Bank of New York Mellon Corp Buys 920,948 Shares of Antero Midstream Corporation $AM

Key Points

• Bank of New York Mellon Corp increased its Antero Midstream stake by 11.2% in the first quarter, buying 920,948 additional shares and bringing its total holding to 9,129,288 shares worth about $208.1 million.
• Several other institutional investors also adjusted positions, while hedge funds and institutions collectively own 53.97% of Antero Midstream’s stock.
• Insiders Michael N. Kennedy and Yvette K. Schultz both sold shares in May, even as analysts maintained a generally cautious outlook with a Hold consensus and a $24.25 price target.

Bank of New York Mellon Corp grew its position in shares of Antero Midstream Corporation (NYSE:AM - Free Report) by 11.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,129,288 shares of the pipeline company's stock after acquiring an additional 920,948 shares during the quarter. Bank of New York Mellon Corp owned 1.92% of Antero Midstream worth $208,148,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AM. Root Financial Partners LLC boosted its stake in shares of Antero Midstream by 36.4% in the 1st 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 during the last quarter. Hantz Financial Services Inc. increased its holdings in Antero Midstream by 23.0% during the fourth quarter. Hantz Financial Services Inc. now owns 3,305 shares of the pipeline company's stock worth $59,000 after buying an additional 617 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its stake in Antero Midstream by 0.5% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 120,765 shares of the pipeline company's stock valued at $2,148,000 after acquiring an additional 660 shares during the last quarter. Choreo LLC grew its position in shares of Antero Midstream by 5.0% during the 4th quarter. Choreo LLC now owns 14,183 shares of the pipeline company's stock valued at $253,000 after acquiring an additional 679 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Antero Midstream by 6.9% in the 4th quarter. GAMMA Investing LLC now owns 10,884 shares of the pipeline company's stock worth $194,000 after purchasing an additional 701 shares during the period. 53.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Antero Midstream

In related news, insider Michael N. Kennedy sold 100,000 shares of the firm's stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $21.92, for a total value of $2,192,000.00. Following the sale, the insider directly owned 1,500,594 shares of the company's stock, valued at $32,893,020.48. This trade represents a 6.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Yvette K. Schultz sold 69,269 shares of the stock in a transaction that occurred on 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 completion of the sale, the insider owned 580,565 shares of the company's stock, valued at approximately $12,714,373.50. This trade represents a 10.66% decrease in their position. The SEC filing for this sale provides additional information. 1.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on AM. Weiss Ratings cut Antero Midstream from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Thursday, June 25th. UBS Group raised their price objective on shares of Antero Midstream from $22.00 to $24.00 and gave the stock a "neutral" rating in a report on Wednesday, March 25th. Morgan Stanley raised Antero Midstream from an "underweight" rating to an "equal weight" rating and set a $26.00 price target for the company in a report on Wednesday, April 22nd. Finally, The Goldman Sachs Group set a $24.00 target price on Antero Midstream in a research note on Tuesday. One research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $24.25.

Antero Midstream Stock Down 1.2%

Shares of NYSE:AM opened at $22.59 on Friday. The firm has a fifty day moving average of $21.95 and a 200 day moving average of $21.21. 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 0.99 and a current ratio of 0.99. The firm has a market capitalization of $10.73 billion, a PE ratio of 26.26 and a beta of 0.64.

Antero Midstream (NYSE:AM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The pipeline company reported $0.25 earnings per share for the quarter, missing analysts' consensus estimates of $0.26 by ($0.01). Antero Midstream had a net margin of 33.90% and a return on equity of 20.38%. The firm had revenue of $314.21 million for the quarter, compared to analysts' expectations of $311.30 million. During the same period in the prior year, the business posted $0.25 earnings per share. The business's quarterly revenue was up 7.9% on a year-over-year basis. As a group, research analysts anticipate that Antero Midstream Corporation will post 1.1 EPS for the current fiscal year.

Antero Midstream Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 12th. Shareholders of record on Wednesday, July 29th will be given a $0.225 dividend. The ex-dividend date is Wednesday, July 29th. This represents a $0.90 annualized dividend and a yield of 4.0%. 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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