Reducing Antero's FVE to $19 Per Share, Reflecting Above-Average Unit Costs
We are taking a more negative stance on Antero Resources after taking a deeper look at the company’s fourth-quarter financial and operating results. A lot of the advantages we previously highlighted are still in place, such as the firm’s leverage to liquids and its ability to capture the upside from strengthening NGL prices. The company expects to earn at least 55% of West Texas Intermediate for its NGL sales in 2018, and 60% thereafter (including ethane). That corresponds to a doubling of reali...Antero Resources is an oil and natural gas company engaged in the exploration, development and production of natural gas, natural gas liquids (NGLs), and oil properties. The company focuses on unconventional reservoirs, which can generally be characterized as fractured shale formations. The company's drilling operations are focused in the Marcellus Shale and Utica Shale of the Appalachian Basin. The company's industry segments are: the exploration, development, and production of natural gas, NGLs, and oil; marketing of excess firm transportation capacity; and the gathering and processing of natural gas. All of the company's operations are conducted in the United States.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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