Brandywine Global Investment Management LLC has expanded its investment in Antero Midstream Corporation (NYSE: AM) by 10.9% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the institutional investor now holds 888,937 shares of the pipeline company, having purchased an additional 87,316 shares during this period. The total value of Brandywine’s holdings in Antero Midstream is estimated at $16,845,000.
Several other institutional investors have also adjusted their positions in Antero Midstream. For instance, US Bancorp DE increased its stake by 1.6%, now owning 38,108 shares valued at $722,000 after acquiring an extra 610 shares. Amundi made a significant move by growing its holdings by 3,121.9% in the first quarter, bringing its total to 125,913 shares worth $2,263,000. Additionally, Jump Financial LLC invested approximately $8,402,000 in a new position during the same quarter.
Analyst Ratings and Market Performance
The stock’s performance has drawn varied responses from analysts. Recently, Wall Street Zen downgraded Antero Midstream from a “buy” to a “hold” rating. Similarly, Zacks Research adjusted its recommendation, moving from a “strong-buy” rating to a “hold” rating. Despite these changes, Weiss Ratings reaffirmed a “buy (b+)” rating for the stock. Analysts from Morgan Stanley have raised their price target on Antero Midstream from $19.00 to $20.00, assigning an “underweight” rating.
As of now, the consensus rating for Antero Midstream is “Hold,” with a target price of $18.83. The stock opened at $17.72 on the NYSE on Friday, reflecting a market capitalization of $8.44 billion. The company has seen a 52-week low of $14.22 and a high of $19.82.
Antero Midstream recently reported its quarterly earnings on October 29, 2023, announcing earnings per share of $0.27, surpassing the consensus estimate of $0.25 by $0.02. The company also recorded a revenue of $294.82 million, exceeding expectations of $287.30 million. Despite a year-over-year revenue decline of 8.4%, Antero Midstream demonstrated a return on equity of 22.53% and a net margin of 40.07%.
Dividend Announcement and Corporate Overview
In addition to its earnings report, Antero Midstream declared a quarterly dividend of $0.225, which was paid on November 5, 2023. Shareholders of record on October 22, 2023 received this dividend, which translates to an annualized yield of 5.1%. The company’s dividend payout ratio stands at 91.84%.
Antero Midstream Corporation specializes in owning, operating, and developing midstream energy assets within the Appalachian Basin. Its operations are divided into two segments: Gathering and Processing, and Water Handling. The Gathering and Processing segment consists of a network of gathering pipelines and compressor stations that facilitate the collection and processing of production from Antero Resources’ wells located in West Virginia and Ohio.
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