Antero Resources (AR; 1st day of trading--Oct. 10; Outperform; PT: $55)Liquids-rich opportunities create value; initiating coverage with outperform rating & $55 target price. AR has substantial Marcellus opportunity and emerging Utica play with a liquids-rich asset base with ~28 Tcfe of total P3 reserves, consisting of 91% natural gas. A low-cost operator; cash operating costs ~$2/mcfe and F&D costs of ~$1/mcfe. Very strong production growth from 458 Mmcfe/d (including 4,160 b/d liquids) in 2Q13......
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