Legal & General Group Plc Acquires New Stake in Antero Midstream Corporation $AM

Key Points

• Legal & General Group Plc acquired 483,752 shares of Antero Midstream during the second quarter, worth approximately $11.0 million and representing about 0.10% of the company. Institutional investors and hedge funds collectively own 53.97% of AM.
• Antero Midstream reported quarterly EPS of $0.27, matching 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 $24.50.
• The company declared a quarterly dividend of $0.225 per share, equivalent to an annualized $0.90 payout and a 4.0% yield; its payout ratio is 107.14%. Shares recently opened at $22.44.

Legal & General Group Plc bought a new position in shares of Antero Midstream Corporation (NYSE:AM - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 483,752 shares of the pipeline company's stock, valued at approximately $11,005,000. Legal & General Group Plc owned about 0.10% of Antero Midstream as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of AM. Thrivent Financial for Lutherans boosted its holdings in shares of Antero Midstream by 41.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 733,861 shares of the pipeline company's stock worth $13,056,000 after purchasing an additional 216,416 shares during the last quarter. Kesler Norman & Wride LLC purchased a new stake in shares of Antero Midstream in the fourth quarter valued at about $939,000. Cetera Investment Advisers increased its holdings in shares of Antero Midstream by 9.9% during the 1st quarter. Cetera Investment Advisers now owns 867,200 shares of the pipeline company's stock worth $19,772,000 after buying an additional 77,936 shares during the last quarter. BNP Paribas Financial Markets increased its stake 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 acquiring an additional 254,088 shares during the last quarter. Finally, Kayne Anderson Capital Advisors LP acquired a new stake in shares of Antero Midstream during the 2nd quarter worth about $49,883,000. 53.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AM has been the topic of a number of recent analyst reports. Weiss Ratings cut shares of Antero Midstream from a "buy (b+)" rating to a "buy (b)" rating in a research report on Monday, August 3rd. The Goldman Sachs Group set a $24.00 price target on shares of Antero Midstream in a research report on Tuesday, July 14th. Finally, Wells Fargo & Company boosted 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 note on Monday, August 3rd. One analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $24.50.

Antero Midstream Price Performance

Shares of NYSE AM opened at $22.44 on Tuesday. The stock's 50-day moving average is $22.31 and its two-hundred day moving average is $22.08. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.84 and a quick ratio of 0.84. Antero Midstream Corporation has a 1-year low of $16.96 and a 1-year high of $23.83. The company has a market cap of $10.65 billion, a price-to-earnings ratio of 26.71 and a beta of 0.65.

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

Antero Midstream Dividend Announcement

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

Insider Activity at Antero Midstream

In other Antero Midstream news, Director Brooks J. Klimley sold 5,000 shares of the 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 of the company's stock, valued at approximately $1,450,699.08. This represents a 6.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Sheri Pearce sold 16,000 shares of the firm's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $22.01, for a total transaction of $352,160.00. Following the completion of the sale, the insider owned 83,900 shares in the company, valued at $1,846,639. The trade was a 16.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.10% of the company's stock.

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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