-- 独立系調査会社CFRAは、に対し、以下の調査レポートを提供しました。CFRAのアナリストは、以下のように見解をまとめています。ARは2026年第1四半期の調整後EPSが1.15ドル（市場予想0.78ドル）となり、コンセンサスを0.01ドル上回り、好調なスタートを切りました。調整後EBITDAXは7億2,300万ドルで、前年同期比32%増となりました。これは、堅調な価格設定と過去最高の生産量39億立方フィート相当/日（13%増）によるものです。天然ガス販売価格は平均5.57ドル/千立方フィートで、NYMEX価格を0.53ドル上回りました。純生産量は、ガス販売量が前年同期比21%増の26億立方フィート/日となったことで押し上げられました。28億ドルのHG買収（2026年2月完了）が重要な起爆剤になると見ています。経営陣は、第2四半期の現金コストが15%削減され、統合によるメリットが得られると予想しています。 ARは、2026年の生産量を4.1 bcfe/日（前年比20%増）と見込んでおり、総現金コストは1Mcfeあたり2.25～2.35ドル（中間値で0.10ドル減）と予測しています。当社は、ARが2026年に3.91ドル/MMBtuで45%、2027年に30%のヘッジ保護を受けていると推定しています。これは、スポット価格の上昇余地を維持しながら、下値のサポートとなります。カタールLNGの生産能力低下と、ARの第1四半期における2.3 Bcf/日のLNG関連販売を考慮すると、米国産ガスの調達圧力が高まっていると見ています。これは、価格に関する当社の強気な見方を裏付けています。
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