Antero Midstream
Connects Appalachian gas production through gathering, compression, water handling, and processing infrastructure.
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Profile
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
Categories
Key statistics
Year to date +24.3% · Average volume (30d) 2.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 3, 2026 | Wells Fargo | Reiterate | Equal Weight | $20 | $24 | |
| Jul 14, 2026 | Goldman Sachs | Target | $23 | $24 | ||
| Feb 24, 2026 | Goldman Sachs | Reiterate | Neutral | $14.50 | $23 | |
| Dec 23, 2025 | Wells Fargo | Reiterate | Equal Weight | $17 | $20 | |
| Dec 18, 2024 | Wells Fargo | Downgrade | Overweight | Equal Weight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.27 | $0.24 | −10.8% | $326.4M | $327.2M | +0.3% | +0.14% |
| Apr 29, 2026Q1 FY26 | $0.26 | $0.25 | −3.8% | $311.3M | $314.2M | +0.9% | −0.09% |
| Feb 11, 2026Q4 FY25 | $0.24 | $0.11 | −54.2% | $296.2M | $297.0M | +0.3% | +2.30% |
| Oct 29, 2025Q3 FY25 | $0.25 | $0.24 | −4.0% | $292.5M | $312.5M | +6.8% | −0.23% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $308.8M | $323.1M | $312.5M | $314.7M | $335.4M | $350.0M | |
| Gross profit | $201.6M | $209.0M | $202.5M | $209.2M | $208.9M | $205.3M | |
| Operating income | $177.2M | $186.4M | $180.5M | $187.2M | $186.0M | $182.0M | |
| Net income | $120.7M | $124.5M | $116.0M | $51.9M | $118.3M | $113.5M | |
| Diluted EPS | $0.25 | $0.26 | $0.24 | $0.11 | $0.25 | $0.24 | |
| Gross margin | 65.3% | 64.7% | 64.8% | 66.5% | 62.3% | 58.7% | |
| Operating margin | 57.4% | 57.7% | 57.8% | 59.5% | 55.4% | 52.0% |
Fiscal years (4-quarter sums)FY21 $968.9M · FY22 $990.7M · FY23 $1.11B · FY24 $1.18B · FY25 $1.26B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $0 · Total debt $3.61B · Total assets $6.36B · Shareholders' equity $1.95B
Dividends
Raised for 4 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 29, 2026 | Jul 29 | Aug 12 | $0.225 | |
| Apr 29, 2026 | Apr 29 | May 13 | $0.225 | |
| Jan 28, 2026 | Jan 28 | Feb 11 | $0.225 | |
| Oct 22, 2025 | Oct 22 | Nov 5 | $0.225 | |
| Jul 23, 2025 | Jul 23 | Aug 6 | $0.225 | |
| Apr 23, 2025 | Apr 23 | May 7 | $0.225 | |
| Jan 29, 2025 | Jan 29 | Feb 12 | $0.225 | |
| Oct 23, 2024 | Oct 23 | Nov 6 | $0.225 |
Ownership
Shares outstanding 474.67M · Float 330.08M · 69.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 38.20M | 8.05% | 13F | Aug 7, 2026 |
| Invesco Ltd. | 20.75M | 4.37% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 18.19M | 3.83% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 14.96M | 3.15% | 13F | Aug 13, 2026 |
| State Street Corp | 11.56M | 2.44% | 13F | Aug 7, 2026 |
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 |
Peers
- Williams
Appalachian gathering, processing, and fractionation operator
- DT Midstream
Appalachian natural-gas gathering and compression operator
- MPLX
Appalachian gas gathering, processing, and NGL fractionation operator
- Select Water Solutions
Oilfield water transfer, produced-water disposal, and recycling services
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Antero Midstream | $22.29 | −0.04% | $10.58B | 26.5 | 18.1 | 8.1 | +1.3% |
| Williams | $74.47 | +1.02% | $90.18B | 29.3 | 30.4 | 7.4 | +10.2% |
| DT Midstream | $129.53 | −0.02% | $13.21B | 28.4 | 27.3 | 10.1 | +11.0% |
| MPLX | $59.28 | −0.05% | $60.12B | 12.7 | 12.8 | 4.7 | +10.6% |
| Select Water Solutions | $19.28 | +0.05% | $2.11B | 71.7 | 28.1 | 1.5 | +8.7% |
| Median | 28.8 | 27.7 | 6.0 | +10.4% |