Intrinsic value of Antero Midstream Partners - AM

Previous Close

$26.49

  Intrinsic Value

$1.65

stock screener

  Rating & Target

str. sell

-94%

Previous close

$26.49

 
Intrinsic value

$1.65

 
Up/down potential

-94%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Antero Midstream Partners (AM) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  51.42
  29.30
  26.87
  24.68
  22.71
  20.94
  19.35
  17.91
  16.62
  15.46
  14.41
  13.47
  12.63
  11.86
  11.18
  10.56
  10.00
  9.50
  9.05
  8.65
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
Revenue, $m
  586
  758
  961
  1,199
  1,471
  1,779
  2,123
  2,503
  2,919
  3,371
  3,857
  4,376
  4,929
  5,514
  6,130
  6,777
  7,455
  8,163
  8,902
  9,672
  10,473
  11,307
  12,172
  13,072
  14,008
  14,979
  15,990
  17,040
  18,133
  19,270
  20,454
Variable operating expenses, $m
 
  411
  522
  651
  799
  966
  1,153
  1,359
  1,585
  1,830
  2,094
  2,376
  2,676
  2,994
  3,329
  3,680
  4,048
  4,433
  4,834
  5,252
  5,687
  6,139
  6,610
  7,098
  7,606
  8,134
  8,682
  9,253
  9,846
  10,464
  11,107
Fixed operating expenses, $m
 
  10
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
Total operating expenses, $m
  328
  421
  533
  662
  810
  977
  1,165
  1,371
  1,597
  1,842
  2,107
  2,389
  2,689
  3,008
  3,343
  3,694
  4,063
  4,448
  4,850
  5,268
  5,703
  6,156
  6,627
  7,116
  7,624
  8,153
  8,701
  9,272
  9,866
  10,484
  11,128
Operating income, $m
  258
  336
  429
  537
  661
  802
  959
  1,132
  1,322
  1,528
  1,750
  1,987
  2,239
  2,506
  2,787
  3,083
  3,392
  3,715
  4,053
  4,404
  4,770
  5,150
  5,546
  5,956
  6,383
  6,827
  7,288
  7,768
  8,267
  8,786
  9,327
EBITDA, $m
  358
  466
  593
  742
  913
  1,106
  1,322
  1,560
  1,821
  2,105
  2,409
  2,735
  3,082
  3,449
  3,836
  4,242
  4,667
  5,112
  5,575
  6,059
  6,561
  7,084
  7,627
  8,192
  8,779
  9,389
  10,023
  10,682
  11,368
  12,082
  12,825
Interest expense (income), $m
  13
  30
  41
  55
  71
  89
  110
  133
  159
  187
  217
  250
  284
  322
  361
  402
  446
  491
  539
  589
  640
  694
  750
  808
  869
  932
  997
  1,065
  1,136
  1,209
  1,285
Earnings before tax, $m
  237
  306
  388
  482
  590
  712
  849
  999
  1,163
  1,341
  1,533
  1,737
  1,955
  2,184
  2,426
  2,680
  2,946
  3,224
  3,514
  3,816
  4,130
  4,456
  4,795
  5,148
  5,514
  5,895
  6,291
  6,703
  7,131
  7,577
  8,041
Tax expense, $m
  0
  83
  105
  130
  159
  192
  229
  270
  314
  362
  414
  469
  528
  590
  655
  724
  796
  871
  949
  1,030
  1,115
  1,203
  1,295
  1,390
  1,489
  1,592
  1,699
  1,810
  1,925
  2,046
  2,171
Net income, $m
  237
  224
  283
  352
  431
  520
  620
  729
  849
  979
  1,119
  1,268
  1,427
  1,595
  1,771
  1,957
  2,151
  2,354
  2,565
  2,785
  3,015
  3,253
  3,501
  3,758
  4,026
  4,304
  4,593
  4,893
  5,206
  5,531
  5,870

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,350
  3,019
  3,830
  4,775
  5,860
  7,087
  8,458
  9,974
  11,631
  13,430
  15,365
  17,436
  19,637
  21,967
  24,422
  27,000
  29,701
  32,524
  35,468
  38,535
  41,727
  45,046
  48,496
  52,081
  55,807
  59,679
  63,704
  67,889
  72,243
  76,774
  81,491
Adjusted assets (=assets-cash), $m
  2,336
  3,019
  3,830
  4,775
  5,860
  7,087
  8,458
  9,974
  11,631
  13,430
  15,365
  17,436
  19,637
  21,967
  24,422
  27,000
  29,701
  32,524
  35,468
  38,535
  41,727
  45,046
  48,496
  52,081
  55,807
  59,679
  63,704
  67,889
  72,243
  76,774
  81,491
Revenue / Adjusted assets
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
Average production assets, $m
  2,045
  2,644
  3,354
  4,182
  5,132
  6,206
  7,407
  8,734
  10,186
  11,761
  13,456
  15,269
  17,197
  19,237
  21,387
  23,645
  26,011
  28,482
  31,061
  33,747
  36,542
  39,448
  42,470
  45,609
  48,872
  52,263
  55,788
  59,453
  63,266
  67,234
  71,365
Working capital, $m
  -2
  -20
  -26
  -32
  -40
  -48
  -57
  -68
  -79
  -91
  -104
  -118
  -133
  -149
  -166
  -183
  -201
  -220
  -240
  -261
  -283
  -305
  -329
  -353
  -378
  -404
  -432
  -460
  -490
  -520
  -552
Total debt, $m
  850
  1,178
  1,569
  2,025
  2,547
  3,139
  3,800
  4,530
  5,329
  6,196
  7,129
  8,127
  9,188
  10,311
  11,494
  12,737
  14,039
  15,399
  16,819
  18,297
  19,835
  21,435
  23,098
  24,826
  26,622
  28,488
  30,428
  32,446
  34,544
  36,728
  39,002
Total liabilities, $m
  1,127
  1,455
  1,846
  2,302
  2,824
  3,416
  4,077
  4,807
  5,606
  6,473
  7,406
  8,404
  9,465
  10,588
  11,771
  13,014
  14,316
  15,676
  17,096
  18,574
  20,112
  21,712
  23,375
  25,103
  26,899
  28,765
  30,705
  32,723
  34,821
  37,005
  39,279
Total equity, $m
  1,223
  1,564
  1,984
  2,474
  3,035
  3,671
  4,381
  5,166
  6,025
  6,957
  7,959
  9,032
  10,172
  11,379
  12,650
  13,986
  15,385
  16,847
  18,372
  19,961
  21,614
  23,334
  25,121
  26,978
  28,908
  30,914
  32,999
  35,167
  37,422
  39,769
  42,213
Total liabilities and equity, $m
  2,350
  3,019
  3,830
  4,776
  5,859
  7,087
  8,458
  9,973
  11,631
  13,430
  15,365
  17,436
  19,637
  21,967
  24,421
  27,000
  29,701
  32,523
  35,468
  38,535
  41,726
  45,046
  48,496
  52,081
  55,807
  59,679
  63,704
  67,890
  72,243
  76,774
  81,492
Debt-to-equity ratio
  0.695
  0.750
  0.790
  0.820
  0.840
  0.860
  0.870
  0.880
  0.880
  0.890
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
  0.920
Adjusted equity ratio
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518
  0.518

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  237
  224
  283
  352
  431
  520
  620
  729
  849
  979
  1,119
  1,268
  1,427
  1,595
  1,771
  1,957
  2,151
  2,354
  2,565
  2,785
  3,015
  3,253
  3,501
  3,758
  4,026
  4,304
  4,593
  4,893
  5,206
  5,531
  5,870
Depreciation, amort., depletion, $m
  100
  130
  164
  205
  252
  304
  363
  428
  499
  577
  660
  748
  843
  943
  1,048
  1,159
  1,275
  1,396
  1,523
  1,654
  1,791
  1,934
  2,082
  2,236
  2,396
  2,562
  2,735
  2,914
  3,101
  3,296
  3,498
Funds from operations, $m
  373
  353
  447
  557
  682
  824
  983
  1,158
  1,349
  1,556
  1,779
  2,017
  2,270
  2,538
  2,820
  3,116
  3,426
  3,750
  4,088
  4,440
  4,806
  5,187
  5,582
  5,994
  6,421
  6,865
  7,327
  7,808
  8,307
  8,827
  9,368
Change in working capital, $m
  -6
  -5
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
Cash from operations, $m
  379
  358
  453
  563
  690
  833
  992
  1,168
  1,360
  1,568
  1,792
  2,031
  2,285
  2,553
  2,836
  3,133
  3,444
  3,769
  4,108
  4,460
  4,827
  5,209
  5,606
  6,018
  6,446
  6,892
  7,355
  7,836
  8,337
  8,858
  9,400
Maintenance CAPEX, $m
  0
  -100
  -130
  -164
  -205
  -252
  -304
  -363
  -428
  -499
  -577
  -660
  -748
  -843
  -943
  -1,048
  -1,159
  -1,275
  -1,396
  -1,523
  -1,654
  -1,791
  -1,934
  -2,082
  -2,236
  -2,396
  -2,562
  -2,735
  -2,914
  -3,101
  -3,296
New CAPEX, $m
  -416
  -599
  -710
  -828
  -950
  -1,075
  -1,201
  -1,327
  -1,452
  -1,575
  -1,695
  -1,813
  -1,928
  -2,040
  -2,150
  -2,258
  -2,365
  -2,472
  -2,578
  -2,686
  -2,795
  -2,907
  -3,021
  -3,140
  -3,263
  -3,391
  -3,525
  -3,665
  -3,813
  -3,968
  -4,131
Cash from investing activities, $m
  -478
  -699
  -840
  -992
  -1,155
  -1,327
  -1,505
  -1,690
  -1,880
  -2,074
  -2,272
  -2,473
  -2,676
  -2,883
  -3,093
  -3,306
  -3,524
  -3,747
  -3,974
  -4,209
  -4,449
  -4,698
  -4,955
  -5,222
  -5,499
  -5,787
  -6,087
  -6,400
  -6,727
  -7,069
  -7,427
Free cash flow, $m
  -99
  -342
  -387
  -429
  -465
  -494
  -513
  -522
  -520
  -506
  -480
  -442
  -392
  -330
  -257
  -173
  -80
  22
  133
  252
  378
  511
  651
  796
  948
  1,105
  1,268
  1,436
  1,609
  1,789
  1,973
Issuance/(repayment) of debt, $m
  230
  328
  391
  456
  523
  592
  661
  730
  799
  867
  933
  998
  1,061
  1,123
  1,183
  1,243
  1,302
  1,360
  1,419
  1,478
  1,538
  1,600
  1,663
  1,728
  1,796
  1,866
  1,940
  2,017
  2,099
  2,184
  2,274
Issuance/(repurchase) of shares, $m
  65
  131
  137
  138
  131
  116
  91
  56
  9
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  289
  459
  528
  594
  654
  708
  752
  786
  808
  867
  933
  998
  1,061
  1,123
  1,183
  1,243
  1,302
  1,360
  1,419
  1,478
  1,538
  1,600
  1,663
  1,728
  1,796
  1,866
  1,940
  2,017
  2,099
  2,184
  2,274
Total cash flow (excl. dividends), $m
  189
  118
  141
  164
  189
  213
  239
  264
  288
  361
  453
  556
  670
  793
  927
  1,069
  1,222
  1,383
  1,552
  1,730
  1,917
  2,111
  2,314
  2,525
  2,744
  2,971
  3,208
  3,453
  3,708
  3,972
  4,247
Retained Cash Flow (-), $m
  -140
  -355
  -420
  -490
  -562
  -636
  -710
  -785
  -859
  -931
  -1,003
  -1,072
  -1,140
  -1,207
  -1,272
  -1,336
  -1,399
  -1,462
  -1,525
  -1,589
  -1,653
  -1,719
  -1,787
  -1,857
  -1,930
  -2,006
  -2,085
  -2,168
  -2,255
  -2,347
  -2,444
Prev. year cash balance distribution, $m
 
  14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -223
  -279
  -325
  -373
  -422
  -472
  -521
  -570
  -571
  -550
  -516
  -471
  -414
  -345
  -266
  -177
  -79
  27
  142
  263
  392
  527
  667
  814
  966
  1,123
  1,285
  1,453
  1,625
  1,803
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  -211
  -249
  -272
  -290
  -304
  -312
  -314
  -311
  -279
  -239
  -198
  -157
  -119
  -85
  -55
  -30
  -11
  3
  13
  19
  21
  22
  20
  18
  15
  12
  10
  7
  5
  4
Current shareholders' claim on cash, %
  100
  97.4
  95.3
  93.7
  92.4
  91.6
  91.0
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7
  90.7

Antero Midstream Partners LP is a limited partnership formed by Antero Resources Corporation (Antero Resources) to own, operate and develop midstream energy assets to service Antero Resources' production. The Company's segments include gathering and compression, and water handling and treatment. The gathering and compression segment includes a network of gathering pipelines, compressor stations, and processing and fractionation plants that collect and process natural gas, natural gas liquids (NGLs) and oil from Antero Resources' wells in West Virginia and Ohio. Its water handling and treatment segment includes two independent fresh water distribution systems from sources including the Ohio River, local reservoirs, as well as several regional waterways. The water handling and treatment segment also includes other fluid handling services which includes, high rate transfer, wastewater transportation, disposal and treatment.

FINANCIAL RATIOS  of  Antero Midstream Partners (AM)

Valuation Ratios
P/E Ratio 20
Price to Sales 8.1
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow -128.1
Growth Rates
Sales Growth Rate 51.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -8.2%
Cap. Spend. - 3 Yr. Gr. Rate -6.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 69.5%
Total Debt to Equity 69.5%
Interest Coverage 19
Management Effectiveness
Return On Assets 11.5%
Ret/ On Assets - 3 Yr. Avg. 10.5%
Return On Total Capital 12.6%
Ret/ On T. Cap. - 3 Yr. Avg. 11%
Return On Equity 20.6%
Return On Equity - 3 Yr. Avg. 14.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 72.5%
Gross Margin - 3 Yr. Avg. 77.9%
EBITDA Margin 59.7%
EBITDA Margin - 3 Yr. Avg. 65.2%
Operating Margin 44%
Oper. Margin - 3 Yr. Avg. 45.9%
Pre-Tax Margin 40.4%
Pre-Tax Margin - 3 Yr. Avg. 43.2%
Net Profit Margin 40.4%
Net Profit Margin - 3 Yr. Avg. 43.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 76.8%

AM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AM stock intrinsic value calculation we used $586 million for the last fiscal year's total revenue generated by Antero Midstream Partners. The default revenue input number comes from 2016 income statement of Antero Midstream Partners. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AM stock valuation model: a) initial revenue growth rate of 29.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.6%, whose default value for AM is calculated based on our internal credit rating of Antero Midstream Partners, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Antero Midstream Partners.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AM stock the variable cost ratio is equal to 54.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $10 million in the base year in the intrinsic value calculation for AM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Antero Midstream Partners.

Corporate tax rate of 27% is the nominal tax rate for Antero Midstream Partners. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AM are equal to 348.9%.

Life of production assets of 20.4 years is the average useful life of capital assets used in Antero Midstream Partners operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AM is equal to -2.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1223 million for Antero Midstream Partners - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 185.262 million for Antero Midstream Partners is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Antero Midstream Partners at the current share price and the inputted number of shares is $4.9 billion.

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COMPANY NEWS

▶ Antero Midstream Partners LP to Host Earnings Call   [Feb-14-18 09:45AM  ACCESSWIRE]
▶ Antero Midstream Partners posts 4Q profit   [Feb-13-18 04:49PM  Associated Press]
▶ This Is 1 Stock Income Investors Won't Want to Miss   [Jan-30-18 11:05AM  Motley Fool]
▶ WES, EQM, and CEQP among Gathering MLPs on Barclays Radar   [Jan-25-18 02:45PM  Market Realist]
▶ 3 Top Dividend Stocks to Buy Right Now   [Jan-23-18 03:37PM  Motley Fool]
▶ This Top Dividend Growth Stock Sees No End in Sight   [Jan-21-18 11:35AM  Motley Fool]
▶ Why Phillips 66 Partners Is among the Top MLP Picks for 2018   [Jan-12-18 03:10PM  Market Realist]
▶ Best Energy Dividend Stocks In NYSE   [Jan-09-18 08:02AM  Simply Wall St.]
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▶ Alerian Index Series December 2017 Index Review   [Dec-08-17 08:30AM  PR Newswire]
▶ These MLPs Saw the Biggest Rises Last Week   [Dec-04-17 11:14AM  Market Realist]
▶ 3 Stocks the World's Best Investors Are Buying Right Now   [Nov-17-17 10:23AM  Motley Fool]
▶ Antero Midstream Partners Misses Earnings Estimates   [Nov-10-17 02:29PM  Market Realist]
▶ November Top Growth Stocks   [Nov-04-17 12:02PM  Simply Wall St.]
▶ Antero Midstream Partners posts 3Q profit   [Nov-01-17 07:10PM  Associated Press]
▶ 3 Dividend Stocks for a Natural Gas-Fueled Future   [Oct-31-17 03:33PM  Motley Fool]
▶ Why Antero Is the Favorite MLP among Analysts   [Oct-03-17 01:37PM  Market Realist]
▶ What Drove Antero Midstreams Strong 2Q17 Earnings Growth?   [Aug-10-17 01:34PM  Market Realist]
▶ Antero Midstream Partners posts 2Q profit   [12:58AM  Associated Press]
▶ 7 Dividend Stocks Increasing Payouts   [Jul-14-17 12:56PM  InvestorPlace]
▶ These MLPs Have Top Upside Potentials after June   [Jul-10-17 07:36AM  Market Realist]
▶ Wall Street Analysts Are Bullish on EQT Midstream Partners   [Jun-21-17 09:08AM  Market Realist]
▶ What Does EQT Midstream Partners Current Valuation Indicate?   [Jun-20-17 04:31PM  Market Realist]
▶ IPO Stock News And Analysis: Find Today's Top New Issues   [Jun-19-17 10:07PM  Investor's Business Daily]
▶ Energy Stocks And Industry News: Oil, Gas, Solar, Coal   [Jun-15-17 03:25PM  Investor's Business Daily]
▶ Key Ratings Changes for MLPs Last Week: AM and APLP   [Jun-05-17 04:29PM  Market Realist]
Financial statements of AM
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