Antero Midstream Partners (AM) and CNX Midstream Partners (CNXM) Critical Comparison

Antero Midstream Partners (NYSE: AM) and CNX Midstream Partners (NYSE:CNXM) are both oils/energy companies, but which is the superior business? We will contrast the two companies based on the strength of their earnings, dividends, analyst recommendations, profitability, risk, institutional ownership and valuation.

Analyst Recommendations

This is a breakdown of current ratings and recommmendations for Antero Midstream Partners and CNX Midstream Partners, as provided by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score
Antero Midstream Partners 0 0 12 0 3.00
CNX Midstream Partners 0 3 5 0 2.63

Antero Midstream Partners currently has a consensus target price of $36.92, indicating a potential upside of 49.40%. CNX Midstream Partners has a consensus target price of $23.63, indicating a potential upside of 32.72%. Given Antero Midstream Partners’ stronger consensus rating and higher probable upside, equities research analysts plainly believe Antero Midstream Partners is more favorable than CNX Midstream Partners.

Dividends

Antero Midstream Partners pays an annual dividend of $1.46 per share and has a dividend yield of 5.9%. CNX Midstream Partners pays an annual dividend of $1.25 per share and has a dividend yield of 7.0%. Antero Midstream Partners pays out 104.3% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. CNX Midstream Partners pays out 72.7% of its earnings in the form of a dividend. Antero Midstream Partners has raised its dividend for 2 consecutive years. CNX Midstream Partners is clearly the better dividend stock, given its higher yield and lower payout ratio.

Insider & Institutional Ownership

49.5% of Antero Midstream Partners shares are owned by institutional investors. Comparatively, 19.8% of CNX Midstream Partners shares are owned by institutional investors. 7.9% of Antero Midstream Partners shares are owned by insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a stock will outperform the market over the long term.

Risk and Volatility

Antero Midstream Partners has a beta of 1.79, meaning that its stock price is 79% more volatile than the S&P 500. Comparatively, CNX Midstream Partners has a beta of 1.77, meaning that its stock price is 77% more volatile than the S&P 500.

Profitability

This table compares Antero Midstream Partners and CNX Midstream Partners’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets
Antero Midstream Partners 32.74% 18.34% 9.83%
CNX Midstream Partners 48.53% 15.38% 12.36%

Earnings & Valuation

This table compares Antero Midstream Partners and CNX Midstream Partners’ gross revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio
Antero Midstream Partners $772.50 million 5.98 $307.31 million $1.40 17.65
CNX Midstream Partners $233.85 million 4.84 $114.99 million $1.72 10.35

Antero Midstream Partners has higher revenue and earnings than CNX Midstream Partners. CNX Midstream Partners is trading at a lower price-to-earnings ratio than Antero Midstream Partners, indicating that it is currently the more affordable of the two stocks.

Summary

Antero Midstream Partners beats CNX Midstream Partners on 12 of the 17 factors compared between the two stocks.

About Antero Midstream Partners

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.

About CNX Midstream Partners

CNX Midstream Partners LP owns, operates, develops, and acquires natural gas gathering and other midstream energy assets in the Marcellus Shale and Utica Shale in Pennsylvania and West Virginia. As of December 31, 2017, the company operates 18 compression and dehydration facilities. It also operates condensate handling facilities with handling capacities of 2,500 Bbl/d each in Majorsville, Pennsylvania, as well as Moundsville, West Virginia that provide condensate gathering, collection, separation, and stabilization services. CNX Midstream GP LLC serves as a general partner of the company. The company was formerly known as CONE Midstream Partners LP and changed its name to CNX Midstream Partners LP in January 2018. CNX Midstream Partners LP was founded in 2014 and is based in Canonsburg, Pennsylvania.

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