165,422 Shares in Antero Midstream Corporation $AM Bought by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia acquired 165,422 shares of Antero Midstream in the second quarter, worth approximately $3.76 million. Hedge funds and institutional investors own 53.97% of the company.
• Antero Midstream reported quarterly revenue of $327.24 million and adjusted earnings of $0.27 per share, matching analyst expectations; revenue increased 7.1% year over year.
• The company maintains a quarterly dividend of $0.225 per share, or $0.90 annually, representing a 4.1% yield. Analysts’ consensus rating is “Hold,” with a $24.50 target price versus the stock’s reported $21.92 opening price.

Bank of Nova Scotia purchased a new stake in Antero Midstream Corporation (NYSE:AM - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 165,422 shares of the pipeline company's stock, valued at approximately $3,763,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Clearstead Trust LLC acquired a new position in Antero Midstream during the 2nd quarter worth approximately $30,000. Arax Advisory Partners grew its position in Antero Midstream by 83.9% in the fourth quarter. Arax Advisory Partners now owns 1,734 shares of the pipeline company's stock valued at $31,000 after acquiring an additional 791 shares in the last quarter. Larson Financial Group LLC raised its stake in shares of Antero Midstream by 68.1% during the fourth quarter. Larson Financial Group LLC now owns 1,747 shares of the pipeline company's stock valued at $31,000 after purchasing an additional 708 shares during the period. Root Financial Partners LLC raised its stake in shares of Antero Midstream by 36.4% during the first quarter. Root Financial Partners LLC now owns 2,014 shares of the pipeline company's stock valued at $46,000 after purchasing an additional 537 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of Antero Midstream by 219,900.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,200 shares of the pipeline company's stock worth $39,000 after purchasing an additional 2,199 shares in the last quarter. 53.97% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Sheri Pearce sold 16,000 shares of the business's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $22.01, for a total value of $352,160.00. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brooks J. Klimley sold 5,000 shares of the company's stock in a transaction dated 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 sale, the director owned 68,204 shares in the company, valued at approximately $1,450,699.08. This trade represents a 6.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.10% of the company's stock.

Antero Midstream Price Performance

AM stock opened at $21.92 on Wednesday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.83. Antero Midstream Corporation has a 52-week low of $16.96 and a 52-week high of $23.83. The stock's 50 day moving average is $22.25 and its two-hundred day moving average is $21.99. The company has a market capitalization of $10.40 billion, a PE ratio of 26.10 and a beta of 0.65.

Antero Midstream (NYSE:AM - Get Free Report) last released its earnings results on Wednesday, July 29th. The pipeline company reported $0.27 EPS for the quarter, meeting the consensus estimate of $0.27. Antero Midstream had a return on equity of 20.19% and a net margin of 32.41%.The company had revenue of $327.24 million during the quarter, compared to analysts' expectations of $326.43 million. During the same period in the prior year, the business posted $0.29 EPS. The business's revenue was up 7.1% on a year-over-year basis. Analysts predict that Antero Midstream Corporation will post 1.09 earnings per share for the current fiscal year.

Antero Midstream Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 12th. Shareholders of record on Wednesday, July 29th were paid a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Wednesday, July 29th. Antero Midstream's dividend payout ratio is 107.14%.

Analyst Ratings Changes

Several brokerages have recently weighed in on AM. Wells Fargo & Company upped their target price on shares of Antero Midstream from $23.00 to $24.00 and gave the company an "equal weight" rating in a research note on Monday, August 3rd. The Goldman Sachs Group set a $24.00 price objective on shares of Antero Midstream in a report on Tuesday, July 14th. Finally, Weiss Ratings cut shares of Antero Midstream from a "buy (b+)" rating to a "buy (b)" rating in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $24.50.

About Antero Midstream

Antero Midstream Corporation is a publicly traded midstream service provider that was established in 2014 as a spin-off from Antero Resources. Headquartered in Denver, Colorado, the company owns, operates and develops midstream infrastructure to support the gathering, compression, processing, transportation and storage of natural gas, natural gas liquids (NGLs) and crude oil. Antero Midstream plays a critical role in connecting upstream production in the Appalachian Basin to end-market pipelines and processing facilities.

The company's core operations include a network of gathering pipelines and compression stations that serve the Marcellus and Utica shale formations across West Virginia, Pennsylvania and Ohio.

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