A month has gone by since the last earnings report for Antero Midstream Corporation (AM Quick QuoteAM - Free Report) . Shares have lost about 0.1% in that time frame, outperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Antero Midstream Corporation due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Antero Midstream Misses Q1 Earnings Estimates

Antero Midstream reported first-quarter adjusted earnings per share of 19 cents, missing the Zacks Consensus Estimate and declining from year-ago quarter earnings, both being 21 cents.

Total quarterly revenues of $218 million surpassed the Zacks Consensus Estimate of $216 million. The top line, however, decreased from $224 million in the year-ago quarter.

Antero Midstream’s weak earnings can be attributed to lower freshwater delivery volumes. This was partially offset by higher average daily compression volumes.

Operational Performance

For first-quarter 2022, average daily compression volumes were recorded at 2,816 million cubic feet (MMcf/d), up from the year-ago level of 2,706 MMcf/d. On a per-Mcf basis, the compression fee was 21 cents, improving from the prior-year quarter’s 20 cents.

For the reported quarter, high-pressure gathering volumes totaled 2,878 MMcf/d, up from the year-ago period’s 2,812 MMcf/d. On a per-Mcf basis, the average gathering high-pressure fee was 21 cents, improving from the prior-year level of 20 cents.

Low-pressure gathering volumes averaged 2,930 MMcf/d, up from the first-quarter 2021 figure of 2,853 MMcf/d. On a per-Mcf basis, the average gathering low-pressure fee was 34 cents, higher than the prior-year level of 33 cents.

Freshwater delivery volumes were at 87 MBbls/d, down 16% from the prior-year level of 104 MBbls/d. On a per-barrel basis, the average freshwater distribution fee was $4.07 per barrel in the reported quarter, up from $3.97 in the prior-year quarter.

Operating Expenses

For first-quarter 2022, direct operating expenses of Antero Midstream were recorded at $42 million, up from $39.3 million a year ago. G&A expenses remained almost flat at $17.9 million.

Antero Midstream’s total expenses for the quarter were $89.3 million, decreasing from the first-quarter 2021 levels of $90.5 million.

Balance Sheet

As of Mar 31, Antero Midstream had no cash and cash equivalents. As of the same date, Antero Midstream had $3,133.2 million of long-term debt. It had a long-term debt to capitalization of 58.1%.

Other Details

Antero Midstream’s free cash flow after dividend payments was a $37.6-million deficit in the first quarter.

Capital expenditure (accrual basis) of Antero Midstream was recorded at $94.7 million. Net cash from operations was $185 million in the reported quarter.

How Have Estimates Been Moving Since Then?

It turns out, estimates revision flatlined during the past month.

VGM Scores

Currently, Antero Midstream Corporation has a subpar Growth Score of D, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Antero Midstream Corporation has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.