Antero Resources (AR) AI Stock Analysis

• Market Cap: $11.22B
• Dividend Yield: N/A
• Average Volume (3M): 5.21M
• Price to Earnings (P/E): 19.2
• Beta (1Y): 0.75
• Revenue Growth: 17.05%
• EPS Growth: 1028.81%
• Country: US
• Employees: 616
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): 0.15
• Shares Outstanding: 308,510,100
• 10 Day Avg. Volume: 6,253,165
• 30 Day Avg. Volume: 5,214,660
• PEG Ratio: -2.61
• Price to Book (P/B): 1.54
• Price to Sales (P/S): 2.63
• P/FCF Ratio: 14.51
• Enterprise Value/Market Cap: 1.32
• Enterprise Value/Revenue: 3.01
• Enterprise Value/Gross Profit: 15.50
• Enterprise Value/Ebitda: 9.73
• 1Y Price Target: $44.46
• Price Target Upside: 32.32% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 14
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: $38.00 ▲(13.10% Upside)

The score is driven primarily by improved profitability, strong free cash flow generation, and reduced leverage, which together underpin a solid financial profile. Offsetting factors include commodity-cycle volatility, a mixed technical setup (only modest momentum and near overbought stochastic), and a valuation that is not clearly cheap for a cyclical producer. Earnings call tone and recent strategic actions are supportive but include execution risks.

Positive Factors

Operational Efficiency

Improved drilling and completion efficiencies enhance production capabilities, reducing costs and increasing output, which supports long-term growth.

Debt Reduction

Significant debt reduction strengthens the balance sheet, improving financial stability and reducing interest expenses, which enhances future profitability.

NGL Pricing Premium

Securing premium pricing for NGLs boosts revenue potential, enhancing competitive positioning and profitability in the long run.

Negative Factors

Revenue Volatility

Volatile revenue trends can hinder strategic planning and investment, posing risks to sustained growth and financial performance.

High Leverage

High leverage increases financial risk, potentially limiting flexibility in capital allocation and increasing vulnerability to economic downturns.

Natural Gas Market Uncertainty

Market uncertainties can affect pricing and demand for natural gas, impacting revenue stability and strategic planning.

Antero Resources Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

Antero Resources makes money through the production and sale of natural gas, NGLs, and oil. The company's revenue model is centered around the extraction and sale of these commodities from its extensive assets in the Appalachian Basin. Revenue is generated through the sale of natural gas and NGLs to a diverse customer base, including utilities, industrial customers, and other energy companies. Antero Resources also benefits from strategic midstream partnerships and joint ventures, which enhance its distribution capabilities and provide additional revenue streams through infrastructure and transportation services. Additionally, the company engages in hedging activities to manage commodity price risks, which can impact its overall earnings.

Antero Resources Financial Statement Overview

Summary

Financials are solid, led by strong cash generation (TTM operating cash flow ~$1.54B; free cash flow ~$1.31B) and improved profitability (TTM net margin ~11%, EBITDA margin ~31%). Balance sheet leverage has improved materially (debt-to-equity ~0.49 in TTM), but results remain cyclical with notable earnings volatility across 2022–2024.

Income Statement

Profitability has improved materially versus prior years, with TTM (Trailing-Twelve-Months) net margin at ~11% and EBITDA margin at ~31% versus very low profitability in 2024 (~1% net margin). Revenue is back to growth in TTM (up ~4%), but results remain cyclical: 2022 was exceptionally strong while 2023–2024 saw revenue declines and sharp margin compression. Overall, the earnings profile is solid today but less consistent across the cycle.

Balance Sheet

Leverage is moderate and trending better, with debt-to-equity improving from ~0.96–0.97 (2020–2021) to ~0.49 in TTM (Trailing-Twelve-Months), indicating meaningful balance sheet repair. Equity is sizable relative to assets, supporting financial flexibility. That said, returns on equity are currently modest (~7.6% in TTM) and the business remains exposed to commodity-driven asset and earnings volatility, which can pressure credit metrics in down cycles.

Cash Flow

Cash generation is a clear strength: TTM (Trailing-Twelve-Months) operating cash flow is ~$1.54B and free cash flow is ~$1.31B, with free cash flow running at ~85% of net income—supporting quality of earnings. Operating cash flow coverage is healthy in TTM (~1.11) and was very strong in 2022 (~1.72), though it dipped below 1.0 in 2020–2024, highlighting some variability. Free cash flow growth is slightly negative in TTM (down ~3%), suggesting normalization after stronger prior periods.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.92B	4.12B	4.28B	8.30B	5.79B	3.08B
Gross Profit	954.21M	327.33M	612.47M	4.59B	2.26B	-514.44M
EBITDA	1.52B	859.55M	1.23B	3.29B	699.51M	-592.73M
Net Income	547.72M	57.23M	198.40M	1.87B	-186.90M	-1.27B
Balance Sheet
Total Assets	12.91B	13.01B	13.52B	14.12B	13.90B	13.15B
Cash, Cash Equivalents and Short-Term Investments	0.00	0.00	0.00	0.00	0.00	0.00
Total Debt	3.57B	4.03B	4.51B	4.63B	5.55B	5.62B
Total Liabilities	5.39B	5.79B	6.38B	7.10B	7.83B	7.06B
Stockholders Equity	7.35B	7.02B	6.90B	6.75B	5.76B	5.77B
Cash Flow
Free Cash Flow	1.31B	747.36M	827.20M	2.89B	1.55B	687.55M
Operating Cash Flow	1.54B	849.29M	994.72M	3.05B	1.66B	735.64M
Investing Cash Flow	-980.09M	-714.15M	-1.14B	-943.61M	-710.78M	-530.06M
Financing Cash Flow	-558.10M	-135.13M	146.05M	-2.11B	-949.33M	-205.58M

Antero Resources Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 33.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AR, the sentiment is Negative. The current price of 33.6 is above the 20-day moving average (MA) of 33.39, below the 50-day MA of 34.36, and below the 200-day MA of 34.81, indicating a neutral trend. The MACD of 0.28 indicates Negative momentum. The RSI at 48.04 is Neutral, neither overbought nor oversold. The STOCH value of 66.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AR.

Antero Resources Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PR	77 Outperform	$13.39B	14.74	8.58%	4.27%	7.55%	-34.40%
CHRD	76 Outperform	$5.70B	38.80	2.02%	5.73%	8.43%	-86.63%
APA	73 Outperform	$9.37B	6.36	27.24%	3.80%	4.88%	-41.34%
RRC	71 Outperform	$8.97B	15.89	14.18%	1.00%	23.88%	20.55%
AR	70 Outperform	$11.22B	19.24	7.65%	―	17.05%	1028.81%
OVV	67 Neutral	$11.01B	47.63	2.26%	3.16%	-8.07%	-87.88%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%

Antero Resources Corporate Events

Antero Resources completes notes offering for acquisition funding

On January 28, 2026, Antero Resources Corporation completed a $750 million underwritten public offering of 5.400% senior unsecured notes due 2036, which pay interest semiannually and rank equally with the company’s other senior unsecured debt but are structurally subordinated to obligations at its subsidiaries. The notes, issued under a new indenture with typical covenants and redemption provisions, are intended to help fund Antero’s planned acquisition of HG Energy II Production Holdings, LLC alongside a new term loan facility, with remaining acquisition costs to be covered by proceeds from the sale of substantially all of Antero’s and certain subsidiaries’ Utica Shale oil and gas assets, or, if timing requires, its revolving credit facility and cash on hand, after which Utica sale proceeds would be used for general corporate purposes including debt repayment; if the HG acquisition does not close by the agreed outside date or is terminated, Antero must redeem all of the notes at 101% of principal plus accrued interest, underscoring deal-contingent financing risk for noteholders and tying the company’s capital structure moves closely to its strategic portfolio shift.

The most recent analyst rating on (AR) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Antero Resources stock, see the AR Stock Forecast page.

Antero Resources Announces Senior Notes Offering for Acquisition

On January 13, 2026, Antero Resources priced an underwritten public offering of $750 million in 5.40% senior unsecured notes due 2036, with the transaction expected to close on January 28, 2026 and generate approximately $743 million in net proceeds. The company plans to use the bulk of the proceeds, alongside additional debt financing and asset sale proceeds, to help fund its pending acquisition of HG Energy II Production Holdings and related costs, underscoring an expansion strategy that will reshape its asset base while increasing leverage and execution risk around the completion and integration of both the HG acquisition and the planned Utica Shale asset disposition.

The most recent analyst rating on (AR) stock is a Hold with a $32.00 price target. To see the full list of analyst forecasts on Antero Resources stock, see the AR Stock Forecast page.

Antero Resources Acquires HG Energy II Assets

On December 5, 2025, Antero Resources Corporation announced a strategic acquisition of HG Energy II’s upstream and midstream assets for a total of $3.9 billion, aiming to expand its core Marcellus Shale footprint and enhance its production capabilities. Concurrently, Antero plans to divest its non-core Ohio Utica Shale assets for $1.2 billion, with both transactions expected to close in the first half of 2026. These moves are designed to optimize Antero’s asset portfolio, improve financial metrics, and maintain an investment-grade balance sheet, while generating significant free cash flow and reducing leverage.

The most recent analyst rating on (AR) stock is a Hold with a $39.00 price target. To see the full list of analyst forecasts on Antero Resources stock, see the AR Stock Forecast page.

Antero Resources Updates Investor Presentation

On November 12, 2025, Antero Resources Corporation, a company involved in the energy sector, updated its investor presentation on its website. This update is not considered filed for purposes of the Securities Exchange Act of 1934 and is not subject to its liabilities, nor is it incorporated by reference in any filing under the Securities Act of 1933.

The most recent analyst rating on (AR) stock is a Hold with a $34.00 price target. To see the full list of analyst forecasts on Antero Resources stock, see the AR Stock Forecast page.