Miller Howard Investments Inc. NY Boosts Stake in Antero Midstream Corporation $AM

Key Points

• Miller Howard Investments Inc. NY increased its stake in Antero Midstream by 2.5% to 1,978,405 shares (worth about $35.2M), and institutional investors now own 53.97% of the company.
• Company insiders sold a total of 44,000 shares in the last quarter (about $1.0M), including Director Brooks J. Klimley (5,000 shares at $23.16) and Yvette K. Schultz (25,000 shares at $22.81), modestly reducing their holdings.
• Antero Midstream missed quarterly EPS estimates ($0.11 vs. $0.24) despite slightly higher revenue, announced a quarterly dividend of $0.225 (annualized $0.90, yield 4.2%) with a 104.65% payout ratio, and carries a MarketBeat consensus rating of "Hold" with a $22.50 price target.

Miller Howard Investments Inc. NY grew its stake in shares of Antero Midstream Corporation (NYSE:AM - Free Report) by 2.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,978,405 shares of the pipeline company's stock after buying an additional 47,817 shares during the quarter. Miller Howard Investments Inc. NY owned 0.42% of Antero Midstream worth $35,196,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in AM. Nations Financial Group Inc. IA ADV raised its position in Antero Midstream by 1.3% in the 4th quarter. Nations Financial Group Inc. IA ADV now owns 105,826 shares of the pipeline company's stock worth $1,883,000 after purchasing an additional 1,383 shares during the period. Childress Capital Advisors LLC purchased a new position in Antero Midstream in the 4th quarter worth $258,000. Farther Finance Advisors LLC raised its position in Antero Midstream by 0.5% in the 4th quarter. Farther Finance Advisors LLC now owns 162,281 shares of the pipeline company's stock worth $2,887,000 after purchasing an additional 732 shares during the period. Burney Co. raised its position in Antero Midstream by 29.4% in the 4th quarter. Burney Co. now owns 13,200 shares of the pipeline company's stock worth $235,000 after purchasing an additional 3,000 shares during the period. Finally, Choreo LLC raised its position in Antero Midstream by 5.0% in the 4th quarter. Choreo LLC now owns 14,183 shares of the pipeline company's stock worth $253,000 after purchasing an additional 679 shares during the period. Hedge funds and other institutional investors own 53.97% of the company's stock.

Insider Buying and Selling at Antero Midstream

In other Antero Midstream news, Director Brooks J. Klimley sold 5,000 shares of the business's stock in a transaction dated 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 owned 69,680 shares in the company, valued at approximately $1,613,788.80. The trade was a 6.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Yvette K. Schultz sold 25,000 shares of the business's stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $22.81, for a total transaction of $570,250.00. Following the completion of the transaction, the insider owned 649,834 shares in the company, valued at $14,822,713.54. The trade was a 3.70% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 44,000 shares of company stock worth $1,004,690. 0.86% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

AM has been the topic of a number of analyst reports. UBS Group lifted their target price on shares of Antero Midstream from $22.00 to $24.00 and gave the stock a "neutral" rating in a research report on Wednesday, March 25th. Wells Fargo & Company lifted their target price on shares of Antero Midstream from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Friday, March 13th. Zacks Research cut shares of Antero Midstream from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 2nd. Weiss Ratings upgraded shares of Antero Midstream from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Friday, March 6th. Finally, The Goldman Sachs Group lifted their target price on shares of Antero Midstream from $18.00 to $23.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $22.50.

Antero Midstream Price Performance

AM stock opened at $21.27 on Monday. The firm's 50-day moving average price is $22.25 and its two-hundred day moving average price is $19.53. Antero Midstream Corporation has a 12-month low of $16.24 and a 12-month high of $23.83. The stock has a market capitalization of $10.06 billion, a price-to-earnings ratio of 24.74 and a beta of 0.75. The company has a current ratio of 3.41, a quick ratio of 3.41 and a debt-to-equity ratio of 1.63.

Antero Midstream (NYSE:AM - Get Free Report) last released its quarterly earnings data on Wednesday, February 11th. The pipeline company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.24 by ($0.13). Antero Midstream had a net margin of 34.77% and a return on equity of 20.12%. The firm had revenue of $297.00 million during the quarter, compared to analysts' expectations of $292.46 million. During the same quarter in the previous year, the firm posted $0.23 EPS. Antero Midstream's revenue was up 3.3% compared to the same quarter last year. As a group, equities analysts predict that Antero Midstream Corporation will post 0.95 earnings per share for the current year.

Antero Midstream Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 13th. Shareholders of record on Wednesday, April 29th will be given a $0.225 dividend. The ex-dividend date is Wednesday, April 29th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 4.2%. 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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