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

Core Viewpoint - Antero Midstream Corporation's recent earnings report showed a mixed performance, with earnings per share missing estimates while revenues exceeded expectations, leading to questions about the sustainability of its recent stock performance [2][3]. Financial Performance - Q4 2025 earnings per share were reported at 11 cents, missing the Zacks Consensus Estimate of 24 cents and declining from 23 cents in the previous year [2]. - Total quarterly revenues reached $297 million, surpassing the Zacks Consensus Estimate of $294 million and improving from $287 million in the year-ago quarter [2]. Operational Performance - Average daily compression volumes increased to 3,424 million cubic feet (MMcf/d), up from 3,266 MMcf/d year-over-year and above the estimate of 3,274 MMcf/d [4]. - High-pressure gathering volumes rose to 3,193 MMcf/d, a 5% increase from 3,045 MMcf/d in the previous year, exceeding the estimate of 3,068 MMcf/d [5]. - Low-pressure gathering volumes averaged 3,435 MMcf/d, up from 3,276 MMcf/d year-over-year and above the estimate of 3,296 MMcf/d [6]. - Freshwater delivery volumes decreased to 93 MBbls/d, down 18% from 114 MBbls/d in the prior-year quarter, although the average distribution fee increased to $4.37 [7]. Operating Expenses - Direct operating expenses were $54.1 million, down from $55.9 million a year ago, while total operating expenses rose to $196.5 million from $109.7 million in the corresponding period of 2024 [8]. Balance Sheet - As of December 31, 2025, Antero Midstream had cash and cash equivalents of $180 million and long-term debt of $3.2 billion [9]. Market Outlook - There has been an upward trend in estimates revisions for Antero Midstream, indicating a potentially positive outlook [10]. - The company holds a Zacks Rank 3 (Hold), suggesting an expectation of in-line returns in the coming months [13]. Industry Comparison - Antero Midstream is part of the Zacks Oil and Gas - Integrated - United States industry, where National Fuel Gas (NFG) has seen a 9.5% gain over the past month [14]. - National Fuel Gas reported revenues of $651.51 million, reflecting an 18.6% year-over-year change, with an EPS of $2.06 compared to $1.66 a year ago [15].