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Antero Midstream (AM)
NYSEEnergyOil & Gas MidstreamSnapshot 2026-06-15
Intact
$21.33-1.57%
Close 2026-06-15 · 1-day change
Recent financial performance is holding in the top half of its industry — the reason to own it looks intact.
The bottom line
Recent financial performance is neutral, and earnings quality is also neutral. Management's recent track record has been steady, and it has a capital-friendly stance. Risk is moderate, and the sector backdrop is a headwind, with AM performing above typical compared to sector peers. Peer multiples imply a price about 18% below where it trades (it looks expensive on this basis); the read is fair, priced roughly in line with peer multiples. This analysis is provisional.
as of 2026-06-15
Quick facts
- Exchange
- NYSE
- Sector
- Energy
- Industry
- Oil & Gas Midstream
- Market cap
- $10.29B
- Employees
- —
- IPO date
- 2017-03-28
- Next earnings
- —
Price
Daily closes. Earnings/event dots are placed inline.
Adjusted daily closes (split & dividend). Scroll over the chart to zoom; click a range to reset.
EarningsMaterial event
What's priced in
(what the market already expects)What it's worth (estimated)
A consensus fair price across 5 valuation methods, at three horizons. Current price $21.33. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
12-month· primaryfull
$18.00consensus
Range $17.42 – $22.90
vs price: +18% above
Method agreement — · 5 methods
No-growth: today's peer multiple on trailing earnings. The headline read.
3-yearinexpensive
$49.91consensus
Range $27.43 – $72.38
vs price: -57% below
Method agreement — · 2 methods
Embeds projected growth. Leans optimistic by design. Upside context.
5-yearexpensive
How much to trust our fair value
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
Aligned with peershigh confidence
At $21 AM trades at 19× p/e, in line with its 16× p/e peer median. Our $18 fair value reflects that, high confidence. Not investment advice.
Multiple (P/E)
19.4x
peer 15.8x · own history 20.8x
Premium
1.2x peer
0.9x its own history
Growth the price needs
18%
our forecast 10%
Our fair value
$18.00
range $17.42 – $22.90
How this stock is priced
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
Long-term · 1–3 yr
fullfair12-month view
What's priced inJustified
The market is pricing in roughly 18% near-term growth, in line with our forecast of about 10%. This describes what's priced in, not a forecast of the move.
Low fragilityrisk posture, not a price call
Only a turbulent sector regime (Heating) — not the full expensive x weak x turbulent stack.
Historical context
For similar setups historically (n=20,154): about 33% saw a 20%+ drawdown, and roughly 76% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
How strong is the business
(quality & execution)Factor signals
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Recent financial performance
neutralOperating income rose in 1 of the last 3 quarter-over-quarter moves. Historically, Energy names rated neutral grew net income 53% of the time over the next year (vs 60% for the rest of the cohort, n=1255).
67th pctl · Energy
Earnings quality
neutralOver the trailing year it converted 2.37x of net income into operating cash flow. Historically, Energy names rated neutral grew net income 33% of the time over the next year (vs 48% for the rest of the cohort, n=789).
62nd pctl · Energy
Macro sensitivity
Most sensitive to the broad stock market.
- the broad stock market: This stock moves with the broad market (high beta).
Not enough signal to read sensitivity to the US dollar, real (inflation-adjusted) rates, Fed net liquidity, long-term interest rates.
Management & capital allocation
stableEarnings setup & market context
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
Earnings setup · pre-print positioning
forward-looking
Strongly bullishEPS revised +4.1% / 30d, n=2for period ending 2026-06-30
Why this setup
Consensus revisions
EPS estimate $0.31 → $0.33 (+4.1% / 30d). 2 raised, 0 cut, 2 covering analysts.
Rating actions
0 upgrades, 0 downgrades / 30d. 0% of analysts rate Buy.
Sector context
Intermediate · WeeklySector phase: energy is in mature, with may be transitioning (~0.8 years in phase).
Sector regime (90d momentum): headwind.Secular epoch: Mature by revenue growth · theme shale/unconventional.Management scorecard
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Long-term · 1–3 yr
Overall: strong
- Capital allocation
- strong
- Earnings discipline
- neutral
- Margin discipline
- strong
- Balance sheet
- neutral
- Post-call reaction
- strong
A guidance track record builds as the company issues and delivers on guidance.
How bumpy is the path
(risk while you hold it)Risk: how this stock moves
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
Intermediate · WeeklyLong-term · 1–3 yr
On a typical day, $10k can swing ±$110.
How much price usually moves either way.
On a bad day, this stock has moved -$201.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $1,267.
Deepest peak-to-trough drop in the last year.
moderateas of 2026-06-15
Past results, not a forecast. Not investment advice.
What would change the read
(catalysts & re-read triggers)What changed
The most important moves since the prior daily snapshot.
Short-term · Daily
- score change · valuation_scoresmall change
Valuation rose by 14.4 points (from 41.7 to 56.1).
- label change · signal_labelsmall change
Signal changed from 'mixed' to 'mild_favorable'.
Valuation rose. The signal changed to mild favorable.
as of 2026-06-15
What to watch next
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Intermediate · Weekly
- UpsideHigh confidenceQuartersactive 4d
Watch for Q2 gathering volumes growth to exceed 14%
Why it matters: High gathering volumes help Antero Midstream grow. They also help meet EBITDA goals.
What confirms / what disproves
Confirms:Q2 gathering volumes increase year over year by more than 14%.
Disproves:Q2 gathering volumes grow less than 14% year over year.
Earnings call
News catalysts
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
No graded news catalysts for AM yet.
This sector is also watching
- Watch for energy revenue growth to pick up above 3% YoY
What could change this view
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Intermediate · Weekly
Upside triggers
- If sector bellwethers like WMB, KMI, and ET keep beating earnings and guiding higher, the Energy sector momentum should keep lifting AM and other Energy names. Worth watching these names for early signals.
- If AM raises forward guidance on the next earnings call (currently NEW as of 2026-04-29), that's a momentum boost. Street estimates typically follow guidance up and the stock tends to re-rate higher.
- If inflation reaccelerates, say headline CPI back above 3.5% (currently 2.8%), that would benefit AM and other Energy names (the sector typically holds up well in inflationary environments).
Downside triggers
- If AM cuts guidance on the next call (currently NEW as of 2026-04-29), that's a meaningful negative. The Street tends to walk down estimates and the stock usually takes a leg lower.
- If sector bellwethers like WMB, KMI, and ET start missing or guiding lower, the Energy tailwind helping AM and other Energy names could fade. Watch these names for early warning.
Recent events
(material 8-K / filing activity)Material updates
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
- 2026-04-291mo agoItem 2.02
of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act unless specifically identified therein as being incorporated therein by reference.
Earnings preannouncementneutral
Score history
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
-0.6 vs last weeklatest as of 2026-06-16
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.