Antero Midstream Corporation $AM Shares Acquired by Geode Capital Management LLC

Key Points

• Geode Capital Management increased its stake in Antero Midstream by 12.5% in the fourth quarter, buying 1.16 million more shares and bringing its holding to 10.47 million shares worth about $186.3 million.
• Wall Street remains cautious on the stock: analysts now have a consensus Hold rating on Antero Midstream, with an average price target of $24.00 despite several recent target-price increases.
• Insiders sold shares in recent weeks, including Michael N. Kennedy and Yvette K. Schultz, while the company also reported Q1 EPS of $0.25, slightly below estimates, and maintained a quarterly dividend of $0.225 per share for a 4.2% yield.

Geode Capital Management LLC lifted its holdings in shares of Antero Midstream Corporation (NYSE:AM - Free Report) by 12.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,472,491 shares of the pipeline company's stock after purchasing an additional 1,161,684 shares during the quarter. Geode Capital Management LLC owned about 2.20% of Antero Midstream worth $186,328,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Antero Midstream by 0.3% during the third quarter. Vanguard Group Inc. now owns 37,213,184 shares of the pipeline company's stock worth $723,424,000 after purchasing an additional 124,102 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Antero Midstream by 0.8% during the third quarter. Dimensional Fund Advisors LP now owns 9,224,028 shares of the pipeline company's stock worth $179,316,000 after purchasing an additional 71,606 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Antero Midstream by 56.6% during the first quarter. Goldman Sachs Group Inc. now owns 3,874,379 shares of the pipeline company's stock worth $69,739,000 after purchasing an additional 1,400,368 shares during the last quarter. Kayne Anderson Capital Advisors LP boosted its holdings in shares of Antero Midstream by 27.5% during the third quarter. Kayne Anderson Capital Advisors LP now owns 3,602,274 shares of the pipeline company's stock worth $70,028,000 after purchasing an additional 776,851 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Antero Midstream by 21.0% during the third quarter. American Century Companies Inc. now owns 3,081,943 shares of the pipeline company's stock worth $59,913,000 after purchasing an additional 535,245 shares during the last quarter. Institutional investors and hedge funds own 53.97% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on AM shares. The Goldman Sachs Group increased their target price on Antero Midstream from $18.00 to $23.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 24th. Weiss Ratings raised Antero Midstream from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Friday, March 6th. Wells Fargo & Company increased their target price on Antero Midstream from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Friday, March 13th. Morgan Stanley raised Antero Midstream from an "underweight" rating to an "equal weight" rating and set a $26.00 target price on the stock in a research report on Wednesday, April 22nd. Finally, UBS Group increased their target price on Antero Midstream from $22.00 to $24.00 and gave the stock a "neutral" rating in a research report on Wednesday, March 25th. One research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $24.00.

Insiders Place Their Bets

In other news, insider Michael N. Kennedy sold 100,000 shares of Antero Midstream stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $21.92, for a total transaction of $2,192,000.00. Following the sale, the insider directly owned 1,500,594 shares of the company's stock, valued at approximately $32,893,020.48. The trade was a 6.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Yvette K. Schultz sold 69,269 shares of Antero Midstream stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $21.90, for a total value of $1,516,991.10. Following the sale, the insider directly owned 580,565 shares in the company, valued at approximately $12,714,373.50. The trade was a 10.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 213,269 shares of company stock valued at $4,713,681 in the last three months. 1.10% of the stock is owned by insiders.

Antero Midstream Stock Up 0.4%

Shares of NYSE AM opened at $21.30 on Thursday. Antero Midstream Corporation has a 1 year low of $16.77 and a 1 year high of $23.83. The firm has a market cap of $10.12 billion, a price-to-earnings ratio of 24.76 and a beta of 0.66. The company has a debt-to-equity ratio of 1.89, a quick ratio of 0.99 and a current ratio of 0.99. The stock's 50-day simple moving average is $21.88 and its 200-day simple moving average is $20.29.

Antero Midstream (NYSE:AM - Get Free Report) last announced its earnings results on Wednesday, April 29th. The pipeline company reported $0.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.26 by ($0.01). Antero Midstream had a return on equity of 20.38% and a net margin of 33.90%.The business had revenue of $314.21 million for the quarter, compared to analysts' expectations of $311.30 million. During the same period in the previous year, the firm posted $0.25 earnings per share. The firm's revenue was up 7.9% compared to the same quarter last year. As a group, equities analysts anticipate that Antero Midstream Corporation will post 1.12 earnings per share for the current fiscal year.

Antero Midstream Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 13th. Stockholders of record on Wednesday, April 29th were given a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Wednesday, April 29th. Antero Midstream's payout ratio is presently 104.65%.

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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