Antero Midstream Corporation $AM Stake Reduced by Hennessy Advisors Inc.

Key Points

• Hennessy Advisors cut its Antero Midstream stake by 26.1%, selling 75,000 shares and retaining 211,910 shares valued at approximately $4.27 million. Institutional investors collectively own about 53.97% of the company.
• Antero Midstream reported quarterly EPS of $0.28, below the $0.30 consensus estimate, while revenue of $327.02 million also missed expectations despite rising 10.9% year over year.
• The company declared a quarterly dividend of $0.225 per share, equivalent to an annualized $0.90 dividend and a 4.3% yield. Analysts’ consensus rating remains “Hold,” with an average price target of $24.40.

Hennessy Advisors Inc. reduced its holdings in Antero Midstream Corporation (NYSE:AM - Free Report) by 26.1% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 211,910 shares of the pipeline company's stock after selling 75,000 shares during the quarter. Hennessy Advisors Inc.'s holdings in Antero Midstream were worth $4,272,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of AM. Amundi raised its position in shares of Antero Midstream by 70.8% during the 2nd quarter. Amundi now owns 940,170 shares of the pipeline company's stock valued at $21,389,000 after buying an additional 389,859 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in shares of Antero Midstream by 285.7% during the 2nd quarter. Squarepoint Ops LLC now owns 77,056 shares of the pipeline company's stock worth $1,753,000 after acquiring an additional 57,077 shares during the last quarter. Kayne Anderson Capital Advisors LP bought a new stake in shares of Antero Midstream during the 2nd quarter worth $49,883,000. Cetera Investment Advisers grew its position in Antero Midstream by 9.9% in the first quarter. Cetera Investment Advisers now owns 867,200 shares of the pipeline company's stock worth $19,772,000 after acquiring an additional 77,936 shares in the last quarter. Finally, Corient Private Wealth LP purchased a new position in Antero Midstream in the second quarter worth $1,178,000. Hedge funds and other institutional investors own 53.97% of the company's stock.

Insider Buying and Selling at Antero Midstream

In other news, Director Brooks Klimley sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $21.27, for a total value of $106,350.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.10% of the company's stock.

Antero Midstream Trading Down 3.0%

NYSE AM opened at $20.84 on Tuesday. Antero Midstream Corporation has a 1-year low of $16.96 and a 1-year high of $23.83. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.83. The stock has a 50-day moving average of $21.33 and a 200-day moving average of $21.56. The firm has a market cap of $9.84 billion, a PE ratio of 14.67 and a beta of 0.72.

Antero Midstream (NYSE:AM - Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The pipeline company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.02). The company had revenue of $327.02 million for the quarter, compared to the consensus estimate of $340.62 million. Antero Midstream had a return on equity of 34.66% and a net margin of 53.45%. Antero Midstream's revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.24 earnings per share. As a group, sell-side analysts forecast that Antero Midstream Corporation will post 1.23 EPS for the current year.

Antero Midstream Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 11th. Stockholders of record on Wednesday, October 28th will be paid a dividend of $0.2250 per share. This represents a $0.90 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend is Wednesday, October 28th. Antero Midstream's dividend payout ratio is 63.38%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. UBS Group reduced their target price on Antero Midstream from $24.00 to $22.00 and set a "neutral" rating on the stock in a research note on Monday, September 21st. Wall Street Zen raised Antero Midstream from a "hold" rating to a "buy" rating in a research note on Saturday. Weiss Ratings upgraded Antero Midstream from a "buy (b)" rating to a "buy (a-)" rating in a report on Friday. The Goldman Sachs Group set a $24.00 price objective on Antero Midstream in a research report on Tuesday, July 14th. Finally, Wells Fargo & Company raised their price objective on Antero Midstream from $24.00 to $25.00 and gave the company an "equal weight" rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $24.40.

Antero Midstream 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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