Antero Midstream (AM)
Connects Appalachian gas production through gathering, compression, water handling, and processing infrastructure.
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Provides gathering, compression, water handling, and processing exposure across Appalachian natural-gas infrastructure. Long-term service contracts generate fees, while the asset base and shared workforce remain closely tied to Antero Resources' development program and are now concentrated in West Virginia's Marcellus Shale.
Operates gathering, compression, water-handling, and related processing infrastructure for Appalachian natural-gas production. Gathering and Processing combines low- and high-pressure pipelines, compressor stations, and equity interests in processing, fractionation, and Stonewall Gas Gathering; Water Handling delivers water and transports or disposes wastewater.
Earns primarily through long-term service contracts tied to Antero Resources' wells and completion activity. Integrated systems and connected bolt-on assets support movement from production sites through downstream processing, while the latest portfolio is concentrated in West Virginia's Marcellus Shale.
Depends heavily on one anchor customer: Antero Resources supplies virtually all service revenue, has dedicated substantially all of its acreage to the systems, and shares employees and senior leadership under group arrangements. Operating volumes therefore track that producer's development program and contract performance.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 22, 2026 | Capital One Financial | Target | Target: — | Target: $25 |
| Sep 21, 2026 | UBS | Reiterate | Rating: —Target: — | Target: $22 |
| Aug 3, 2026 | Wells Fargo | Reiterate | Rating: —Target: $20 | Target: $24 |
| Jul 14, 2026 | Goldman Sachs | Target | Target: $23 | Target: $24 |
| Feb 24, 2026 | Goldman Sachs | Reiterate | Rating: —Target: $14.50 | Target: $23 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $0 · Total debt $3.61B · Total assets $6.36B · Shareholders' equity $1.95B
- Revenue
- $350.0M
- Operating income
- $182.0M
- Net income
- $113.5M
HistoryDividendAnnual yield
| Institutions | 60.94% | 289.27M shares | |
|---|---|---|---|
| 556 holders · as of Jun 30, 2026 | |||
| Insiders | 21.73% | 103.16M shares | |
| 13 holders · as of Aug 6, 2026 | |||
| Strategic holders | 35.65% | 169.22M shares | |
| 2 holders · as of Feb 3, 2022 | |||
| Adds to | 118.32% | ||
474.67M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 118.32%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
ANTERO RESOURCES Corp1Strategicdirector, 10 percent owner | 29.29% | 139.04M | filed May 6, 2020 |
Paul M. Rady2,3Insiderdirector, officer: See Remarks | 21.27% | 107.00M | filed Apr 16, 2025 |
BlackRock, Inc.Institution | 8.05% | 38.20M | as of Jun 30, 2026 |
BlackRock, Inc.Strategic | 6.36% | 30.17M | filed Feb 3, 2022 |
Invesco Ltd.Institution | 4.37% | 20.75M | as of Jun 30, 2026 |
- ANTERO RESOURCES Corp's transaction reports restate only vehicles that traded; the 2020 ownership statement (139.04M) is used instead.
- Paul M. Rady's transaction reports restate only vehicles that traded; the 2020 ownership statement (107.00M) less the 6.03M net shares sold since is used instead.
- Paul M. Rady reports a block also reported by Covalis Capital LLP; it is counted once, under Covalis Capital LLP.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 6, 2026 | Brooks J. Klimley | director | −5,000 | $21.27 |
| Aug 4, 2026 | Sheri Pearce | officer: See Remarks | −16,000 | $22.01 |
| May 4, 2026 | Michael N. Kennedy | director, officer: See Remarks | −100,000 | $21.92 |
| May 4, 2026 | Yvette K. Schultz | director, officer: See Remarks | −69,269 | $21.90 |
| Mar 12, 2026 | Brooks J. Klimley | director | −5,000 | $23.16 |
- Williams
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- DT Midstream
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- MPLX
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- Select Water Solutions
Oilfield water transfer, produced-water disposal, and recycling services
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Antero Midstream | $21.14 | +0.48% | $9.99B | 25.0 | 16.9 | 7.6 | +1.3% |
| Williams | $70.95 | −0.98% | $87.64B | 28.4 | 29.6 | 7.2 | +10.2% |
| DT Midstream | $125.13 | +0.06% | $12.76B | 27.4 | 26.3 | 9.7 | +11.0% |
| MPLX | $58.91 | −0.30% | $59.96B | 12.7 | 12.8 | 4.7 | +10.6% |
| Select Water Solutions | $20.21 | −1.92% | $2.26B | 76.6 | 29.6 | 1.6 | +8.7% |
| Median | 27.9 | 28.0 | 5.9 | +10.4% |