123,400 Antero Midstream Corporation $AM Shares Acquired by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

Key Points

• Cushing Asset Management increased its Antero Midstream stake by 49.2%, acquiring 123,400 shares and bringing its total holdings to 374,400 shares, valued at approximately $7.55 million.
• Antero Midstream reported quarterly revenue of $327.24 million, up 7.1% year over year, and earnings of $0.27 per share, in line with analyst expectations.
• The company declared a quarterly dividend of $0.225 per share, equivalent to a 4.3% annualized yield, while analysts maintained a consensus “Hold” rating with a $24.20 price target.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in Antero Midstream Corporation (NYSE:AM - Free Report) by 49.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 374,400 shares of the pipeline company's stock after acquiring an additional 123,400 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.08% of Antero Midstream worth $7,548,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AM. BlackRock Inc. acquired a new position in shares of Antero Midstream in the 2nd quarter valued at about $869,045,000. Bank of New York Mellon Corp purchased a new position in shares of Antero Midstream in the second quarter valued at approximately $157,371,000. Kayne Anderson Capital Advisors LP purchased a new stake in shares of Antero Midstream during the second quarter worth $49,883,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Antero Midstream in the 2nd quarter worth approximately $46,007,000. Finally, RR Advisors LLC acquired a new position in Antero Midstream during the second quarter worth $34,435,000. Institutional investors and hedge funds own 53.97% of the company's stock.

Antero Midstream Trading Down 0.2%

NYSE:AM opened at $20.81 on Tuesday. The stock has a market cap of $9.88 billion, a P/E ratio of 24.78 and a beta of 0.72. Antero Midstream Corporation has a 1 year low of $16.96 and a 1 year high of $23.83. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.84 and a current ratio of 0.84. The stock has a 50-day simple moving average of $21.45 and a 200-day simple moving average of $21.47.

Antero Midstream (NYSE:AM - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The pipeline company reported $0.27 earnings per share for the quarter, hitting analysts' consensus estimates of $0.27. Antero Midstream had a net margin of 32.41% and a return on equity of 20.19%. The company had revenue of $327.24 million for the quarter, compared to analysts' expectations of $326.43 million. During the same quarter last year, the company earned $0.29 earnings per share. The firm's revenue for the quarter was up 7.1% on a year-over-year basis. As a group, analysts anticipate that Antero Midstream Corporation will post 1.23 earnings per share for the current fiscal year.

Antero Midstream Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 11th. Shareholders of record on Wednesday, October 28th will be given a dividend of $0.2250 per share. This represents a $0.90 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Wednesday, October 28th. Antero Midstream's dividend payout ratio (DPR) is presently 107.14%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. UBS Group dropped their price target on shares of Antero Midstream from $24.00 to $22.00 and set a "neutral" rating for the company in a research note on Monday, September 21st. Weiss Ratings lowered shares of Antero Midstream from a "buy (b+)" rating to a "buy (b)" rating in a research note on Friday, October 2nd. Wells Fargo & Company boosted their price target on shares of Antero Midstream from $23.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Monday, August 3rd. Zacks Research cut shares of Antero Midstream from a "hold" rating to a "strong sell" rating in a research report on Monday, October 19th. Finally, The Goldman Sachs Group set a $24.00 price objective on shares of Antero Midstream in a research note on Tuesday, July 14th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Antero Midstream currently has a consensus rating of "Hold" and a consensus target price of $24.20.

Insider Activity at Antero Midstream

In other news, insider Sheri Pearce sold 16,000 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $22.01, for a total value of $352,160.00. Following the transaction, the insider owned 83,900 shares of the company's stock, valued at approximately $1,846,639. The trade was a 16.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Brooks Klimley sold 5,000 shares of the business's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $21.27, for a total transaction of $106,350.00. Following the completion of the transaction, the director directly owned 68,204 shares in the company, valued at $1,450,699.08. This represents a 6.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.10% of the company's stock.

Antero Midstream Company Profile

Antero Midstream Corporation NYSE: AM owns, operates and develops midstream energy infrastructure that supports natural gas, natural gas liquids and oil production. The company's services include gathering and compression, water handling and other infrastructure activities that help producers transport hydrocarbons from well sites to processing and takeaway facilities.

Antero Midstream primarily serves Antero Resources' operations in the Appalachian Basin, particularly in West Virginia and Ohio.

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