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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on AR:
- Antero Resources price target raised to $29 from $26 at Wells Fargo
- Antero Resources reports Q4 adjusted net income $71M, consensus $80.8M
- Antero Resources Announces Fourth Quarter 2023 Results, Year End Reserves and 2024 Guidance
- Antero Resources options imply 4.5% move in share price post-earnings
- Antero Resources put volume heavy and directionally bearish
