Bessemer Group Inc. Cuts Stake in Antero Midstream Corporation $AM

Bessemer Group Inc. reduced its holdings in shares of Antero Midstream Corporation (NYSE:AM) by 91.2% during the first quarter, Holdings Channel reports. The fund owned 16,112 shares of the pipeline company’s stock after selling 166,796 shares during the period. Bessemer Group Inc.’s holdings in Antero Midstream were worth $367,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in AM. Bank of New York Mellon Corp lifted its holdings 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 worth $208,148,000 after acquiring an additional 920,948 shares during the last quarter. Sanctuary Advisors LLC grew its holdings in shares of Antero Midstream by 0.5% during the 1st quarter. Sanctuary Advisors LLC now owns 245,489 shares of the pipeline company’s stock valued at $5,597,000 after purchasing an additional 1,176 shares during the last quarter. Cornerstone Advisory LLC bought a new position in shares of Antero Midstream during the 1st quarter valued at $413,000. Retirement Planning Group LLC purchased a new position in Antero Midstream in the 1st quarter worth $344,000. Finally, State of Michigan Retirement System raised its position in Antero Midstream by 1.1% in the 1st quarter. State of Michigan Retirement System now owns 79,725 shares of the pipeline company’s stock worth $1,818,000 after purchasing an additional 900 shares during the period. 53.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Antero Midstream news, insider Michael N. Kennedy sold 100,000 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $21.92, for a total value of $2,192,000.00. Following the completion of the sale, the insider owned 1,500,594 shares in the company, valued at approximately $32,893,020.48. This trade represents a 6.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Yvette K. Schultz sold 69,269 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $21.90, for a total value of $1,516,991.10. Following the completion of the sale, the insider owned 580,565 shares of the company’s stock, valued at approximately $12,714,373.50. This trade represents a 10.66% decrease in their position. The SEC filing for this sale provides additional information. 1.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

AM has been the subject of several analyst reports. Morgan Stanley upgraded shares of Antero Midstream from an “underweight” rating to an “equal weight” rating and set a $26.00 price target for the company in a research report on Wednesday, April 22nd. The Goldman Sachs Group set a $24.00 price objective on Antero Midstream in a report on Tuesday, July 14th. Finally, Weiss Ratings lowered Antero Midstream from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Thursday, June 25th. One research analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Antero Midstream presently has an average rating of “Hold” and an average price target of $24.25.

Antero Midstream Stock Down 1.2%

Shares of NYSE AM opened at $22.75 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.89. Antero Midstream Corporation has a 52 week low of $16.77 and a 52 week high of $23.83. The firm’s fifty day moving average is $22.07 and its 200 day moving average is $21.38. The company has a market cap of $10.80 billion, a price-to-earnings ratio of 26.45 and a beta of 0.64.

Antero Midstream (NYSE:AM) last announced 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). The firm had revenue of $314.21 million for the quarter, compared to analysts’ expectations of $311.30 million. Antero Midstream had a net margin of 33.90% and a return on equity of 20.38%. The company’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.25 EPS. On average, equities research analysts expect that Antero Midstream Corporation will post 1.1 earnings per share for the current year.

Antero Midstream Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 12th. Stockholders of record on Wednesday, July 29th will be issued a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Wednesday, July 29th. Antero Midstream’s dividend payout ratio is currently 104.65%.

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.