Analyst Consensus ?
ConsensusHold17 ratings
Bullish15.9%
Neutral1270.6%
Bearish423.5%
Antero Midstream Corporation · AM · FY2026 Q3 · Calendar Q4 2026
AM maintains outlook as water integration and pipeline plans advance
The quarter supports a constructive but execution-dependent view: resilient gas and water-services demand, lower leverage, and pipeline opportunities provide support, while curtailments and large-project timing remain constraints.
Reported After market closeNYSEEnergy
$10.21B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.28
Consensus $0.30
EPS surprise
-5.6%
Reported versus consensus
Reported revenue
$327.0M
Consensus $340.6M
Revenue surprise
-4.0%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+3.7%
Event window
SPY move
-0.4%
Same window
Abnormal move
+4.1%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
AMSPY benchmark
Ask FN2 about AM FY2026 Q3
Transcript, numbers and history already loaded
Why did AM rise 3.7% after missing EPS estimates in FY2026 Q3?What changed in AM's guidance and outlook in FY2026 Q3?Give me the bull and bear case for AM after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, AM reported Q3 adjusted EBITDA of $291 million and highlighted full integration of the HG water system, more than $400 million of debt reduction, and a new regional pipeline focus. East Side Express remained on track, while the North-South project moved into scoping for a potential 2027 final investment decision.
Guidance delta
Maintained. Management continued to outline pipeline expansion, water-services growth, and balance-sheet priorities without a reported change in guidance sentiment.
Key takeaways
- Q3 adjusted EBITDA rose 3% to $291 million, while management expected high-single-digit quarterly growth.
- The HG water system reached full integration with 100% uptime, supporting the company’s water-services expansion.
- East Side Express remains a $200 million–$300 million project, while the North-South pipeline is being scoped for a potential 2027 final investment decision.
- Leverage improved to 2.8x after more than $400 million of debt reduction, with share repurchases accelerated.
Management priorities
- Complete the HG water-system integration and pursue double-digit water-services EBITDA growth.
- Advance East Side Express and scope the North-South pipeline while pursuing additional regional projects.
- Invest more than $100 million in organic growth programs while maintaining the leverage target and returning capital to shareholders.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$21.52Current
$12Low
$20.21Average
$25High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Sep 21, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Aug 3, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Feb 24, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Nov 12, 2025 |
| TPH Energy Research | Hold | Buy | Downgrade | Mar 12, 2024 |
| JP Morgan | Underweight | Underweight | Maintain | Jul 21, 2023 |
| Barclays | Underweight | Underweight | Maintain | Jan 18, 2023 |
| Citigroup | Neutral | Neutral | Maintain | Jan 26, 2022 |
| JonesTrading | Hold | Buy | Downgrade | Jun 9, 2021 |
| Tudor Pickering | Sell | Hold | Downgrade | May 26, 2021 |
| Raymond James | Market Perform | Outperform | Downgrade | Jan 11, 2021 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Nov 25, 2020 |
| Stifel | Hold | Buy | Downgrade | Nov 25, 2020 |
| Seaport Global | Neutral | Buy | Downgrade | Nov 25, 2020 |
| Mitsubishi UFJ | Neutral | Overweight | Downgrade | Nov 25, 2020 |
| Credit Suisse | Outperform | Outperform | Maintain | Nov 25, 2020 |
| Baird | Neutral | Outperform | Downgrade | Nov 25, 2020 |
Named analyst price targets
Upside is calculated against the persisted current price $21.52. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Capital One Financial | Analyst unavailable | $25 | $21.36 | +16.2% | Sep 22, 2026 |
| UBS | Manav Gupta | $22 | $21.04 | +2.2% | Sep 21, 2026 |
| Wells Fargo | Ned Baramov | $24 | $21.97 | +11.5% | Aug 3, 2026 |
| Goldman Sachs | Analyst unavailable | $24 | $22.46 | +11.5% | Jul 14, 2026 |
| Goldman Sachs | Analyst unavailable | $23 | $21.7 | +6.9% | Feb 24, 2026 |
| Wells Fargo | Analyst unavailable | $20 | $17.63 | -7.1% | Dec 23, 2025 |
| Wells Fargo | Analyst unavailable | $17 | $16.67 | -21.0% | Feb 18, 2025 |
| Goldman Sachs | John Mackay | $14.5 | $14.61 | -32.6% | Nov 5, 2024 |
| Goldman Sachs | John Mackay | $12.5 | $12.24 | -41.9% | Oct 24, 2023 |
| Goldman Sachs | John Mackay | $11.5 | $12.18 | -46.6% | Oct 10, 2023 |
| Morgan Stanley | Analyst unavailable | $12 | $11.2 | -44.2% | Jan 9, 2023 |
| Wells Fargo | Analyst unavailable | $13 | $9.95 | -39.6% | Apr 28, 2022 |
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Start freeCompany context
Snapshot as of publicationAntero Midstream Corporation primarily owns, operates, and expands vital midstream energy infrastructure. Its operations are divided into two key divisions: Gathering and Processing, and Water Handling. The Gathering and Processing segment involves a comprehensive network of pipelines and compressor stations that are crucial for collecting and treating natural gas output from Antero Resources' wells situated across West Virginia and Ohio. Meanwhile, the Water Handling segment focuses on supplying fresh water, supported by its array of pumping stations, water storage, and blending facilities. Established in 2013, the company maintains its corporate headquarters in Denver, Colorado.
Energy peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| FTI TechnipFMC plc | FY2026 Q3 · Calendar Q4 2026 | — | -6.2% | TechnipFMC raises guidance as Subsea orders and pipeline strengthen |
| YPF YPF Sociedad Anónima | FY2026 Q3 · Calendar Q4 2026 | — | -3.1% | YPF sustains shale growth while advancing LNG and VMOS |
| AR Antero Resources Corporation | FY2026 Q3 · Calendar Q4 2026 | +22.3% | -2.2% | Antero posts record production as margin initiatives gain traction |
| LNG Cheniere Energy, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +7.1% | Cheniere raises 2026 outlook as LNG volumes and contracts grow |
| EPD Enterprise Products Partners L.P. | FY2026 Q3 · Calendar Q4 2026 | — | +2.9% | Enterprise Products raises outlook as Permian growth accelerates |
| TTE TotalEnergies SE | FY2026 Q3 · Calendar Q4 2026 | — | +1.5% | TotalEnergies posts strong Q3 as refining and LNG lead growth |
Latest beats and misses
Who reports nextBeat on EPS
- HIIFY2026 Q3 · October 29, 2026+25.7% EPS+13.2% move
- KIM-PNFY2026 Q3 · October 29, 2026+101.6% EPS— move
- FLSFY2026 Q3 · October 28, 2026+9.0% EPS+11.9% move
- ENTGFY2026 Q3 · October 29, 2026+19.4% EPS+0.4% move
- BUDFY2026 Q3 · October 29, 2026+6.1% EPS-1.8% move
- WCCFY2026 Q3 · October 29, 2026+23.0% EPS+5.6% move
Get the AM recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-10-29T18:07:09.929002+00:00
- FN2 earnings calendar · 2026-10-30T01:23:13.979536+00:00
- Polygon adjusted daily market bars · 2026-10-30T03:00:41.747614+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-30T03:00:41.744679+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-30. For educational purposes only; not investment advice.