Antero Midstream Corporation $AM Shares Sold by Jennison Associates LLC

Key Points

• Jennison Associates LLC trimmed its stake in Antero Midstream by 5.2%, selling 56,126 shares and leaving it with 1,026,140 shares (about $18.26M); overall, institutional investors hold roughly 53.97% of the company.
• Insiders sold 44,000 shares in the last quarter (including Yvette K. Schultz's 25,000 shares at $22.81 and Director Brooks J. Klimley's 5,000 shares at $23.16), reducing insider ownership to about 0.86%.
• The company declared a quarterly dividend of $0.225 per share (annualized $0.90, ~4.1% yield) but the dividend payout ratio is high at 104.65%; the company also slightly missed quarterly EPS by $0.01.

Jennison Associates LLC lessened its holdings in shares of Antero Midstream Corporation (NYSE:AM - Free Report) by 5.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,026,140 shares of the pipeline company's stock after selling 56,126 shares during the quarter. Jennison Associates LLC owned approximately 0.22% of Antero Midstream worth $18,255,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Bank of New York Mellon Corp grew its holdings in shares of Antero Midstream by 22.3% during the third quarter. Bank of New York Mellon Corp now owns 7,848,461 shares of the pipeline company's stock valued at $152,574,000 after buying an additional 1,430,138 shares in the last quarter. Oppenheimer & Co. Inc. grew its stake in Antero Midstream by 40.8% in the third quarter. Oppenheimer & Co. Inc. now owns 504,755 shares of the pipeline company's stock valued at $9,812,000 after purchasing an additional 146,300 shares in the last quarter. American Century Companies Inc. grew its stake in Antero Midstream by 21.0% in the third quarter. American Century Companies Inc. now owns 3,081,943 shares of the pipeline company's stock valued at $59,913,000 after purchasing an additional 535,245 shares in the last quarter. Chickasaw Capital Management LLC grew its stake in Antero Midstream by 11.7% in the fourth quarter. Chickasaw Capital Management LLC now owns 1,409,183 shares of the pipeline company's stock valued at $25,069,000 after purchasing an additional 147,250 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in Antero Midstream in the third quarter valued at about $2,676,000. Hedge funds and other institutional investors own 53.97% of the company's stock.

Insider Transactions at Antero Midstream

In other news, insider Yvette K. Schultz sold 25,000 shares of the company's stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $22.81, for a total transaction of $570,250.00. Following the completion of the sale, the insider owned 649,834 shares in the company, valued at approximately $14,822,713.54. This represents a 3.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Brooks J. Klimley sold 5,000 shares of the company's stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $23.16, for a total value of $115,800.00. Following the sale, the director owned 69,680 shares of the company's stock, valued at approximately $1,613,788.80. This trade represents a 6.70% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 44,000 shares of company stock worth $1,004,690. 0.86% of the stock is owned by corporate insiders.

Antero Midstream Stock Performance

AM opened at $21.74 on Friday. The company has a market cap of $10.32 billion, a PE ratio of 25.27 and a beta of 0.68. The stock has a 50-day moving average of $22.36 and a 200-day moving average of $19.69. Antero Midstream Corporation has a 52-week low of $16.77 and a 52-week high of $23.83. The company has a debt-to-equity ratio of 1.89, a quick ratio of 3.41 and a current ratio of 0.99.

Antero Midstream (NYSE:AM - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The pipeline company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.01). The company had revenue of $314.21 million for the quarter, compared to the consensus estimate of $311.30 million. Antero Midstream had a return on equity of 20.38% and a net margin of 33.90%.The business's revenue was up 7.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.25 EPS. As a group, equities research analysts forecast that Antero Midstream Corporation will post 1.13 earnings per share for the current fiscal year.

Antero Midstream Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 13th. Stockholders of record on Wednesday, April 29th will be paid a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Wednesday, April 29th. Antero Midstream's dividend payout ratio is 104.65%.

Analyst Ratings Changes

A number of research analysts have commented on the company. Weiss Ratings upgraded Antero Midstream from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Friday, March 6th. The Goldman Sachs Group boosted their target price on Antero Midstream from $18.00 to $23.00 and gave the company a "neutral" rating in a research note on Tuesday, February 24th. Wells Fargo & Company boosted their target price on Antero Midstream from $21.00 to $23.00 and gave the company an "equal weight" rating in a research note on Friday, March 13th. Morgan Stanley upgraded Antero Midstream from an "underweight" rating to an "equal weight" rating and set a $26.00 target price on the stock in a research note on Wednesday, April 22nd. Finally, Zacks Research downgraded Antero Midstream from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Antero Midstream has an average rating of "Hold" and an average target price of $24.00.

Antero Midstream Profile

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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