As previously reported, Benchmark downgraded Antero Resources (AR) to Hold from Buy with no price target. Producers such as Antero and Chesapeake (CHK) have signaled that “this time is different” with material capex cuts to address oversupply, but the firm believes the share response is “overdone” as Antero’s price reflects about $3 long-term nat gas prices, compared to a 2024 strip price of $2.53. There are “reasons to be hopeful but just as many to remain cautious regarding natural gas,” the analyst tells investors.
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