AM - Why These 2 Natural Gas Stocks Skyrocketed More Than 100% in April
Shares of natural gas producer Antero Resources (NYSE: AR) and its midstream arm Antero Midstream (NYSE: AM) have endured some epic volatility this year. They both cratered more than 50% in March only to rebound a jaw-dropping 345.4% (AR) and 131.7% (AM) in April, according to data provided by S&P Global Market Intelligence. Several factors fueled those big runs last month.
Antero Resources and Antero Midstream both cratered along with energy prices in March. One factor weighing on them is the concern that the plunging prices might cause Antero Resources' banks to slash the borrowing base on its credit facility. That could impact its ability to pay its bills, including the fees it owes Antero Midstream. Those fears, however, eased up in April after Antero unveiled that its banks approved its borrowing base at $2.85 billion, which left it with $1 billion of liquidity.
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