Bank of America Corp DE Purchases 495,481 Shares of Antero Midstream Corporation $AM

Key Points

• Bank of America increased its Antero Midstream stake by 69.6% in the first quarter, purchasing 495,481 shares to hold 1.21 million shares valued at approximately $27.5 million. Institutional investors collectively own 53.97% of the company.
• Antero Midstream’s stock opened at $22.57, near its 52-week high of $23.83, while the company maintains a quarterly dividend of $0.225 per share, representing a 4.0% annualized yield.
• Analysts remain cautious, with one Buy rating and five Holds, producing an overall “Hold” consensus and an average price target of $24.50. Meanwhile, two insiders recently sold shares, and corporate insiders own 1.10% of the stock.

Bank of America Corp DE raised its position in shares of Antero Midstream Corporation (NYSE:AM - Free Report) by 69.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,207,784 shares of the pipeline company's stock after purchasing an additional 495,481 shares during the period. Bank of America Corp DE owned approximately 0.25% of Antero Midstream worth $27,537,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in AM. Larson Financial Group LLC increased its position in shares of Antero Midstream by 68.1% during the 4th 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 last quarter. Arax Advisory Partners lifted its position in Antero Midstream by 83.9% in the 4th quarter. Arax Advisory Partners now owns 1,734 shares of the pipeline company's stock worth $31,000 after buying an additional 791 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Antero Midstream by 219,900.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,200 shares of the pipeline company's stock worth $39,000 after buying an additional 2,199 shares in the last quarter. Root Financial Partners LLC boosted its stake in Antero Midstream by 36.4% in the first quarter. Root Financial Partners LLC now owns 2,014 shares of the pipeline company's stock worth $46,000 after buying an additional 537 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its position in Antero Midstream by 401.4% during the second quarter. Geneos Wealth Management Inc. now owns 2,778 shares of the pipeline company's stock valued at $53,000 after acquiring an additional 2,224 shares during the last quarter. Institutional investors own 53.97% of the company's stock.

Antero Midstream Trading Up 0.1%

AM opened at $22.57 on Monday. Antero Midstream Corporation has a one year low of $16.96 and a one year high of $23.83. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.84 and a quick ratio of 0.84. The business has a 50 day simple moving average of $22.13 and a two-hundred day simple moving average of $21.82. The firm has a market capitalization of $10.72 billion, a price-to-earnings ratio of 26.88 and a beta of 0.65.

Antero Midstream Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 12th. Investors of record on Wednesday, July 29th were given a dividend of $0.225 per share. The ex-dividend date was Wednesday, July 29th. This represents a $0.90 annualized dividend and a dividend yield of 4.0%. Antero Midstream's payout ratio is currently 107.14%.

Insider Transactions at Antero Midstream

In other Antero Midstream news, insider Sheri Pearce sold 16,000 shares of the firm'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 directly owned 83,900 shares in the company, valued at $1,846,639. This trade represents a 16.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Brooks J. Klimley sold 5,000 shares of Antero Midstream 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 sale, the director directly owned 68,204 shares in the company, valued at approximately $1,450,699.08. The trade was a 6.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on AM shares. Morgan Stanley upgraded shares of Antero Midstream from an "underweight" rating to an "equal weight" rating and set a $26.00 price objective for the company in a report on Wednesday, April 22nd. The Goldman Sachs Group set a $24.00 target price on shares of Antero Midstream in a research report on Tuesday, July 14th. Wells Fargo & Company upped their price target on shares of Antero Midstream from $23.00 to $24.00 and gave the company an "equal weight" rating in a research report on Monday, August 3rd. Finally, Weiss Ratings downgraded Antero Midstream from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $24.50.

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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