Bank of New York Mellon Corp Grows Position in Antero Midstream Corporation $AM

Key Points

• Bank of New York Mellon increased its stake in Antero Midstream by 4.6% in the fourth quarter, holding 8.2 million shares valued at about $146 million. Institutional investors now own 53.97% of the stock.
• Analyst sentiment remains mixed: several firms raised price targets, but the overall consensus is still a Hold with an average price target of $24.00.
• Antero Midstream reported quarterly EPS of $0.25, slightly below estimates, while revenue came in above expectations at $314.21 million. The company also paid a quarterly dividend of $0.225 per share, equal to a 4.2% annualized yield.

Bank of New York Mellon Corp increased its position in shares of Antero Midstream Corporation (NYSE:AM - Free Report) by 4.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,208,340 shares of the pipeline company's stock after buying an additional 359,879 shares during the quarter. Bank of New York Mellon Corp owned about 1.72% of Antero Midstream worth $146,026,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Kesler Norman & Wride LLC purchased a new position in shares of Antero Midstream in the 4th quarter valued at approximately $939,000. BNP Paribas Financial Markets raised its holdings in Antero Midstream by 19.0% during the fourth quarter. BNP Paribas Financial Markets now owns 1,592,910 shares of the pipeline company's stock worth $28,338,000 after purchasing an additional 254,088 shares during the last quarter. Norges Bank acquired a new position in Antero Midstream during the fourth quarter worth $66,998,000. Eurizon Capital SGR S.p.A. acquired a new position in Antero Midstream during the fourth quarter worth $241,000. Finally, Pasadena Private Wealth LLC acquired a new position in Antero Midstream during the fourth quarter worth $648,000. 53.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. UBS Group boosted their price target on Antero Midstream from $22.00 to $24.00 and gave the stock a "neutral" rating in a report on Wednesday, March 25th. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of Antero Midstream in a research report on Wednesday. The Goldman Sachs Group boosted their price target on Antero Midstream from $18.00 to $23.00 and gave the company a "neutral" rating in a research report on Tuesday, February 24th. 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 research report on Wednesday, April 22nd. Finally, Wells Fargo & Company boosted their price objective on Antero Midstream from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Friday, March 13th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $24.00.

Insiders Place Their Bets

In related news, insider Michael N. Kennedy sold 100,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, the insider directly owned 1,500,594 shares of the company's stock, valued at $32,893,020.48. This represents a 6.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brooks J. Klimley sold 5,000 shares of the stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $23.16, for a total value of $115,800.00. Following the transaction, the director directly owned 69,680 shares of the company's stock, valued at approximately $1,613,788.80. The trade was a 6.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 213,269 shares of company stock valued at $4,713,681. 1.10% of the stock is owned by corporate insiders.

Antero Midstream Trading Down 0.2%

NYSE:AM opened at $21.54 on Friday. The business's 50-day simple moving average is $21.80 and its 200 day simple moving average is $20.32. Antero Midstream Corporation has a one year low of $16.77 and a one year high of $23.83. The stock has a market cap of $10.23 billion, a price-to-earnings ratio of 25.04 and a beta of 0.66. The company has a debt-to-equity ratio of 1.89, a quick ratio of 0.99 and a current ratio of 0.99.

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 (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.01). The firm had revenue of $314.21 million for the quarter, compared to analyst estimates of $311.30 million. Antero Midstream had a net margin of 33.90% and a return on equity of 20.38%. The company's quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.25 EPS. As a group, sell-side analysts predict that Antero Midstream Corporation will post 1.12 earnings per share for the current fiscal year.

Antero Midstream Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 13th. Investors of record on Wednesday, April 29th were issued a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend was Wednesday, April 29th. Antero Midstream's dividend payout ratio is 104.65%.

Antero Midstream Company 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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