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NS - Antero Midstream Shares Are Significantly Undervalued Too
Nustar Energy L.P.
Introduction
This evening, I was going through Energy Transfer's (ET) fourth quarter 2019 and full-year results, and going through the numbers, I could not help to compare this massive pipeline company to Antero Midstream (AM), a much smaller, regional peer, that is fresh on my mind after my recent deep-dive into Antero Resources (AR).
Investment Thesis
Antero Midstream shares are materially undervalued in their own right, comparing favorably on every metric to another leading, undervalued, much larger peer, Energy Transfer, further adding to the undervaluation narrative at Antero Resources.