Antero Midstream (AM) Q4 Results - Feb 15
Posted: Thu Feb 15, 2024 2:26 pm
This morning, I updated my forecast/valuation model for Antero Resources (AR) and posted it to the EPG Website. To understand the upside for AM you need to understand the Company's relationship with AR. See what I've posted under the Sweet 16 tab about AR's Q4 results.
AM is one of the midstream companies in our High Yield Income Portfolio. At the time of this post AM was trading for $12.39. It pays quarterly dividends of $0.225/share for annualized yield of 7.26%.
AM's Fourth Quarter 2023 Highlights:
Net Income was $100 million, or $0.21 per diluted share, a 24% per share increase compared to the prior year quarter
Adjusted Net Income was $114 million, or $0.24 per diluted share, a 20% per share increase compared to the prior year quarter (non-GAAP measure) < Compares to my forecast of $110.6 million net income.
Low pressure gathering and processing volumes increased by 10% and 12%, respectively, compared to the prior year quarter
Adjusted EBITDA was $254 million, a 10% increase compared to the prior year quarter (non-GAAP measure)
Capital expenditures were $46 million, a 27% decrease compared to the prior year quarter
Free Cash Flow after dividends was $48 million compared to $8 million in the prior year quarter (non-GAAP measure) < This means that AM has the potential to raise dividends this year.
AM is one of the midstream companies in our High Yield Income Portfolio. At the time of this post AM was trading for $12.39. It pays quarterly dividends of $0.225/share for annualized yield of 7.26%.
AM's Fourth Quarter 2023 Highlights:
Net Income was $100 million, or $0.21 per diluted share, a 24% per share increase compared to the prior year quarter
Adjusted Net Income was $114 million, or $0.24 per diluted share, a 20% per share increase compared to the prior year quarter (non-GAAP measure) < Compares to my forecast of $110.6 million net income.
Low pressure gathering and processing volumes increased by 10% and 12%, respectively, compared to the prior year quarter
Adjusted EBITDA was $254 million, a 10% increase compared to the prior year quarter (non-GAAP measure)
Capital expenditures were $46 million, a 27% decrease compared to the prior year quarter
Free Cash Flow after dividends was $48 million compared to $8 million in the prior year quarter (non-GAAP measure) < This means that AM has the potential to raise dividends this year.