AM Stock Price: Antero Midstream Corp is little changed to start the week after previous week price drop

NYSE:AM has continued its downward trajectory following a company presentation that cuts spending and trimmed the fiscal year guidance for the energy firm by 7%. The report also provided earnings that were more or less in line with expectations although this was also accompanied by a 14% decline in revenues year-over-year. Antero Midstream investors have had a tough year as shares are down 2.45% over the past 52-weeks – trailing the S&P 500 by over 20% for that timeframe. 

Wall Street analysts are in wait-and-see mode with the energy stock as the natural gas industry attempts to recover from being battered down by the COVID-19 pandemic. Since March 6th, the total U.S. drilling rig count for gas and oil has declined by nearly 70% and the total number of crews on drilling sites has declined by nearly 75%. As drilling for natural gas picks up with the support of the Trump administration in its attempts to return natural resource extraction back to American soil – we should see a rebound for the decimated sector.

AM Stock News

Of the ten firms that follow Antero Midstream, six analysts have given a hold rating, three have given a sell rating, and one has provided a buy rating while accumulating a median target price of $6.00 per share. This could potentially mean that the stock has further downside moving forward – with Wall Street expectations of slower recovery from COVID-19 than investors want to believe.