Why Is Antero Midstream (AM) Up 9.3% Since Last Earnings Report?

A month has gone by since the last earnings report for Antero Midstream Corporation (AM). Shares have added about 9.3% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Antero Midstream due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.

Antero Midstream's Q4 Earnings Miss Estimates, Revenues Beat

Antero Midstream reported fourth-quarter 2025 earnings per share of 11 cents, which missed the Zacks Consensus Estimate of 24 cents. The bottom line also declined from the year-ago quarter’s level of 23 cents.

Total quarterly revenues of $297 million beat the Zacks Consensus Estimate of $294 million. The top line also improved from $287 million in the year-ago quarter.

The weak quarterly earnings can be attributed to an increase in total operating expenses. However, higher gathering and compression volumes partially offset the negatives.

Operational Performance

Average daily compression volumes were 3,424 million cubic feet (MMcf/d) compared with 3,266 MMcf/d in the year-ago quarter. The reported figure was above our estimate of 3,274 MMcf/d. On a per-Mcf basis, the compression fee was 22 cents, which increased nearly 5% from 21 cents a year ago.

High-pressure gathering volumes totaled 3,193 MMcf/d, up 5% from the year-ago level of 3,045 MMcf/d. Our estimate for the same was pinned at 3,068 MMcf/d. On a per-Mcf basis, the average gathering high-pressure fee was 23 cents, which remained flat year over year.

Low-pressure gathering volumes averaged 3,435 MMcf/d compared with 3,276 MMcf/d a year ago. The figure was above our estimate of 3,296 MMcf/d. On a per-Mcf basis, the average gathering low-pressure fee was 36 cents, which remained flat year over year. The reported figure met our estimate of 36 cents.

Freshwater delivery volumes were registered at 93 MBbls/d, down 18% from the prior-year quarter’s figure of 114 MBbls/d. On a per-barrel basis, the average freshwater distribution fee was $4.37 compared with $4.31 a year ago. The figure was above our estimate of $4.31.

Operating Expenses

Direct operating expenses amounted to $54.1 million, down from $55.9 million recorded a year ago.

Antero Midstream’s total operating expenses amounted to $196.5 million, up from $109.7 million recorded in the corresponding period of 2024.

Balance Sheet

As of Dec. 31, 2025, the company had cash and cash equivalents of $180 million. The company also had a long-term debt of $3.2 billion.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in estimates revision.

VGM Scores

Currently, Antero Midstream has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of this revision looks promising. Interestingly, Antero Midstream has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Antero Midstream belongs to the Zacks Oil and Gas - Integrated - United States industry. Another stock from the same industry, National Fuel Gas (NFG), has gained 9.5% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.

National Fuel Gas reported revenues of $651.51 million in the last reported quarter, representing a year-over-year change of +18.6%. EPS of $2.06 for the same period compares with $1.66 a year ago.

For the current quarter, National Fuel Gas is expected to post earnings of $2.69 per share, indicating a change of +12.6% from the year-ago quarter. The Zacks Consensus Estimate has changed -1.8% over the last 30 days.

National Fuel Gas has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.

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This article originally published on Zacks Investment Research (zacks.com).

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