The Manufacturers Life Insurance Company Purchases Shares of 214,165 Antero Midstream Corporation $AM

Key Points

• The Manufacturers Life Insurance Company initiated a position in Antero Midstream, buying 214,165 shares valued at approximately $4.9 million. Institutional investors now own 53.97% of the company.
• Antero Midstream reported quarterly EPS of $0.27, in line with estimates, while revenue of $327.24 million exceeded forecasts and rose 7.1% year over year.
• The company maintains a quarterly dividend of $0.225 per share, equivalent to a 4.0% annualized yield, though its payout ratio is high at 107.14%. Analysts hold a consensus “Hold” rating with an average price target of $24.50.

The Manufacturers Life Insurance Company bought a new position in shares of Antero Midstream Corporation (NYSE:AM - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 214,165 shares of the pipeline company's stock, valued at approximately $4,872,000.

A number of other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in Antero Midstream in the second quarter worth $869,045,000. Invesco Ltd. raised its holdings in shares of Antero Midstream by 3.4% during the fourth quarter. Invesco Ltd. now owns 23,444,026 shares of the pipeline company's stock valued at $417,069,000 after purchasing an additional 776,791 shares during the period. State Street Corp boosted its position in shares of Antero Midstream by 1.7% during the 4th quarter. State Street Corp now owns 11,337,298 shares of the pipeline company's stock worth $201,691,000 after purchasing an additional 187,912 shares in the last quarter. Geode Capital Management LLC boosted 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 worth $186,328,000 after purchasing an additional 1,161,684 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Antero Midstream by 11.2% in the 1st quarter. Bank of New York Mellon Corp now owns 9,129,288 shares of the pipeline company's stock valued at $208,148,000 after buying an additional 920,948 shares during the period. 53.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. The Goldman Sachs Group set a $24.00 price objective on Antero Midstream in a report on Tuesday, July 14th. Weiss Ratings cut Antero Midstream from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday, August 3rd. Finally, Wells Fargo & Company lifted 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 report on Monday, August 3rd. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $24.50.

Antero Midstream Stock Up 0.7%

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

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

Antero Midstream Dividend Announcement

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

Insiders Place Their Bets

In other Antero Midstream news, Director Brooks J. Klimley sold 5,000 shares of the firm's stock in a transaction 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 completion of the transaction, the director directly owned 68,204 shares of the company's stock, valued at $1,450,699.08. This trade represents a 6.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Sheri Pearce sold 16,000 shares of the business's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $22.01, for a total value of $352,160.00. Following the transaction, the insider owned 83,900 shares of the company's stock, valued at approximately $1,846,639. The trade was a 16.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.10% of the stock is owned by company insiders.

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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