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Antero Resources

NYSE:AR
Snowflake Description

Undervalued with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AR
NYSE
$2B
Market Cap
  1. Home
  2. US
  3. Energy
Company description

Antero Resources Corporation, an independent oil and natural gas company, acquires, explores for, develops, and produces natural gas, natural gas liquids, and oil properties in the United States. The last earnings update was 47 days ago. More info.


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  • Antero Resources has significant price volatility in the past 3 months.
AR Share Price and Events
7 Day Returns
-8.8%
NYSE:AR
-1%
US Oil and Gas
0.5%
US Market
1 Year Returns
-71.2%
NYSE:AR
-17.7%
US Oil and Gas
0.8%
US Market
AR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Antero Resources (AR) -8.8% -25.2% -33.3% -71.2% -79.8% -91.2%
US Oil and Gas -1% -5.7% -8.6% -17.7% -7.1% -40.8%
US Market 0.5% -0.1% 1% 0.8% 37.5% 37.5%
1 Year Return vs Industry and Market
  • AR underperformed the Oil and Gas industry which returned -17.7% over the past year.
  • AR underperformed the Market in United States of America which returned 0.8% over the past year.
Price Volatility
AR
Industry
5yr Volatility vs Market

Value

 Is Antero Resources undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Antero Resources to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Antero Resources.

NYSE:AR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 14.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:AR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.91
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.908 (1 + (1- 21%) (392.37%))
2.825
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (2 * 5.96%)
14.65%

Discounted Cash Flow Calculation for NYSE:AR using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Antero Resources is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:AR DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 14.65%)
2019 344.64 Analyst x5 300.60
2020 6.60 Analyst x5 5.02
2021 65.67 Analyst x3 43.57
2022 188.00 Analyst x1 108.81
2023 5,031.20 Analyst x1 2,539.81
2024 9,120.72 Est @ 81.28% 4,015.92
2025 14,384.96 Est @ 57.72% 5,524.47
2026 20,314.60 Est @ 41.22% 6,804.81
2027 26,342.71 Est @ 29.67% 7,696.51
2028 32,030.27 Est @ 21.59% 8,162.44
Present value of next 10 years cash flows $35,201.96
NYSE:AR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $32,030.27 × (1 + 2.73%) ÷ (14.65% – 2.73%)
$276,046.12
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $276,046.12 ÷ (1 + 14.65%)10
$70,346.27
NYSE:AR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $35,201.96 + $70,346.27
$105,548.23
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $105,548.23 / 309.12
$341.44
NYSE:AR Discount to Share Price
Calculation Result
Value per share (USD) From above. $341.44
Current discount Discount to share price of $5.70
= -1 x ($5.70 - $341.44) / $341.44
98.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Antero Resources is available for.
Intrinsic value
>50%
Share price is $5.7 vs Future cash flow value of $341.44
Current Discount Checks
For Antero Resources to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Antero Resources's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Antero Resources's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Antero Resources's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Antero Resources's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:AR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.80
NYSE:AR Share Price ** NYSE (2019-06-14) in USD $5.7
United States of America Oil and Gas Industry PE Ratio Median Figure of 102 Publicly-Listed Oil and Gas Companies 12.63x
United States of America Market PE Ratio Median Figure of 3,094 Publicly-Listed Companies 17.69x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Antero Resources.

NYSE:AR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:AR Share Price ÷ EPS (both in USD)

= 5.7 ÷ 1.80

3.16x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Antero Resources is good value based on earnings compared to the US Oil and Gas industry average.
  • Antero Resources is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Antero Resources's expected growth come at a high price?
Raw Data
NYSE:AR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 3.16x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
-84.7%per year
United States of America Oil and Gas Industry PEG Ratio Median Figure of 78 Publicly-Listed Oil and Gas Companies 0.36x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NYSE:AR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 3.16x ÷ -84.7%

-0.04x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Antero Resources earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Antero Resources's assets?
Raw Data
NYSE:AR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $26.86
NYSE:AR Share Price * NYSE (2019-06-14) in USD $5.7
United States of America Oil and Gas Industry PB Ratio Median Figure of 196 Publicly-Listed Oil and Gas Companies 0.97x
United States of America Market PB Ratio Median Figure of 5,244 Publicly-Listed Companies 1.79x
NYSE:AR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:AR Share Price ÷ Book Value per Share (both in USD)

= 5.7 ÷ 26.86

0.21x

* Primary Listing of Antero Resources.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Antero Resources is good value based on assets compared to the US Oil and Gas industry average.
X
Value checks
We assess Antero Resources's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Antero Resources has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Antero Resources expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-84.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Antero Resources expected to grow at an attractive rate?
  • Antero Resources's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Antero Resources's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Antero Resources's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:AR Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:AR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts -84.7%
NYSE:AR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 1.7%
United States of America Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 12.4%
United States of America Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:AR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:AR Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 4,712 1,611 1
2022-12-31 4,752 1,524 1
2021-12-31 4,887 1,400 285 2
2020-12-31 4,888 1,362 207 4
2019-12-31 4,553 1,327 1,101 4
NYSE:AR Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 4,336 2,079 566
2018-12-31 4,133 2,082 -398
2018-09-30 3,708 1,574 211
2018-06-30 3,403 2,198 230
2018-03-31 3,173 2,154 362
2017-12-31 3,019 2,006 615
2017-09-30 2,874 2,028 -358
2017-06-30 2,746 1,310 16
2017-03-31 2,477 1,295 -575
2016-12-31 2,161 1,241 -849
2016-09-30 1,823 1,080 -205
2016-06-30 1,601 999 91

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Antero Resources's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Antero Resources's revenue is expected to grow by 1.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:AR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Antero Resources Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:AR Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 -0.32 -0.32 -0.32 1.00
2020-12-31 0.24 2.60 -2.01 5.00
2019-12-31 3.68 4.17 3.20 3.00
NYSE:AR Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.80
2018-12-31 -1.26
2018-09-30 0.67
2018-06-30 0.73
2018-03-31 1.14
2017-12-31 1.95
2017-09-30 -1.14
2017-06-30 0.05
2017-03-31 -1.89
2016-12-31 -2.88
2016-09-30 -0.72
2016-06-30 0.33

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Antero Resources is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Antero Resources's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Antero Resources has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Antero Resources performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Antero Resources's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Antero Resources's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Antero Resources's 1-year earnings growth exceeds its 5-year average (56.7% vs -15.3%)
  • Antero Resources's earnings growth has exceeded the US Oil and Gas industry average in the past year (56.7% vs 29.5%).
Earnings and Revenue History
Antero Resources's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Antero Resources Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:AR Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 4,336.48 566.41 439.56
2018-12-31 4,133.14 -397.52 245.30
2018-09-30 3,708.40 210.90 248.82
2018-06-30 3,402.68 230.25 252.10
2018-03-31 3,173.31 361.51 254.84
2017-12-31 3,018.69 615.07 259.73
2017-09-30 2,873.78 -357.57 265.44
2017-06-30 2,746.11 15.75 260.38
2017-03-31 2,476.80 -575.37 255.69
2016-12-31 2,161.07 -848.82 246.19
2016-09-30 1,822.70 -204.58 231.39
2016-06-30 1,600.80 91.01 225.28
2016-03-31 1,544.30 541.88 211.52
2015-12-31 1,573.36 941.36 199.92
2015-09-30 1,720.01 1,389.62 191.54
2015-06-30 1,809.27 1,059.69 183.70
2015-03-31 1,865.43 1,160.57 177.22
2014-12-31 1,812.43 671.38 160.81
2014-09-30 1,579.59 -160.52 140.05
2014-06-30 1,348.63 -246.64 115.08
2014-03-31 1,105.19 -70.95 94.97
2013-12-31 821.45 -24.19 82.75
2013-09-30 666.10 285.84 78.22
2013-06-30 507.00 54.15 73.50
2013-03-31 356.94 -110.28 66.06
2012-12-31 264.98 225.28 59.96
2012-09-30 149.76 324.34 49.00
2012-06-30 163.33 522.43 42.28

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Antero Resources has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Antero Resources used its assets less efficiently than the US Oil and Gas industry average last year based on Return on Assets.
  • It is difficult to establish if Antero Resources improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Antero Resources's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Antero Resources has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Antero Resources's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Antero Resources's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Antero Resources's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Antero Resources's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Antero Resources's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Antero Resources Company Filings, last reported 2 months ago.

NYSE:AR Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 8,292.80 6,913.64
2018-12-31 8,487.48 5,467.09
2018-09-30 8,671.15 5,487.00
2018-06-30 8,802.91 5,288.34 50.61
2018-03-31 8,921.10 4,876.71 23.15
2017-12-31 8,876.14 4,800.09 28.44
2017-09-30 8,387.26 4,510.52 23.69
2017-06-30 8,302.86 5,291.97 40.19
2017-03-31 8,253.95 4,775.30
2016-12-31 7,728.58 4,703.97 31.61
2016-09-30 7,980.28 4,759.90 18.51
2016-06-30 7,600.90 4,244.01 28.25
2016-03-31 7,420.34 4,702.81 39.87
2015-12-31 7,286.68 4,668.78 23.47
2015-09-30 7,110.42 4,406.78 27.41
2015-06-30 6,309.45 4,500.04 143.29
2015-03-31 6,434.28 4,172.30 185.49
2014-12-31 5,473.83 4,362.55 245.98
2014-09-30 3,751.42 4,137.87 6.31
2014-06-30 3,523.23 3,370.64 19.27
2014-03-31 3,533.04 2,535.82 12.58
2013-12-31 3,598.66 2,079.00 17.49
2013-09-30 1,877.83 2,995.46 11.58
2013-06-30 1,756.93 2,443.22 10.87
2013-03-31 1,625.74 1,887.53 4.81
2012-12-31 1,673.74 1,469.06 18.99
2012-09-30 1,680.77 1,399.09 16.56
2012-06-30 1,808.45 1,042.17 5.58
  • Antero Resources's level of debt (41.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (72% vs 41.9% today).
  • Debt is well covered by operating cash flow (59.8%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on Antero Resources's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Antero Resources's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Antero Resources has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Antero Resources's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Antero Resources dividends. Estimated to be 0% next year.
If you bought $2,000 of Antero Resources shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Antero Resources's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Antero Resources's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:AR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
United States of America Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 67 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:AR Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.00 3.00
2020-12-31 0.00 3.00
2019-12-31 0.00 4.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Antero Resources has not reported any payouts.
  • Unable to verify if Antero Resources's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Antero Resources's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Antero Resources has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Antero Resources's dividends in 3 years as they are not expected to pay a notable one for United States of America.
X
Income/ dividend checks
We assess Antero Resources's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Antero Resources afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Antero Resources has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Antero Resources's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Paul Rady
COMPENSATION $8,389,882
AGE 64
TENURE AS CEO 15.1 years
CEO Bio

Mr. Paul M. Rady has been Chairman and Chief Executive Officer of Antero Midstream Partners GP LLC, the General Partner of Antero Midstream Partners LP since April 11, 2017. Mr. Rady has been Chairman and Chief Executive Officer of AMGP GP LLC, the General Partner of Antero Midstream GP LP since April 2017 and January 2017 respectively. Mr. Rady co-founded Antero Resources Corporation (a/k/a, Antero Resources LLC) in June 2002 and has been its Chief Executive Officer and Chairman since May 2004. Mr. Rady served as the Chief Executive Officer of Antero Resources Midstream Management LLC (now Antero Midstream GP LP) since February 2014 until April 11, 2017. Mr. Rady was a co-founder and served as Chief Executive Officer and Chairman of the Board of Directors of Antero Resources since May 2004 and of its predecessor company from its founding in 2002 to its sale to XTO Energy, Inc. in April 2005. He served as Chief Executive Officer, President and Chairman of Pennaco Energy from 1998 until its sale to Marathon in early 2001. Prior to joining Pennaco in 1998, Mr. Rady was with Barrett Resources Corporation from 1990 to 1998, where he initially was recruited as Chief Geologist in 1990, then served as Exploration Manager, Executive Vice President of Exploration, President, Chief Operating Officer and Chief Executive Officer. Prior to joining Barrett, he was with Amoco Production Company for approximately ten years focused on Rockies and Mid-Continent. He served as Chairman of Antero Resources Midstream Management LLC since February 2014 until April 11, 2017 and served as its Director until April 11, 2017. Mr. Rady serves as a Director of Antero Resources Corporation (formerly Antero Resources LLC). He serves as the managing member of Salisbury Investment Holdings, LLC. He served as a Director of Pennaco Energy Inc. from June 1998 to 2001 and Patina Oil & Gas Corp. since April 2001. He served as a Director of Meg Energy Corp. He served as a Director of Barrett Resources Corporation. Mr. Rady received a B.A. in Geology from Western States College of Colorado and a Master of Science Degree in Geology from Western Washington University.

CEO Compensation
  • Paul's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Paul's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Antero Resources management team in years:

3.4
Average Tenure
59
Average Age
  • The tenure for the Antero Resources management team is about average.
Management Team

Paul Rady

TITLE
Co-Founder
COMPENSATION
$8M
AGE
64
TENURE
15.1 yrs

Glen Warren

TITLE
Co-Founder
COMPENSATION
$4M
AGE
62
TENURE
15.1 yrs

Alvyn Schopp

TITLE
Chief Administrative Officer
COMPENSATION
$2M
AGE
59
TENURE
5.8 yrs

Kevin Kilstrom

TITLE
Senior Vice President of Production
COMPENSATION
$2M
AGE
63
TENURE
3.4 yrs

Michael Kennedy

TITLE
Senior Vice President of Finance
COMPENSATION
$2M
AGE
43
TENURE
3.4 yrs

Diana Hoff

TITLE
Vice President of Operations
TENURE
2 yrs

K. Yoo

TITLE
VP of Accounting & Chief Accounting Officer
TENURE
5.6 yrs

Yvette Schultz

TITLE
Vice President of Legal & General Counsel
TENURE
2.4 yrs

John Giannaula

TITLE
Vice President of Human Resources & Administration
AGE
54
TENURE
2.4 yrs

Steve Woodward

TITLE
Senior Vice President of Business Development
AGE
59
TENURE
3.4 yrs
Board of Directors Tenure

Average tenure and age of the Antero Resources board of directors in years:

10.4
Average Tenure
64
Average Age
  • The average tenure for the Antero Resources board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Paul Rady

TITLE
Co-Founder
COMPENSATION
$8M
AGE
64
TENURE
15.1 yrs

Glen Warren

TITLE
Co-Founder
COMPENSATION
$4M
AGE
62
TENURE
15.1 yrs

Benjamin Hardesty

TITLE
Lead Director
COMPENSATION
$323K
AGE
68

Bob Clark

TITLE
Director
COMPENSATION
$338K
AGE
73
TENURE
5.7 yrs

Paul Korus

TITLE
Independent Director
COMPENSATION
$33K
AGE
61
TENURE
0.5 yrs

William Keenan

TITLE
Director
COMPENSATION
$275K
AGE
67
TENURE
15.4 yrs

Joyce McConnell

TITLE
Independent Director
COMPENSATION
$295K
AGE
64
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Antero Resources insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
12. Jun 19 Sell Warburg Pincus LLC Company 10. Jun 19 10. Jun 19 -16,094,190 $6.17 $-99,301,152
31. May 19 Buy Paul Rady Individual 31. May 19 31. May 19 7,750 $6.49 $50,284
30. May 19 Buy Paul Rady Individual 29. May 19 30. May 19 14,800 $6.83 $100,131
28. May 19 Buy Paul Rady Individual 24. May 19 28. May 19 14,550 $6.90 $99,616
28. May 19 Buy Glen Warren Individual 24. May 19 24. May 19 21,900 $6.86 $150,160
24. May 19 Buy Paul Rady Individual 23. May 19 23. May 19 7,350 $6.80 $49,946
24. May 19 Buy Glen Warren Individual 23. May 19 23. May 19 25,600 $6.83 $174,912
24. May 19 Buy Benjamin Hardesty Individual 22. May 19 22. May 19 1,000 $6.90 $6,900
22. May 19 Buy Glen Warren Individual 22. May 19 22. May 19 25,000 $6.93 $173,130
22. May 19 Buy Paul Rady Individual 22. May 19 22. May 19 7,200 $6.96 $50,085
19. Mar 19 Buy Glen Warren Individual 15. Mar 19 15. Mar 19 20,000 $8.34 $166,862
19. Mar 19 Buy Paul Rady Individual 15. Mar 19 15. Mar 19 12,200 $8.30 $101,260
18. Mar 19 Buy Paul Rady Individual 14. Mar 19 14. Mar 19 12,000 $8.54 $102,480
18. Mar 19 Buy Glen Warren Individual 14. Mar 19 14. Mar 19 15,000 $8.59 $128,835
13. Mar 19 Buy Paul Rady Individual 13. Mar 19 13. Mar 19 12,239 $8.34 $102,012
13. Mar 19 Buy Glen Warren Individual 13. Mar 19 13. Mar 19 25,000 $8.29 $207,353
06. Dec 18 Sell Robert Clark Individual 04. Dec 18 04. Dec 18 -20,429 $12.80 $-261,555
21. Nov 18 Sell Benjamin Hardesty Individual 20. Nov 18 20. Nov 18 -1,000 $13.50 $-13,500
09. Nov 18 Sell Warburg Pincus LLC Company 08. Nov 18 08. Nov 18 -13,000,000 $15.87 $-206,310,000
09. Nov 18 Sell Richard Connor Individual 08. Nov 18 08. Nov 18 -6,907 $16.49 $-113,896
X
Management checks
We assess Antero Resources's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Antero Resources has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Investors Who Bought Antero Resources (NYSE:AR) Shares Five Years Ago Are Now Down 87%

This week we saw the Antero Resources Corporation (NYSE:AR) share price climb by 12%. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During five years of share price growth, Antero Resources moved from a loss to profitability.

Simply Wall St -

Does Antero Resources Corporation's (NYSE:AR) CEO Pay Compare Well With Peers?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Paul Rady's Compensation Compare With Similar Sized Companies. … Our data indicates that Antero Resources Corporation is worth US$2.6b, and total annual CEO compensation is US$9.9m.

Simply Wall St -

Did Antero Resources Corporation (NYSE:AR) Insiders Sell Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in Antero Resources Corporation (NYSE:AR). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … All up, insiders sold more shares in Antero Resources than they bought, over the last year

Simply Wall St -

How Should Investors Feel About Antero Resources Corporation's (NYSE:AR) CEO Pay?

Paul Rady has been the CEO of Antero Resources Corporation (NYSE:AR) since 2004. … How Does Paul Rady's Compensation Compare With Similar Sized Companies. … Our data indicates that Antero Resources Corporation is worth US$3.6b, and total annual CEO compensation is US$9.9m.

Simply Wall St -

Antero Resources Corporation (NYSE:AR): What Are The Future Prospects?

After Antero Resources Corporation's (NYSE:AR) earnings announcement in June 2018,. … it seems that analyst forecasts are fairly optimistic, … the past 5-year average growth rate of -8.7%

Simply Wall St -

Is Antero Resources Corporation's (NYSE:AR) Balance Sheet A Threat To Its Future?

Small and large cap stocks are widely popular for a variety of reasons, however, mid-cap companies such as Antero Resources Corporation (NYSE:AR), with a market cap of US$6.0b, often get neglected by retail investors. … AR’s financial liquidity and debt position will be analysed in this article, to get an idea of whether the company can fund opportunities for strategic growth and maintain strength through economic downturns. … Note that this information is centred entirely on financial health and is a top-level understanding, so I encourage you to look further.

Simply Wall St -

Want To Invest In Antero Resources Corporation (NYSE:AR) Today? Read This First

Looking at Antero Resources Corporation’s (NYSE:AR) fundamentals some investors are wondering if its last closing price of $20.54 represents a good value for money for this high growth stock. … View our latest analysis for Antero Resources? … Antero Resources's extremely high growth potential in the near future is attracting investors

Simply Wall St -

Will Antero Resources Corporation (NYSE:AR) Continue To Underperform Its Industry?

Antero Resources Corporation (NYSE:AR) generated a below-average return on equity of 6.28% in the past 12 months, while its industry returned 10.61%. … An investor may attribute an inferior ROE to a relatively inefficient performance, and whilst this can often be the case, knowing the nuts and bolts of the ROE calculation may change that perspective and give you a deeper insight into AR's past performance. … Check out our latest analysis for Antero Resources

Simply Wall St -

Is Antero Resources Corporation (NYSE:AR) A Financially Sound Company?

Small-cap and large-cap companies receive a lot of attention from investors, but mid-cap stocks like Antero Resources Corporation (NYSE:AR), with a market cap of US$6.64b, are often out of the spotlight. … Despite this, the two other categories have lagged behind the risk-adjusted returns of commonly ignored mid-cap stocks. … View out our latest analysis for Antero Resources

Simply Wall St -

Is Antero Resources Corporation's (NYSE:AR) PE Ratio A Signal To Sell For Investors?

and want to better understand how you can grow your money by investing in Antero Resources Corporation (NYSE:AR). … Antero Resources Corporation (NYSE:AR) is currently trading at a trailing P/E of 17.3x, which is higher than the industry average of 13.7x. … While this makes AR appear like a stock to avoid or sell if you own it, you might change your mind after I explain the assumptions behind the P/E ratio.

Simply Wall St -

Company Info

Description

Antero Resources Corporation, an independent oil and natural gas company, acquires, explores for, develops, and produces natural gas, natural gas liquids, and oil properties in the United States. As of December 31, 2018, the company had approximately 486,000 net acres in the southwestern core of the Marcellus Shale; 125,000 net acres in the core of the Utica Shale; and 209,000 net acres of Marcellus Shale leasehold. It also owned and operated 289 miles of gas gathering pipelines in the Marcellus Shale; 17 compressor stations in the Marcellus Shale; 108 miles of low-pressure and high-pressure gathering pipelines in the Utica Shale; 8 miles of high-pressure pipelines; and 2 compressor station in the Utica Shale. The company had estimated proved reserves of 18.0 trillion cubic feet of natural gas equivalent, including 11.4 trillion cubic feet of natural gas; 554 million barrels of ethane; 498 million barrels of primarily propane, isobutane, normal butane, and natural gasoline; and 46 million barrels of oil. The company was formerly known as Antero Resources Appalachian Corporation and changed its name to Antero Resources Corporation in June 2013. Antero Resources Corporation was founded in 2002 and is headquartered in Denver, Colorado.

Details
Name: Antero Resources Corporation
AR
Exchange: NYSE
Founded: 2002
$1,762,001,424
309,123,057
Website: http://www.anteroresources.com
Address: Antero Resources Corporation
1615 Wynkoop Street,
Denver,
Colorado, 80202,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE AR Common Stock New York Stock Exchange US USD 10. Oct 2013
DB 7A6 Common Stock Deutsche Boerse AG DE EUR 10. Oct 2013
Number of employees
Current staff
Staff numbers
619
Antero Resources employees.
Industry
Oil and Gas Exploration and Production
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/17 00:27
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/14
Last earnings filing: 2019/05/01
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.