5.0%3.0%4.3%
CFO/Rev LTM37.1%67.4%45.5%47.1%64.1%47.1%
CFO/Rev 3Y Avg27.6%60.0%39.3%50.9%63.6%50.9%
FCF/Rev LTM30.0%42.4%25.4%24.1%25.2%25.4%
FCF/Rev 3Y Avg23.5%24.9%15.5%16.6%17.6%17.6%

Valuation

AREQTRRCCNXGPORMedian
NameAntero R.EQT Range Re.CNX Reso.Gulfport. 
Mkt Cap11.835.110.05.13.410.0
P/S2.23.73.12.22.42.4
P/Op Inc10.38.59.45.35.88.5
P/EBIT8.47.08.03.14.27.0
P/E12.310.711.14.45.710.7
P/CFO5.85.56.84.73.75.5
Total Yield8.1%10.5%9.7%23.0%17.5%10.5%
Dividend Yield0.0%1.1%0.7%0.0%0.0%0.0%
FCF Yield 3Y Avg9.7%5.9%4.5%6.5%6.0%6.0%
D/E0.40.20.10.50.20.2
Net D/E0.40.20.10.50.20.2

Returns

AREQTRRCCNXGPORMedian
NameAntero R.EQT Range Re.CNX Reso.Gulfport. 
1M Rtn4.3%-3.6%1.8%-6.7%-5.5%-3.6%
3M Rtn10.0%-3.7%13.3%-11.1%-10.4%-3.7%
6M Rtn11.3%-5.6%11.6%-1.9%-13.1%-1.9%
12M Rtn-3.9%1.8%6.9%9.2%-6.9%1.8%
3Y Rtn61.3%59.2%48.4%125.3%80.0%61.3%
1M Excs Rtn-3.2%-8.7%-4.8%-14.4%-10.6%-8.7%
3M Excs Rtn1.6%-12.1%4.9%-19.5%-18.8%-12.1%
6M Excs Rtn2.8%-15.2%2.9%-10.7%-21.7%-10.7%
12M Excs Rtn-31.3%-24.8%-19.7%-14.7%-32.9%-24.8%
3Y Excs Rtn2.8%3.1%-4.5%53.6%18.8%3.1%

Comparison Analyses

Financials

Segment Financials

Assets by Segment
$ Mil20252024202320222021
Exploration and Production13,00013,60214,08113,86413,151
Equity Method Investment in Antero Midstream5,7625,7385,7915,5445,611
Marketing10173732 
Elimination of Unconsolidated Affiliate-5,762-5,738-5,791-5,544-5,611
Total13,01013,61914,11813,89713,151


Price Behavior

Price Behavior
Market Price$38.24 
Market Cap ($ Bil)11.8 
First Trading Date10/10/2013 
Distance from 52W High-15.3% 
   50 Days200 Days
DMA Price$39.39$35.02
DMA Trendindeterminateup
Distance from DMA-2.9%9.2%
 3M1YR
Volatility38.3%39.0%
Downside Capture-131.937.23
Upside Capture-54.660.42
Correlation (SPY)-32.7%3.1%
AR Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta-1.44-0.91-0.58-0.080.230.92
Up Beta-1.69-1.78-1.19-0.99-0.010.77
Down Beta-3.700.131.440.920.841.54
Up Capture-90%-48%-48%14%10%44%
Bmk +ve Days15223166141428
Stock +ve Days9243667129395
Down Capture45%-115%-146%-40%15%87%
Bmk -ve Days4183056108321
Stock -ve Days13192858122354

[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 AR
AR-5.1%38.9%-0.05-
Sector ETF (XLE)44.1%20.1%1.7051.8%
Equity (SPY)27.4%12.1%1.712.1%
Gold (GLD)42.5%26.8%1.30-3.3%
Commodities (DBC)45.4%18.5%1.8839.2%
Real Estate (VNQ)11.5%13.5%0.56-0.9%
Bitcoin (BTCUSD)-23.7%41.8%-0.5414.4%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with AR
AR28.4%48.6%0.69-
Sector ETF (XLE)21.7%26.1%0.7562.4%
Equity (SPY)13.6%17.1%0.6336.2%
Gold (GLD)19.4%17.9%0.888.2%
Commodities (DBC)10.9%19.4%0.4545.9%
Real Estate (VNQ)2.9%18.8%0.0629.1%
Bitcoin (BTCUSD)7.2%55.9%0.3414.8%

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 AR
AR4.0%60.7%0.32-
Sector ETF (XLE)10.6%29.5%0.4055.2%
Equity (SPY)15.5%17.9%0.7432.7%
Gold (GLD)13.0%16.0%0.672.0%
Commodities (DBC)8.3%17.9%0.3837.8%
Real Estate (VNQ)5.0%20.7%0.2128.0%
Bitcoin (BTCUSD)67.4%66.9%1.066.7%

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

Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity9.4 Mil
Short Interest: % Change Since 415202615.4%
Average Daily Volume5.3 Mil
Days-to-Cover Short Interest1.8 days
Basic Shares Quantity308.9 Mil
Short % of Basic Shares3.0%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/29/20260.6%-5.6% 
2/11/2026-3.7%-0.2%16.7%
10/29/2025-5.0%3.8%13.1%
7/30/20253.3%-2.4%-5.0%
4/30/2025-0.5%5.4%7.5%
2/12/20252.0%0.3%-4.6%
10/30/2024-8.3%1.5%15.8%
7/31/2024-0.9%-12.8%-7.3%
...
SUMMARY STATS   
# Positive131315
# Negative11118
Median Positive3.2%5.4%14.0%
Median Negative-3.3%-3.9%-7.1%
Max Positive10.9%22.4%28.2%
Max Negative-9.0%-12.8%-22.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202604/29/202610-Q
12/31/202502/11/202610-K
09/30/202510/29/202510-Q
06/30/202507/30/202510-Q
03/31/202504/30/202510-Q
12/31/202402/12/202510-K
09/30/202410/30/202410-Q
06/30/202407/31/202410-Q
03/31/202404/24/202410-Q
12/31/202302/14/202410-K
09/30/202310/25/202310-Q
06/30/202307/26/202310-Q
03/31/202304/26/202310-Q
12/31/202202/15/202310-K
09/30/202210/26/202210-Q
06/30/202207/27/202210-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 4/29/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Production 4.1 0 AffirmedGuidance: 4.1 for Q2 2026
2026 Production 4.1 0 AffirmedGuidance: 4.1 for 2026
2026 Ethane Realized Price Premium vs. Mont Belvieu22.53  Higher New
2026 Cash Production Expense2.252.32.35  Higher New

Prior: Q4 2025 Earnings Reported 2/11/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Net Daily Natural Gas Equivalent Production 3.80 Bil 8.2% Higher NewGuidance: 3.51 Bil for Q4 2025
Q2 2026 Net Daily Natural Gas Equivalent Production 4.10 Bil 16.7% Higher NewGuidance: 3.51 Bil for Q4 2025
2026 Net Daily Natural Gas Equivalent Production 4.10 Bil    
2026 Net Daily Natural Gas Production 2.80 Bil    
2026 Capital Expenditures 1.00 Bil    

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Schultz, Yvette KSee RemarksDirectSell504202639.2739,4901,550,65210,903,058Form
2Kennedy, Michael NSee RemarksDirectSell504202639.33185,8267,309,34642,685,327Form
3Hardesty, Benjamin ADirectSell319202644.0012,000528,0006,610,648Form
4Pearce, SheriSee RemarksDirectSell310202638.1319,667749,9031,931,590Form
5Schultz, Yvette KSee RemarksDirectSell310202639.3315,000589,95012,551,068Form

Industry Resources

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