Analyst Consensus ?
ConsensusBuy49 ratings
Bullish3367.3%
Neutral1632.7%
Bearish00.0%
Antero Resources Corporation · AR · FY2026 Q3 · Calendar Q4 2026
Antero posts record production as margin initiatives gain traction
Antero's Q3 update supports a constructive operating narrative: record production, lower cash costs and higher unhedged EBITDAX margins were paired with a maintained outlook. The main test is execution—delivering transport optimization, pipeline connectivity and planned Q4 volumes while managing curtailments and commodity-linked risks.
Reported After market closeNYSEEnergy
$12.96B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.19
Consensus $0.97
EPS surprise
+22.3%
Reported versus consensus
Reported revenue
$1.56B
Consensus $1.57B
Revenue surprise
-0.4%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-2.2%
Event window
SPY move
-0.4%
Same window
Abnormal move
-1.8%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
ARSPY benchmark
Ask FN2 about AR FY2026 Q3
Transcript, numbers and history already loaded
Why did AR fall 2.2% after beating EPS estimates in FY2026 Q3?What changed in AR's guidance and outlook in FY2026 Q3?Give me the bull and bear case for AR after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Q3 production reached a record 4.2 Bcfe/day, including a 100 MMcfd curtailment. Management reported the lowest cash cost in company history and a 27% increase in unhedged EBITDAX margin. Firm transport optimization is expected to contribute $140 million toward a $300 million margin target by mid-2027.
Guidance delta
Management maintained its outlook and guided to Q4 production of 4.3 Bcfe/day, with 15–20 Bcfe of curtailments.
Key takeaways
- Record Q3 production rose 23% year over year despite a 100 MMcfd curtailment.
- Margin initiatives lowered cash costs to a historical low and increased unhedged EBITDAX margin by 27%.
- Transport optimization is on track for $140 million of the $300 million margin target by mid-2027.
- Management highlighted NGL pricing, LNG and power demand, and the East Side Express pipeline as support for future economics.
Management priorities
- Reach 1 Bcfd of firm transport optimization agreements by year-end.
- Complete East Side Express and develop additional liquids-rich pads.
- Maintain a capital-efficient program of three rigs and two completion crews.
- Continue share repurchases and pursue the stated margin-enhancement plan.
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Miss
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Analyst 52W Price Targets
$41.2Current
$18.5Low
$43.52Average
$65High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 29, 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 |
|---|---|---|---|---|
| Morgan Stanley | Overweight | Overweight | Maintain | Oct 15, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Oct 8, 2026 |
| UBS | Buy | Buy | Maintain | Oct 6, 2026 |
| Truist Securities | Buy | Buy | Maintain | Oct 5, 2026 |
| Jefferies | Buy | Buy | Maintain | Oct 2, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Sep 2, 2026 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Sep 1, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Aug 17, 2026 |
| Benchmark | Buy | Buy | Maintain | Aug 12, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 3, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 31, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 8, 2026 |
| B of A Securities | Buy | Buy | Maintain | Apr 21, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Dec 9, 2025 |
| Roth Capital | Neutral | Buy | Downgrade | Aug 18, 2025 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Aug 13, 2025 |
| TD Cowen | Buy | Hold | Upgrade | Apr 8, 2025 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Sep 11, 2024 |
| Tudor Pickering | Hold | Buy | Downgrade | Nov 30, 2022 |
| TD Securities | Buy | Hold | Upgrade | Jun 29, 2021 |
| Northland Capital Markets | Outperform | Market Perform | Upgrade | Sep 24, 2020 |
| MKM Partners | Buy | Neutral | Upgrade | Sep 11, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | May 1, 2020 |
| Stifel | Hold | Buy | Downgrade | Mar 31, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jan 27, 2020 |
| Guggenheim Securities | Buy | Buy | Maintain | Dec 10, 2019 |
| Guggenheim | Buy | Buy | Maintain | Dec 10, 2019 |
| Mitsubishi UFJ | Neutral | Overweight | Downgrade | Oct 8, 2019 |
| Macquarie | Neutral | Underperform | Upgrade | Aug 2, 2019 |
| Cowen & Co. | Perform | Market Perform | Maintain | Apr 9, 2019 |
| Credit Suisse | Neutral | Neutral | Maintain | Nov 1, 2018 |
| PiperJaffray | Overweight | Neutral | Upgrade | Jan 13, 2017 |
| Piper Sandler | Overweight | Neutral | Upgrade | Jan 13, 2017 |
| Deutsche Bank | Buy | Hold | Upgrade | Nov 21, 2016 |
| Susquehanna | Positive | Neutral | Upgrade | Oct 28, 2016 |
| Baird | Outperform | Neutral | Upgrade | Jul 21, 2016 |
| Evercore ISI Group | Perform | Outperform | Downgrade | Jul 19, 2016 |
| Scotia Howard Weil | Neutral | Overweight | Downgrade | Feb 23, 2016 |
| Stephens & Co. | Equal Weight | Overweight | Downgrade | Aug 4, 2015 |
| KLR Group | Buy | Accumulate | Maintain | Jul 31, 2015 |
| KeyBanc | Overweight | Overweight | Maintain | Jul 14, 2015 |
| Seaport Global | Neutral | Accumulate | Downgrade | Mar 18, 2015 |
| Oppenheimer | Outperform | Outperform | Maintain | Dec 16, 2014 |
| Canaccord Genuity | Buy | Buy | Maintain | Nov 10, 2014 |
| FBR Capital | Perform | Market Perform | Maintain | Jul 17, 2014 |
| ISI Group | Buy | Strong Buy | Downgrade | Apr 4, 2014 |
| Miller Tabak | Buy | Buy | Maintain | Oct 10, 2013 |
| iBERIA Capital Partners | Outperform | Outperform | Maintain | Oct 10, 2013 |
| McNicoll Lewis Vlak | Buy | Buy | Maintain | Sep 16, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $41.2. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $51 | $36.3 | +23.8% | Oct 15, 2026 |
| Scotiabank | Mark Lear | $46 | $36.63 | +11.7% | Oct 14, 2026 |
| Mizuho Securities | Analyst unavailable | $51 | $35.57 | +23.8% | Oct 8, 2026 |
| UBS | Analyst unavailable | $54 | $34.69 | +31.1% | Oct 6, 2026 |
| Truist Financial | Analyst unavailable | $46 | $34.14 | +11.7% | Oct 5, 2026 |
| Jefferies | Analyst unavailable | $56 | $34.03 | +35.9% | Oct 2, 2026 |
| UBS | Analyst unavailable | $58 | $38.43 | +40.8% | Sep 14, 2026 |
| Raymond James | John Freeman | $55 | $38.48 | +33.5% | Sep 1, 2026 |
| Morgan Stanley | Analyst unavailable | $49 | $37.28 | +18.9% | Aug 19, 2026 |
| UBS | Analyst unavailable | $52 | $35.39 | +26.2% | Jul 31, 2026 |
| Wells Fargo | Analyst unavailable | $57 | $35.3 | +38.3% | Jul 31, 2026 |
| Wolfe Research | Analyst unavailable | $48 | $34.92 | +16.5% | Jul 30, 2026 |
| UBS | Analyst unavailable | $50 | $33.58 | +21.4% | Jul 14, 2026 |
| Truist Financial | Analyst unavailable | $52 | $34.49 | +26.2% | Jul 9, 2026 |
| Goldman Sachs | Neil Mehta | $41 | $34.44 | -0.5% | Jun 30, 2026 |
| Mizuho Securities | Analyst unavailable | $57 | $34.71 | +38.3% | Jun 25, 2026 |
| Barclays | Analyst unavailable | $45 | $34.53 | +9.2% | Jun 24, 2026 |
| Mizuho Securities | Analyst unavailable | $54 | $35.8 | +31.1% | May 27, 2026 |
| UBS | Analyst unavailable | $56 | $38.27 | +35.9% | May 1, 2026 |
| Jefferies | Analyst unavailable | $57 | $39.26 | +38.3% | May 1, 2026 |
| Roth Capital | Leo Mariani | $38 | $39.24 | -7.8% | Apr 30, 2026 |
| Williams Trading | Gabriele Sorbara | $56 | $36.68 | +35.9% | Apr 20, 2026 |
| Morgan Stanley | Analyst unavailable | $56 | $35.78 | +35.9% | Apr 17, 2026 |
| Morgan Stanley | Analyst unavailable | $54 | $45.15 | +31.1% | Mar 27, 2026 |
| UBS | Josh Silverstein | $45 | $35.21 | +9.2% | Feb 13, 2026 |
| Jefferies | Analyst unavailable | $50 | $33.84 | +21.4% | Feb 13, 2026 |
| Morgan Stanley | Analyst unavailable | $46 | $34.84 | +11.7% | Jan 23, 2026 |
| Barclays | Analyst unavailable | $41 | $34.38 | -0.5% | Jan 21, 2026 |
| UBS | Analyst unavailable | $46 | $35.66 | +11.7% | Dec 12, 2025 |
| Wells Fargo | Analyst unavailable | $49 | $35.94 | +18.9% | Dec 12, 2025 |
| Mizuho Securities | Analyst unavailable | $47 | $35.94 | +14.1% | Dec 12, 2025 |
| Barclays | Analyst unavailable | $46 | $37.14 | +11.7% | Dec 11, 2025 |
| BMO Capital | Analyst unavailable | $40 | $37.3 | -2.9% | Dec 9, 2025 |
| Morgan Stanley | Analyst unavailable | $48 | $37.3 | +16.5% | Dec 9, 2025 |
| Roth Capital | Analyst unavailable | $36 | $36.66 | -12.6% | Dec 8, 2025 |
| Barclays | Analyst unavailable | $40 | $31.62 | -2.9% | Oct 30, 2025 |
| Morgan Stanley | Devin McDermott | $44 | $31.03 | +6.8% | Oct 14, 2025 |
| Barclays | Analyst unavailable | $42 | $33.91 | +1.9% | Oct 7, 2025 |
| UBS | Josh Silverstein | $42 | $32.47 | +1.9% | Sep 15, 2025 |
| Mizuho Securities | Nitin Kumar | $41 | $32.47 | -0.5% | Sep 15, 2025 |
| Wells Fargo | Roger Read | $39 | $36.25 | -5.3% | Jul 15, 2025 |
| Scotiabank | Cameron Bean | $53 | $35.95 | +28.6% | Jul 11, 2025 |
| UBS | Josh Silverstein | $43 | $35.5 | +4.4% | May 7, 2025 |
| Morgan Stanley | Analyst unavailable | $58 | $41.66 | +40.8% | Mar 26, 2025 |
| Williams Trading | Analyst unavailable | $48 | $36.38 | +16.5% | Mar 5, 2025 |
| Wolfe Research | Doug Leggate | $46 | $34.65 | +11.7% | Jan 3, 2025 |
| UBS | Josh Silverstein | $33 | $27.35 | -19.9% | Oct 16, 2024 |
| Mizuho Securities | Nitin Kumar | $35 | $29.33 | -15.0% | Oct 11, 2024 |
| Barclays | Betty Jiang | $30 | $28.66 | -27.2% | Oct 2, 2024 |
| Citigroup | Paul Diamond | $29 | $26.68 | -29.6% | Sep 17, 2024 |
| Morgan Stanley | Devin McDermott | $38 | $26.49 | -7.8% | Sep 16, 2024 |
| Roth Capital | Roth MKM Ratings | $32 | $26.11 | -22.3% | Sep 3, 2024 |
| Scotiabank | Cameron Bean | $44 | $28.78 | +6.8% | Aug 20, 2024 |
| Jefferies | Lloyd Byrne | $41 | $32.02 | -0.5% | Jul 10, 2024 |
| Mizuho Securities | Nitin Kumar | $37 | $33.32 | -10.2% | May 13, 2024 |
| Morgan Stanley | Devin McDermott | $36 | $29.12 | -12.6% | Apr 17, 2024 |
| Truist Financial | Neal Dingmann | $27 | $28.83 | -34.5% | Apr 5, 2024 |
| Mizuho Securities | Nitin Kumar | $29 | $29.51 | -29.6% | Apr 3, 2024 |
| Morgan Stanley | Devin McDermott | $26 | $29 | -36.9% | Mar 28, 2024 |
| Mizuho Securities | Nitin Kumar | $28 | $26.18 | -32.0% | Mar 14, 2024 |
| Truist Financial | Bertrand Donnes | $28 | $23.05 | -32.0% | Dec 4, 2023 |
| Morgan Stanley | Analyst unavailable | $37 | $42.6 | -10.2% | Aug 29, 2022 |
| Goldman Sachs | Analyst unavailable | $48 | $41.87 | +16.5% | Aug 22, 2022 |
| Mizuho Securities | Analyst unavailable | $49 | $41.25 | +18.9% | Aug 18, 2022 |
| Raymond James | Analyst unavailable | $65 | $39.17 | +57.8% | Jul 26, 2022 |
| Truist Financial | Analyst unavailable | $58 | $34.03 | +40.8% | Jul 19, 2022 |
| Mizuho Securities | Analyst unavailable | $53 | $34.2 | +28.6% | Jul 19, 2022 |
| Truist Financial | Neal Dingmann | $50 | $30.66 | +21.4% | Jul 12, 2022 |
| Wells Fargo | Analyst unavailable | $48 | $31 | +16.5% | Jul 11, 2022 |
| Goldman Sachs | Analyst unavailable | $43 | $30.11 | +4.4% | Jul 5, 2022 |
| Raymond James | John Freeman | $60 | $33.4 | +45.6% | Jun 23, 2022 |
| Morgan Stanley | Analyst unavailable | $41 | $45.6 | -0.5% | Jun 6, 2022 |
| Mizuho Securities | Analyst unavailable | $59 | $44.74 | +43.2% | May 31, 2022 |
| Raymond James | Analyst unavailable | $52 | $32.86 | +26.2% | Apr 25, 2022 |
| Morgan Stanley | Analyst unavailable | $39 | $34.11 | -5.3% | Apr 22, 2022 |
| Wells Fargo | Nitin Kumar | $38 | $36.28 | -7.8% | Apr 19, 2022 |
| Morgan Stanley | Devin McDermott | $25 | $18.23 | -39.3% | Jan 25, 2022 |
| TD Securities | Aaron Bilkoski | $18.5 | $14.68 | -55.1% | Jun 29, 2021 |
Track every rating change on AR the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationAntero Resources Corporation functions as an independent energy enterprise, primarily engaged in identifying, acquiring, developing, and extracting natural gas, natural gas liquids (NGLs), and crude oil deposits throughout the United States. As of the close of 2021 (December 31st), the company held significant land positions, including roughly 502,000 net acres within the Appalachian Basin and an additional 174,000 net acres in the Upper Devonian Shale. Its infrastructure in the Appalachian Basin also featured 494 miles of operational gas gathering pipelines and 21 compressor stations.…
Energy peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| 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 |
| DTM DT Midstream, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +3.7% | DT Midstream raises guidance while trimming growth capital |
Latest beats and misses
Who reports nextBeat on EPS
- INVHFY2026 Q3 · October 28, 2026+49.5% EPS-0.4% move
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- ORLYFY2026 Q3 · October 28, 2026+4.3% EPS-2.7% move
- STRLFY2026 Q3 · October 28, 2026+22.3% EPS-0.4% move
- KGCFY2026 Q3 · October 28, 2026+8.7% EPS-6.1% move
- GENFY2027 Q2 · October 28, 2026+2.9% EPS+11.2% move
Get the AR 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 · 2026-10-29T20:05:24.083807+00:00
- FN2 earnings calendar · 2026-10-29T01:23:20.584741+00:00
- Polygon adjusted daily market bars · 2026-10-29T21:20:47.189319+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-29T21:20:47.186493+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 2026-10-29. For educational purposes only; not investment advice.