Bank of America Corp DE Purchases New Holdings in Antero Midstream Corporation $AM

Key Points

• Bank of America acquired 927,025 shares of Antero Midstream in the second quarter, valued at approximately $21.1 million and representing about 0.20% of the company. Institutional investors collectively own 53.97% of the stock.
• Antero Midstream reported quarterly EPS of $0.27, in line with estimates, while revenue rose 7.1% year over year to $327.24 million.
• Analysts maintain a consensus “Hold” rating with an average price target of $24.20. The company pays a quarterly dividend of $0.225, equal to an annualized yield of approximately 4.2%.

Bank of America Corp DE acquired a new position in shares of Antero Midstream Corporation (NYSE:AM - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 927,025 shares of the pipeline company's stock, valued at approximately $21,090,000. Bank of America Corp DE owned about 0.20% of Antero Midstream at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Strategic Global Advisors LLC bought a new stake in Antero Midstream in the second quarter valued at about $4,558,000. Freestone Grove Partners LP bought a new stake in shares of Antero Midstream in the 2nd quarter valued at $15,895,000. Caisse de depot et placement du Quebec acquired a new stake in Antero Midstream during the 2nd quarter worth $1,611,000. Odyssean LLC acquired a new stake in Antero Midstream during the 2nd quarter worth $1,302,000. Finally, Western Wealth Management LLC bought a new position in shares of Antero Midstream during the 2nd quarter valued at about $490,000. 53.97% of the stock is owned by institutional investors.

Insider Activity at Antero Midstream

In related news, Director Brooks J. Klimley sold 5,000 shares of the firm's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $21.27, for a total transaction of $106,350.00. Following the completion of the transaction, the director directly owned 68,204 shares of the company's stock, valued at $1,450,699.08. This trade represents a 6.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sheri Pearce sold 16,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $22.01, for a total transaction of $352,160.00. Following the transaction, 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 SEC filing for this sale provides additional information. Insiders own 1.10% of the company's stock.

Analyst Upgrades and Downgrades

AM has been the subject of a number of recent research reports. Wells Fargo & Company upped their price target on Antero Midstream from $23.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Monday, August 3rd. The Goldman Sachs Group set a $24.00 price objective on Antero Midstream in a research report on Tuesday, July 14th. Capital One Financial upgraded shares of Antero Midstream from an "equal weight" rating to an "overweight" rating and set a $25.00 price target for the company in a research report on Tuesday. Weiss Ratings upgraded Antero Midstream from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, September 17th. Finally, UBS Group reduced their price target on Antero Midstream from $24.00 to $22.00 and set a "neutral" rating on the stock in a research report on Monday. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $24.20.

Antero Midstream Price Performance

AM stock opened at $21.40 on Thursday. The company's 50-day moving average price is $22.11 and its two-hundred day moving average price is $22.09. The firm has a market cap of $10.16 billion, a P/E ratio of 25.48 and a beta of 0.65. 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 12 month low of $16.96 and a 12 month high of $23.83.

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

Antero Midstream Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 12th. Stockholders of record on Wednesday, July 29th were issued a $0.225 dividend. The ex-dividend date of this dividend was Wednesday, July 29th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 4.2%. Antero Midstream's dividend payout ratio is 107.14%.

Antero Midstream Company Profile

Antero Midstream Corp. NYSE: AM owns, operates and develops midstream energy infrastructure that supports natural gas, natural gas liquids and oil production. The company provides gathering, compression, processing and water-handling services, primarily for Antero Resources and other producers.

Antero Midstream's gathering and compression assets collect production from wells and transport it to processing and downstream markets. Its water business provides fresh-water delivery and wastewater handling services, including the gathering, recycling and disposal of water used in hydraulic fracturing and other production activities.

The company's operations are concentrated in the Appalachian Basin, particularly in the Marcellus and Utica shale areas of West Virginia and Ohio.

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