Antero Resources tumbles after slashing Utica gas estimate
DENVER, Colorado (Bloomberg) -- Antero Resources Corp. fell the most ever after cutting its production estimate for a section of its Utica shale holdings.
Antero dropped 3.8% to $60.81 at 11:25 a.m. in New York. The shares earlier tumbled as much as 11%, the most intraday since Oct. 10. Prior to today, shares gained 44% since the Denver based-company’s public offering on Oct. 9.
Antero reduced its estimate for how much gas one section of its Utica holdings will yield by 34%, according to a statement today. Another section’s production forecast was cut by 31%. The company’s oil and gas holdings are located in West Virginia, Ohio and Pennsylvania.
Antero has 12 buy recommendations and five holds from analysts, according to data compiled by Bloomberg. The company spent $2.1 bn to find and develop new fields in 2013 and has untapped reserves large enough to sustain output for four decades.