Antero Midstream Corporation (AM)
Energy · NYQ · US
Fundamentals
Valuation and ratings
Antero Midstream Corporation trades at USD22.52, which is 60% above the USD9.10 our discounted cash flow model puts on the business. On that measure it screens as expensive, which is not the same as saying it will fall.
Our moat model scores it 75 out of 100, which is a wide moat. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 26.2 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About Antero Midstream Corporation
Antero Midstream Corporation owns, operates, and develops midstream energy assets in the Appalachian Basin. It operates in two segments, Gathering and Processing, and Water Handling. The gathering and processing segment includes a network of gathering pipelines and compressor stations that collect and process natural gas and NGLs from Antero Resources' wells in West Virginia and Ohio. The Water Handling segment delivers water from sources, including the Ohio River, local reservoirs, and various regional waterways; other fluid handling services, which include transfer and disposal; uses water handling systems to transport flowback and produced water; and buried pipelines, surface pipelines, and water storage facilities, as well as pumping stations and blending facilities. Antero Midstream Corporation was founded in 2002 and is headquartered in Denver, Colorado.
AM passes 4 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Smart money ownership
11 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Joel Greenblatt, Gotham Asset Management, LLC$49.41M · 0.1% of book
- Glenn Greenberg, Brave Warrior Advisors, LLC$41.95M · 1.0% of book
- D. E. Shaw, D. E. Shaw & Co., Inc.$9.46M · 0.0% of book
- Ruffer LLP, Ruffer LLP$8.01M · 0.3% of book
- Arrowstreet Capital, ARROWSTREET CAPITAL, LIMITED PARTNERSHIP$4.44M · 0.0% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is Antero Midstream Corporation (AM) undervalued?
Against our discounted cash flow estimate of USD9.10, AM at USD22.52 is 60% above fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own AM?
11 of the institutions we track reported a position in AM in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is AM's P/E ratio?
AM trades at 26.2 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
The full research page for AM, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.