Greenlight Capital Bets on Natural Gas: Antero Resources Added to Portfolio as Energy Strategy Shifts
Prominent hedge fund Greenlight Capital, led by David Einhorn, has positioned itself in the natural gas market with a new investment in Antero Resources Corp. (NYSE: AR), according to the firm's fourth-quarter 2025 investor letter released this week.
The fund, which employs a value-oriented strategy combining long positions in undervalued assets with short sales of overvalued ones, reported a net return of 8.5% for Q4 2025, significantly outperforming the S&P 500's 2.7% gain. For the full year, Greenlight returned 9.0% net, trailing the broader index's 17.9% rally.
Antero Resources, a Denver-based independent exploration and production company focused on Appalachian Basin natural gas and natural gas liquids, closed at $35.30 per share on January 29, 2026. The stock has seen modest recent gains but remains down over the past year, giving it a market capitalization of approximately $10.9 billion.
"Our analysis suggests the market is undervaluing high-quality natural gas assets with strong operational leverage to any rebound in prices," Greenlight's letter stated, though it did not disclose the size of its Antero stake. The fund noted that while 70 hedge funds held Antero at the end of Q3 2025, it remains outside the hedge fund community's most popular picks.
The move comes amid a volatile period for energy markets, where natural gas prices have faced headwinds from warm winter weather and high storage levels. However, analysts point to long-term structural drivers, including growing liquefied natural gas (LNG) export capacity and industrial demand, as potential catalysts for the sector.
Investor Reactions:
Michael Thorne, Portfolio Manager at Ridgecrest Advisors: "Greenlight's entry is a notable vote of confidence. Antero has a top-tier asset base, and its focus on natural gas liquids provides a hedge. This isn't a short-term trade; it's a bet on the next energy cycle."
Sarah Chen, Energy Analyst at ClearView Macro: "The timing is intriguing. While near-term fundamentals are soft, the forward curve and demand projections for late 2026 and beyond look more constructive. Greenlight appears to be building a position ahead of that inflection."
James "Rick" Dalton, independent investor and frequent financial commentator: "This is classic Einhorn—trying to catch a falling knife. Natural gas is dead money until the export boom materializes, and that's years away. Why tie up capital here when there are clearer trends in AI and infrastructure? It feels like a nostalgic play for the old energy world."
Priya Sharma, Managing Director at Lumina Capital: "The critical detail is that Greenlight still favors AI stocks for near-term upside, as mentioned in their letter. This Antero position is likely a smaller, tactical part of a broader portfolio designed to hedge specific macro risks or capitalize on extreme pessimism in one corner of the market."
Since its 1996 inception, Greenlight Capital has returned $6.1 billion net to its investors. Its latest portfolio maneuver highlights a continued search for mispriced assets outside the market's current favorites.