Miller Howard Investments Inc. NY Sells 839,531 Shares of Antero Midstream Corporation $AM

Key Points

• Miller Howard Investments cut its Antero Midstream stake by 42.4% in the first quarter, selling 839,531 shares and leaving it with 1,138,874 shares valued at about $26 million.
• Insider selling was also reported: Michael N. Kennedy and Yvette K. Schultz sold a combined 169,269 shares on May 4, totaling roughly $3.7 million.
• Antero Midstream reported mixed quarterly results, with EPS of $0.25 missing estimates by $0.01 while revenue rose 7.9% year over year to $314.21 million; the company also pays a $0.225 quarterly dividend, yielding about 4.0%.

Miller Howard Investments Inc. NY cut its holdings in shares of Antero Midstream Corporation (NYSE:AM - Free Report) by 42.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,138,874 shares of the pipeline company's stock after selling 839,531 shares during the period. Miller Howard Investments Inc. NY owned 0.24% of Antero Midstream worth $25,966,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Antero Midstream during the fourth quarter worth approximately $66,998,000. Orbis Allan Gray Ltd bought a new position in Antero Midstream in the fourth quarter valued at approximately $25,084,000. Goldman Sachs Group Inc. grew its holdings in Antero Midstream by 56.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,874,379 shares of the pipeline company's stock worth $69,739,000 after acquiring an additional 1,400,368 shares during the period. SIR Capital Management L.P. raised its position in shares of Antero Midstream by 1,086.9% during the 3rd quarter. SIR Capital Management L.P. now owns 1,383,349 shares of the pipeline company's stock valued at $26,892,000 after acquiring an additional 1,266,794 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Antero Midstream by 12.5% during the 4th quarter. Geode Capital Management LLC now owns 10,472,491 shares of the pipeline company's stock valued at $186,328,000 after acquiring an additional 1,161,684 shares during the last quarter. Institutional investors own 53.97% of the company's stock.

Insiders Place Their Bets

In other Antero Midstream news, insider Michael N. Kennedy sold 100,000 shares of Antero Midstream stock in a transaction on Monday, May 4th. The shares were 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 in the company, valued at approximately $32,893,020.48. The trade was a 6.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 business's stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $21.90, for a total transaction of $1,516,991.10. Following the sale, the insider directly owned 580,565 shares in the company, valued at $12,714,373.50. This trade represents a 10.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.10% of the stock is currently owned by company insiders.

Antero Midstream Stock Performance

Shares of Antero Midstream stock opened at $22.23 on Wednesday. The company has a debt-to-equity ratio of 1.89, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market cap of $10.56 billion, a price-to-earnings ratio of 25.85 and a beta of 0.66. Antero Midstream Corporation has a one year low of $16.77 and a one year high of $23.83. The stock's 50-day moving average is $21.52 and its 200-day moving average is $20.65.

Antero Midstream (NYSE:AM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The pipeline company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.01). Antero Midstream had a return on equity of 20.38% and a net margin of 33.90%.The business had revenue of $314.21 million for the quarter, compared to the consensus estimate of $311.30 million. During the same period in the prior year, the business earned $0.25 earnings per share. Antero Midstream's revenue was up 7.9% compared to the same quarter last year. Equities analysts predict that Antero Midstream Corporation will post 1.12 earnings per share for the current fiscal year.

Antero Midstream Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 13th. Investors of record on Wednesday, April 29th were given a $0.225 dividend. The ex-dividend date of this dividend was Wednesday, April 29th. This represents a $0.90 dividend on an annualized basis and a yield of 4.0%. Antero Midstream's dividend payout ratio (DPR) is 104.65%.

Analyst Ratings Changes

AM has been the topic of several recent research reports. Morgan Stanley upgraded Antero Midstream from an "underweight" rating to an "equal weight" rating and set a $26.00 price target on the stock in a research report on Wednesday, April 22nd. UBS Group upped their price objective on Antero Midstream from $22.00 to $24.00 and gave the company a "neutral" rating in a report on Wednesday, March 25th. Wells Fargo & Company increased their target price on Antero Midstream from $21.00 to $23.00 and gave the company an "equal weight" rating in a research note on Friday, March 13th. Weiss Ratings restated a "buy (a-)" rating on shares of Antero Midstream in a report on Wednesday, June 3rd. Finally, The Goldman Sachs Group boosted their target price on 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 and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $24.00.

Antero Midstream 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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