Antero Resources (AR) is one of the largest natural gas producers in the United States. As of the first quarter of 2026, natural gas accounted for approximately 55% of the company’s hydrocarbon sales revenue, nearly 42% came from natural gas liquids (NGLs), and oil sales contributed 3%. The company’s business is entirely concentrated in the United States, which generates 100% of AR’s revenue. Antero Resources was founded in June 2002 and is headquartered in Denver, Colorado.
Investment Highlights:
• Growing demand and higher gas prices. Expanding LNG export capacity and rising domestic electricity demand driven by the development of artificial intelligence are key fundamental drivers supporting the operational and financial performance of natural gas producers over the next several years. According to forecasts by the U.S. Energy Information Administration (EIA), LNG exports are expected to increase by 12.5% YoY in 2026 and by 7.2% YoY in 2027.
• Taken together, these factors provide strong support for natural gas prices. We expect gas prices to rise over the coming months due to stronger seasonal demand during the summer period. In our view, U.S. natural gas prices could reach $3.5 per million British thermal units (MMBtu), representing a 16.7% increase from current levels, which would have a positive impact on Antero Resources’ share price. During the 2026–2027 heating season, U.S. natural gas prices could exceed $4 per MMBtu.
• Attractive valuation multiples. AR’s projected 2026 P/E multiple stands at just 8.7x and could decline further to 8.1x in 2027. The company’s projected EV/EBITDA multiples for 2026 and 2027 are 5.9x and 5.6x, respectively.
• Strong financial growth outlook. Consensus estimates suggest a significant improvement in Antero Resources’ financial performance over the next two years. Revenue is expected to reach $6.8 billion in 2026 (+28.5% YoY) and increase by a further 1.4% to $6.9 billion in 2027. Earnings growth is even more notable: adjusted EPS is forecast at $4.41 in 2026 (+156.4% YoY). In 2027, growth is expected to continue, with adjusted EPS reaching $4.74 (+7.1% YoY).
Target Price: $48.8