Phocas Financial Corp. Sells 14,994 Shares of Antero Midstream Corporation (NYSE:AM)

Key Points

• Phocas Financial Corp. reduced its stake in Antero Midstream Corporation by 5.4%, selling 14,994 shares, and now holds approximately 0.05% of the company valued at $4.7 million.
• Multiple institutional investors have recently increased their positions, including Balyasny Asset Management, which raised its stake by 7,769.7%, now owning over 1 million shares.
• Antero Midstream has declared a quarterly dividend of $0.225 per share, with a yield of 4.9%, scheduled for payment on August 6th, 2023.

Phocas Financial Corp. decreased its position in Antero Midstream Corporation (NYSE:AM - Free Report) by 5.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 261,935 shares of the pipeline company's stock after selling 14,994 shares during the quarter. Phocas Financial Corp. owned approximately 0.05% of Antero Midstream worth $4,715,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in AM. Boston Trust Walden Corp bought a new position in Antero Midstream during the 1st quarter valued at approximately $51,269,000. SIR Capital Management L.P. bought a new position in Antero Midstream during the 4th quarter valued at approximately $35,058,000. Balyasny Asset Management L.P. increased its position in Antero Midstream by 7,769.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,028,014 shares of the pipeline company's stock valued at $15,513,000 after buying an additional 1,014,951 shares in the last quarter. Northern Trust Corp boosted its stake in Antero Midstream by 22.5% during the 4th quarter. Northern Trust Corp now owns 4,105,379 shares of the pipeline company's stock valued at $61,950,000 after purchasing an additional 753,939 shares during the last quarter. Finally, Barclays PLC boosted its stake in Antero Midstream by 32.7% during the 4th quarter. Barclays PLC now owns 1,770,853 shares of the pipeline company's stock valued at $26,722,000 after purchasing an additional 436,091 shares during the last quarter. Institutional investors own 53.97% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on the company. Wall Street Zen upgraded Antero Midstream from a "hold" rating to a "buy" rating in a research note on Saturday. Morgan Stanley reiterated an "underweight" rating and set a $17.00 target price (up from $16.00) on shares of Antero Midstream in a research note on Tuesday, June 3rd. Finally, Wells Fargo & Company increased their target price on Antero Midstream from $17.00 to $19.00 and gave the company an "equal weight" rating in a research note on Friday.

Insider Activity

In other news, Director Brooks J. Klimley sold 5,000 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $18.88, for a total value of $94,400.00. Following the transaction, the director directly owned 73,645 shares in the company, valued at $1,390,417.60. This trade represents a 6.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.61% of the stock is currently owned by company insiders.

Antero Midstream Stock Performance

Shares of AM opened at $18.53 on Friday. The company has a market cap of $8.88 billion, a price-to-earnings ratio of 19.51 and a beta of 0.97. Antero Midstream Corporation has a 12 month low of $13.12 and a 12 month high of $19.08. The company has a current ratio of 1.03, a quick ratio of 1.42 and a debt-to-equity ratio of 1.45. The business's fifty day simple moving average is $18.10 and its two-hundred day simple moving average is $17.38.

Antero Midstream (NYSE:AM - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The pipeline company reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.02. The firm had revenue of $305.47 million for the quarter, compared to the consensus estimate of $292.70 million. Antero Midstream had a return on equity of 21.67% and a net margin of 39.53%. The company's revenue for the quarter was up 13.2% on a year-over-year basis. During the same period last year, the business posted $0.23 EPS. Research analysts anticipate that Antero Midstream Corporation will post 0.95 earnings per share for the current fiscal year.

Antero Midstream Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 6th. Stockholders of record on Wednesday, July 23rd will be paid a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date is Wednesday, July 23rd. Antero Midstream's dividend payout ratio (DPR) is 94.74%.

About Antero Midstream

Antero Midstream Corporation owns, operates, and develops midstream energy assets in the Appalachian Basin. It operates in two segments, Gathering and Processing, and Water Handling. The Gathering and Processing segment includes a network of gathering pipelines and compressor stations that collects and processes production from Antero Resources' wells in West Virginia and Ohio.

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