AM
Antero Midstream Partners LP
NYSE: AM · ENERGY · OIL & GAS MIDSTREAM
$21.67
+1.45% today
Updated 2026-06-12
Market cap
$10.29B
P/E ratio
25.20
P/S ratio
8.01x
EPS (TTM)
$0.86
Dividend yield
4.21%
52W range
$16 – $24
Volume
2.5M
Antero Midstream Partners LP (AM) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed AM price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$21.67
Today
Analyst consensus
$23.29
+7.48% · 12M
2030 Base
$10.79
-50.21% future
NPV today
$7.54
@ 8% WACC
10 analysts:
1 Buy8 Hold2 Sell
Management guidance
Antero Midstream projects high single-digit EBITDA growth through 2026, with a strategic leverage target of 3.0x by year-end 2026. Management guidance emphasizes capital-efficient growth driven by natural gas demand from data centers and local power generation, alongside integration of the $1.1B Marcellus Shale acquisition completed in February 2026. CEO Kennedy has not provided explicit revenue targets beyond 2026, but the company targets sustained EBITDA growth in the high single-digit range (7-9% annually) as a proxy for revenue trajectory.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
AM · Antero Midstream Partners LP · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$3.05
NPV today: $2.13
Base case (2030)
$10.79
NPV today: $7.54
Bull case (2030)
$26.26
NPV today: $18.34
WallStSmart.com
AM financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.4B | $1.5B | $1.6B | $1.8B | $1.9B |
| Revenue growth | 7.0% | 8.6% | 7.8% | 7.6% | 7.0% | 6.6% |
| Net margin | — | 43.2% | 44.6% | 45.7% | 46.1% | 46.3% |
| EPS | $1.09 | $1.28 | $1.42 | $1.56 | $1.68 | $1.79 |
| Diluted shares | — | 476M | 478M | 479M | 481M | 482M |
| Net debt | — | $2.88B | $2.74B | $2.59B | $2.43B | $2.26B |
| P/S multiple | — | 4.0x | 4.0x | 4.0x | 4.0x | 4.0x |
| Implied price (base) | — | $5.79 | $6.99 | $8.24 | $9.51 | $10.79 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $1.9B | $1.9B | $1.9B |
| P/S multiple | 2.0x | 4.0x | 8.0x |
| Diluted shares | 482M | 482M | 482M |
| Net debt | $2.26B | $2.26B | $2.26B |
| Implied P/E † | 2x | 6x | 15x |
| 2030 Price | $3.05 | $10.79 | $26.26 |
| NPV @ 8% | $2.13 | $7.54 | $18.34 |
† Implied P/E: Multiples remain elevated across all three scenarios because AM is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $10.79 base case
AM catalysts and risks
Growth catalysts
+ Integration of $1.1B Marcellus Shale acquisition (HG Midstream) completed Feb 2026 contributing incremental EBITDA and revenue
+ Accelerating natural gas demand from hyperscaler data centers and power generation projects (Microsoft, Meta capex cycles through 2028)
+ Water systems acquisition integration driving margin expansion and recurring revenue streams
+ Delaware Basin volume growth from Antero Resources (parent company) supporting gathering/compression volumes
+ Potential strategic M&A or asset monetization to optimize capital structure and deleveraging pathway
Key risks
- Recession risk and energy demand contraction reducing midstream utilization and volumes
- Rising interest rates increasing leverage costs; 3.0x target may require revenue growth above current trajectory
- Insider selling signal (CEO Kennedy + Schultz sold $3.7M combined May 2026) suggests limited conviction near $22 price
- Elevated payout ratio (105%+) limits reinvestment flexibility; dividend sustainability risk if revenue growth stalls
- Competitive pressure in midstream; lower throughput growth from Antero Resources if upstream commodity prices decline
- Regulatory risk on natural gas infrastructure and data center power buildout timelines
Methodology · Antero Midstream Partners LP 2030 stock forecast model
Antero Midstream Partners LP 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 10 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (2% cumulative for AM by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($2.26B by 2030) |
| 3. Time value | NPV calculated using 8% WACC (CAPM: beta 0.657) |
| 4. Multiple framework | P/S compresses with scale: bear 2.0x / base 4.0x / bull 8.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 20, 2026.
AM price target FAQ
What is the AM price target for 2030?
WallStSmart's Antero Midstream Partners LP 2030 base case is $10.79 per share, with a bull case of $26.26 and bear case of $3.05. The NPV of the base case discounted to today at 8% WACC is $7.54.
How is the Antero Midstream Partners LP 2030 stock forecast calculated?
The AM 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the AM price target account for dilution?
Antero Midstream Partners LP is projected to grow diluted share count from 475M to 482M by 2030 (a 2% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 2%.
What is the analyst consensus on AM stock?
10 analysts cover AM with an average 12-month price target of $23.29. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.