Antero Resources upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Antero Resources to Overweight from Neutral with a price target of $30, up from $27. The analyst says the company has positioned itself as the “go-to name” in a stronger natural gas and natural gas liquid pricing environment given its low gas price breakeven and ultra-light hedge book, as it remains nearly unhedged in 2024 and beyond on natural gas and liquids. As a result, an Overweight rating is warranted given Antero’s leverage to improving natural gas fundamentals in 2025 as well as continued positive momentum in the field, the analyst tells investors in a research note. The firm believes the stock’s relative valuation is more compelling at current strip pricing and sees a favorable risk/reward setup for the stock in 2025.