TD Cowen analyst David Deckelbaum maintained a Buy rating on Antero Resources today and set a price target of $46.00.
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David Deckelbaum has given his Buy rating due to a combination of factors that position Antero Resources favorably for future growth. The company is expected to experience a significant increase in free cash flow starting in 2026, which will primarily benefit equity holders as the company has already achieved its balance sheet objectives. Antero Resources is well-positioned in the natural gas market, with potential for improved propane pricing and a strong basis portfolio that supports premium pricing.
Additionally, Antero Resources has completed a period of deleveraging, which has freed up cash flow to be directed towards shareholder returns, such as buybacks. The company’s strong well productivity and leading free cash flow conversion rates further enhance its attractiveness. With a pristine balance sheet and strategic positioning in the LNG market, Antero Resources is poised to outperform its peers, especially as LNG volumes increase and market conditions tighten.