Antero Midstream Corp. (AM)

Over the past six months, Antero Midstream's stock price has fluctuated between a 52-week high of $19.82 and a low of $15.07, with a closing price of $18.90 as of February 5, 2026. The third-quarter 2025 earnings report showed a 5% year-over-year increase in gathering and compression volumes, and adjusted EBITDA grew by 10% to $281 million. Free cash flow after dividends increased by 94%, reaching $78 million. The company also reduced its leverage to 2.7x and extended maturity to 2033 with a 5.75% coupon.

Antero Midstream's business model relies on fee-based midstream services provided under long-term contracts, which helps to insulate the company from the direct volatility of natural gas and NGL commodity prices. While the broader natural gas market can experience seasonality in demand, Antero Midstream's fee-based model aims to mitigate the direct impact of such fluctuations on its revenue.

Antero Midstream Corporation is a midstream energy company focused on owning, operating, and developing infrastructure that supports Antero Resources Corporation's natural gas and NGL production in the Appalachian Basin. The company operates in two segments: Gathering and Processing, and Water Handling. Revenue is primarily generated through fee-based services under long-term contracts with Antero Resources.

Antero Midstream's operations are concentrated in the Appalachian Basin, specifically within the Marcellus and Utica Shale plays in West Virginia and Ohio. The company's assets include gathering pipelines, processing plants, compressor stations, fractionation facilities, and water handling infrastructure. Its corporate headquarters are located in Denver, Colorado.

Antero Midstream emphasizes its commitment to sustainability, environmental excellence, strong governance, and safe operations. The company highlights its industry-leading performance in ESG metrics, including low GHG intensity levels and a low methane leak loss rate. Antero Midstream established an ESG Committee in 2020 and has set 2025 environmental goals. The company also engages in community initiatives through The Antero Foundation.

Antero Midstream Corporation has a concentrated ownership structure, with institutional investors holding a significant portion of its common stock. Major institutional shareholders include BlackRock, Inc., Vanguard Group Inc., Invesco Ltd., Tortoise Capital Advisors, L.L.C., and State Street Corp. Antero Resources Corporation is also its largest single shareholder, holding approximately 29.19% of the common stock.