JPMorgan analyst Arun Jayaram raised the firm’s price target on Antero Resources (AR) to $36 from $31 and keeps an Overweight rating on the shares. In 2025, the firm expects natural gas producers to benefit from “three powerful secular demand trends:” the build-out of significant liquefied natural gas export capacity, rising power demand from electrification, and coal-to-gas switching. JPMorgan updated exploration and production models through 2030, which supports its view of long-term gas prices above $3.50 per MMBtu as it believes prices will need to reset to a higher level to incentivize incremental supply growth from the Haynesville and other higher-cost gas basins. The firm expects the oil market to shift from balanced conditions in 2024 to surplus in 2025 on supply additions. As such, it shifted to a “more defensive stance.”
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Read More on AR:
- Antero Resources call volume above normal and directionally bullish
- Antero Resources price target raised to $41 from $38 at Morgan Stanley
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- Antero Resources reports Q3 EPS (7c), consensus (5c)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
