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Antero Resources (AR)

Market Price (4/30/2026): $39.27 | Market Cap: $12.1 Bil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Antero Resources (AR)

Market Price (4/30/2026): $39.27
Market Cap: $12.1 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 8.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.7%, 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 -17%, 3Y Excs Rtn is -2.4%

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 8.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.7%, 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 -17%, 3Y Excs Rtn is -2.4%
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

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Antero Resources (AR) stock has gained about 15% since 12/31/2025 because of the following key factors:

1. Exceptional Q1 2026 Financial and Operational Performance: Antero Resources reported robust first-quarter 2026 results on April 29, 2026, significantly exceeding analyst expectations. The company's revenue surged by 44% year-over-year to $1.95 billion, substantially higher than the anticipated $1.63 billion. Net income attributable to Antero more than doubled, increasing by 157% to $535.2 million, and Adjusted Free Cash Flow nearly tripled to $657.5 million compared to the prior-year period. This strong performance was also driven by record net daily production, which grew 13% year-over-year to 3.9 Bcfe/d.

2. Strategic Acquisition and Portfolio Optimization: The company undertook significant strategic transactions in December 2025, which favorably impacted its production and asset base. Antero Resources completed the acquisition of HG Energy II Production Holdings, LLC for $2.8 billion, adding 385,000 net acres and projecting an annual production uplift of approximately 700 MMcfe/d. Concurrently, the company divested its Ohio Utica assets for $800 million, streamlining its portfolio to focus on core Marcellus operations.

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Stock Movement Drivers

Fundamental Drivers

The 13.2% change in AR stock from 12/31/2025 to 4/29/2026 was primarily driven by a 44.9% change in the company's Net Income Margin (%).
(LTM values as of)123120254292026Change
Stock Price ($)34.4639.0113.2%
Change Contribution By: 
Total Revenues ($ Mil)4,8805,48412.4%
Net Income Margin (%)12.1%17.5%44.9%
P/E Multiple18.012.5-30.5%
Shares Outstanding (Mil)309309-0.1%
Cumulative Contribution13.2%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/29/2026
ReturnCorrelation
AR13.2% 
Market (SPY)5.2%-19.6%
Sector (XLE)32.9%47.8%

Fundamental Drivers

The 16.2% change in AR stock from 9/30/2025 to 4/29/2026 was primarily driven by a 73.2% change in the company's Net Income Margin (%).
(LTM values as of)93020254292026Change
Stock Price ($)33.5639.0116.2%
Change Contribution By: 
Total Revenues ($ Mil)4,7305,48415.9%
Net Income Margin (%)10.1%17.5%73.2%
P/E Multiple21.712.5-42.4%
Shares Outstanding (Mil)3103090.4%
Cumulative Contribution16.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/29/2026
ReturnCorrelation
AR16.2% 
Market (SPY)8.0%7.5%
Sector (XLE)34.1%53.2%

Fundamental Drivers

The -3.5% change in AR stock from 3/31/2025 to 4/29/2026 was primarily driven by a -94.3% change in the company's P/E Multiple.
(LTM values as of)33120254292026Change
Stock Price ($)40.4439.01-3.5%
Change Contribution By: 
Total Revenues ($ Mil)4,1195,48433.1%
Net Income Margin (%)1.4%17.5%1162.2%
P/E Multiple219.912.5-94.3%
Shares Outstanding (Mil)3113090.7%
Cumulative Contribution-3.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/29/2026
ReturnCorrelation
AR-3.5% 
Market (SPY)29.3%36.8%
Sector (XLE)30.4%63.6%

Fundamental Drivers

The 68.9% change in AR stock from 3/31/2023 to 4/29/2026 was primarily driven by a 239.8% change in the company's P/E Multiple.
(LTM values as of)33120234292026Change
Stock Price ($)23.0939.0168.9%
Change Contribution By: 
Total Revenues ($ Mil)8,3005,484-33.9%
Net Income Margin (%)22.6%17.5%-22.2%
P/E Multiple3.712.5239.8%
Shares Outstanding (Mil)299309-3.2%
Cumulative Contribution68.9%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/29/2026
ReturnCorrelation
AR68.9% 
Market (SPY)81.5%33.7%
Sector (XLE)57.2%58.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AR Return221%77%-27%55%-2%12%607%
Peers Return10454%33%30%33%7%13%29211%
S&P 500 Return27%-19%24%23%16%4%90%

Monthly Win Rates [3]
AR Win Rate67%67%33%58%50%75% 
Peers Win Rate53%63%57%53%53%70% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
AR Max Drawdown0%-3%-35%-7%-15%-9% 
Peers Max Drawdown-2%-5%-12%-10%-12%-8% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: EQT, RRC, CTRA, 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 4/29/2026 (YTD)

How Low Can It Go

Unique KeyEventARS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-58.4%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven140.3%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-76.5%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven325.9%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven29 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-92.6%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven1248.5%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven838 days120 days

Compare to EQT, RRC, CTRA, CNX, GPOR

In The Past

Antero Resources's stock fell -58.4% during the 2022 Inflation Shock from a high on 6/7/2022. A -58.4% loss requires a 140.3% gain to breakeven.

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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.

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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.

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  • 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.

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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.

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  • Antero Midstream Corporation (AM)

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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.

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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.

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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.

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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.

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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.

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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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Buying dips for companies with tame PE and meaningfully high operating margin		65.2%65.2%-2.1%
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AR_5312023_Dip_Buyer_FCFYield05312023ARAntero ResourcesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		15.9%72.0%-1.2%

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Peer Comparisons

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Financials

AREQTRRCCTRACNXGPORMedian
NameAntero R.EQT Range Re.Coterra .CNX Reso.Gulfport. 
Mkt Price39.0159.1143.2635.6839.32192.6341.29
Mkt Cap12.137.010.227.25.33.711.1
Rev LTM5,4849,5513,2097,6452,1421,3244,346
Op Inc LTM1,1444,1141,0662,4477845011,105
FCF LTM1,6464,0538141,6345342761,224
FCF 3Y Avg1,1271,9534461,406315219787
CFO LTM2,0326,4401,4604,0211,0298031,746
CFO 3Y Avg1,3304,1751,0793,4918867251,205

Growth & Margins

AREQTRRCCTRACNXGPORMedian
NameAntero R.EQT Range Re.Coterra .CNX Reso.Gulfport. 
Rev Chg LTM23.1%50.8%23.6%40.1%48.9%42.5%41.3%
Rev Chg 3Y Avg-5.3%10.0%-6.1%-0.8%-5.7%-8.0%-5.5%
Rev Chg Q33.8%49.5%26.1%40.4%28.3%24.8%31.0%
QoQ Delta Rev Chg LTM9.4%14.3%7.4%8.0%5.9%5.6%7.7%
Op Inc Chg LTM223.6%200.4%92.1%76.6%368.8%368.9%212.0%
Op Inc Chg 3Y Avg100.5%728.6%17.7%-5.8%78.1%76.4%77.2%
Op Mgn LTM20.9%43.1%33.2%32.0%36.6%37.9%34.9%
Op Mgn 3Y Avg10.6%21.1%23.6%31.2%23.0%24.1%23.3%
QoQ Delta Op Mgn LTM4.3%7.0%4.3%0.9%2.8%2.9%3.6%
CFO/Rev LTM37.1%67.4%45.5%52.6%48.0%60.7%50.3%
CFO/Rev 3Y Avg27.6%60.0%39.3%55.2%52.9%66.5%54.1%
FCF/Rev LTM30.0%42.4%25.4%21.4%24.9%20.8%25.1%
FCF/Rev 3Y Avg23.5%24.9%15.5%22.2%17.7%19.9%21.0%

Valuation

AREQTRRCCTRACNXGPORMedian
NameAntero R.EQT Range Re.Coterra .CNX Reso.Gulfport. 
Mkt Cap12.137.010.227.25.33.711.1
P/S2.23.93.23.62.52.83.0
P/Op Inc10.59.09.511.16.87.49.3
P/EBIT8.67.48.110.95.56.27.8
P/E12.511.311.315.88.48.611.3
P/CFO5.95.77.06.85.24.65.8
Total Yield8.0%10.0%9.5%8.8%11.9%11.6%9.7%
Dividend Yield0.0%1.1%0.7%2.5%0.0%0.0%0.3%
FCF Yield 3Y Avg9.7%5.9%4.5%7.2%6.7%6.8%6.7%
D/E0.40.20.10.10.50.20.2
Net D/E0.40.20.10.10.50.20.2

Returns

AREQTRRCCTRACNXGPORMedian
NameAntero R.EQT Range Re.Coterra .CNX Reso.Gulfport. 
1M Rtn-11.8%-8.3%-6.4%-0.6%-1.7%-10.3%-7.3%
3M Rtn13.2%5.9%18.0%29.3%7.1%-3.1%10.1%
6M Rtn23.4%14.8%24.2%55.3%23.8%6.4%23.6%
12M Rtn7.8%16.8%24.4%44.7%33.1%8.7%20.6%
3Y Rtn69.7%77.4%68.5%53.5%153.2%112.9%73.5%
1M Excs Rtn-24.3%-20.8%-18.9%-13.1%-14.1%-22.8%-19.8%
3M Excs Rtn10.9%3.7%15.8%27.1%4.8%-5.4%7.9%
6M Excs Rtn15.6%6.8%12.6%49.3%16.9%-0.8%14.1%
12M Excs Rtn-20.5%-12.1%-5.2%14.4%4.9%-21.1%-8.6%
3Y Excs Rtn-2.4%16.3%1.0%-19.5%78.3%54.8%8.6%

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$39.01 
Market Cap ($ Bil)12.0 
First Trading Date10/10/2013 
Distance from 52W High-13.6% 
   50 Days200 Days
DMA Price$38.96$34.81
DMA Trendindeterminateup
Distance from DMA0.1%12.1%
 3M1YR
Volatility41.5%39.1%
Downside Capture-0.830.04
Upside Capture-58.3013.76
Correlation (SPY)-20.8%7.7%
AR Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta-0.080.150.030.731.011.01
Up Beta-1.240.740.870.780.820.90
Down Beta1.462.411.291.431.821.57
Up Capture88%-0%-12%79%48%63%
Bmk +ve Days7162765139424
Stock +ve Days15263767135396
Down Capture-156%-158%-156%6%67%89%
Bmk -ve Days12233358110323
Stock -ve Days7162659116351

[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
AR9.1%39.1%0.31-
Sector ETF (XLE)47.1%19.7%1.8350.9%
Equity (SPY)31.5%12.5%1.937.5%
Gold (GLD)35.2%27.2%1.09-1.1%
Commodities (DBC)46.7%18.1%1.9937.8%
Real Estate (VNQ)12.8%13.4%0.651.9%
Bitcoin (BTCUSD)-19.6%42.1%-0.4015.8%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with AR
AR33.8%49.0%0.77-
Sector ETF (XLE)24.7%26.1%0.8461.8%
Equity (SPY)13.1%17.1%0.6036.1%
Gold (GLD)20.1%17.8%0.929.2%
Commodities (DBC)14.6%19.1%0.6346.7%
Real Estate (VNQ)3.4%18.8%0.0829.0%
Bitcoin (BTCUSD)8.1%56.2%0.3614.6%

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
AR3.5%60.7%0.31-
Sector ETF (XLE)10.3%29.5%0.3955.2%
Equity (SPY)14.9%17.9%0.7132.9%
Gold (GLD)13.4%15.9%0.702.2%
Commodities (DBC)9.6%17.7%0.4538.4%
Real Estate (VNQ)5.5%20.7%0.2328.1%
Bitcoin (BTCUSD)67.5%66.9%1.076.7%

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

Short Interest

Short Interest: As Of Date4152026
Short Interest: Shares Quantity8.1 Mil
Short Interest: % Change Since 3312026-20.7%
Average Daily Volume5.4 Mil
Days-to-Cover Short Interest1.5 days
Basic Shares Quantity308.9 Mil
Short % of Basic Shares2.6%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/29/2026   
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   
# Positive131416
# Negative11108
Median Positive3.3%5.7%14.9%
Median Negative-3.3%-3.5%-7.1%
Max Positive21.1%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: 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    

Prior: Q3 2025 Earnings Reported 10/29/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Net Daily Natural Gas Equivalent Production3.50 Bil3.51 Bil3.52 Bil2.6% RaisedGuidance: 3.42 Bil for 2025
Q4 2025 C3+ NGL Realized Price Premium vs. Mont Belvieu1.251.51.75-25.0% LoweredGuidance: 2 for Q3 2025
Q4 2025 Land Capital Expenditures25.00 Mil37.50 Mil50.00 Mil   
2025 Land Capital Budget125.00 Mil137.50 Mil150.00 Mil   
2025 C3+ NGL Realized Price Premium vs. Mont Belvieu0.750.881-41.7% LoweredGuidance: 1.5 for 2025

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Hardesty, Benjamin ADirectSell319202644.0012,000528,0006,610,648Form
2Pearce, SheriSee RemarksDirectSell310202638.1319,667749,9031,931,590Form
3Schultz, Yvette KSee RemarksDirectSell310202639.3315,000589,95012,551,068Form
4Hardesty, Benjamin ADirectSell303202636.0012,000432,0005,840,712Form
5Krueger, Brendan ESee RemarksDirectBuy1110202533.355,000166,7509,868,832Form

Industry Resources

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