Why Antero Resources Stock Is Slumping Today
Shares of Antero Resources (NYSE: AR) had slid more than 10% by 10:30 p.m. EDT on Friday. The energy company is getting hit by lower oil prices and an analyst downgrade.
While shares of Antero Resources popped earlier this week thanks to higher oil prices, they've been on a seemingly never-ending downward slide over the past few years. In 2019 alone, shares have tumbled about 65%. Despite that much lower share price, an analyst at Goldman Sachs downgraded shares of the natural gas driller today from buy to neutral. The analyst made that move citing its less attractive valuation compared to its peers. In the analyst's estimation, Antero trades at 5.5 times its projected EBITDA for next year, which is largely in line with those of other gas-focused drillers.
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Source Fool.com