Antero Resources: Mizuho Maintains Outperform, PT Down to $41 from $49.

Antero Resources: Mizuho Maintains Outperform, PT Down to $41 from $49.

Antero Midstream Corporation (AM) announced on September 8, 2025, that it priced and upsized a private placement for US$650 million in 5.75% senior unsecured notes due 2033 How Investors Are Reacting To Antero Midstream (AM) Upsizing Its $650 Million Debt Refinancing Plan^[1]. The company plans to use the net proceeds to redeem its existing 5.75% senior notes due 2027. This move signals a shift in the company's capital markets strategy and underscores its focus on optimizing refinancing and future financial flexibility.

The offering, expected to close on September 22, 2025, is subject to customary closing conditions. Antero Midstream estimates it will receive net proceeds of approximately $642 million after deducting initial purchasers' discounts and estimated expenses Antero Midstream Announces Pricing of Upsized $650 Million Offering of Senior Notes^[2]. The company aims to use these funds, along with borrowings under its revolving credit facility, to redeem the 2027 notes in full at a redemption price of 100% plus accrued but unpaid interest.

Mizuho Securities has maintained an "Outperform" rating for Antero Resources (ANR) but has adjusted its price target (PT) down to $41 from $49. The PT adjustment reflects the company's ongoing capital needs and the risks associated with its reliance on a single customer, Antero Resources, and the Appalachian Basin How Investors Are Reacting To Antero Midstream (AM) Upsizing Its $650 Million Debt Refinancing Plan^[1].

Antero Midstream's outlook projects $1.3 billion in revenue and $655.5 million in earnings by 2028, assuming a 1.3% annual revenue growth rate and a $199.9 million earnings increase from current earnings of $455.6 million How Investors Are Reacting To Antero Midstream (AM) Upsizing Its $650 Million Debt Refinancing Plan^[1]. This scenario suggests a fair value of $18.07 per share, in line with its current price.

The recent appointment of Michael N. Kennedy as CEO highlights the importance of leadership continuity and experience in managing evolving debt obligations and maintaining growth catalysts amid operational and regulatory risks How Investors Are Reacting To Antero Midstream (AM) Upsizing Its $650 Million Debt Refinancing Plan^[1].