Antero Midstream Corp (NYSE:AM) Director Brooks J. Klimley reported a sale of 10,000 shares of common stock, according to a recent SEC filing. The shares were sold at a weighted average price of $14.66, with prices ranging from $14.65 to $14.67. Following this transaction, Klimley holds 74,100 shares directly. The sale, valued at approximately $146,600, was disclosed in a Form 4 filing with the Securities and Exchange Commission.
In other recent news, Antero Midstream Partners LP has experienced a slight dip in its third-quarter performance, mainly due to lower water contributions. Goldman Sachs (NYSE:GS) subsequently lowered its price target for the company to $14.50 from $15.00, while maintaining a Neutral rating. Despite this, Antero Midstream has held steady on its EBITDA guidance for the year, forecasting between $1,035 million and $1,075 million. The company also reported a 2% year-over-year increase in EBITDA to $256 million and a 32% rise in free cash flow after dividends to $40 million in the third quarter.
Antero Midstream warned of possible incremental deferrals from their sponsor, Antero Resources (NYSE:AR), which could impact their water segment. Goldman Sachs has incorporated these considerations into their revised estimates, with a new EBITDA forecast for Antero Midstream in 2024 standing at $1,043 million. The firm also anticipates a start to the company's buyback program in the first quarter of 2025.
In addition to these financial developments, Antero Midstream confirmed the Torreys Peak Compressor Station is on track. Despite some uncertainties, such as the pending Veolia payment, these are the recent developments in the company's financial position.
InvestingPro Insights
Antero Midstream Corp's recent insider sale by Director Brooks J. Klimley aligns with several key financial metrics and trends highlighted by InvestingPro. The company's stock is currently trading near its 52-week high, with a price at 95.65% of its peak, suggesting strong recent performance. This context adds significance to the timing of Klimley's sale.
InvestingPro data reveals that Antero Midstream has a market capitalization of $7.32 billion and a P/E ratio of 18.76, indicating a relatively high valuation compared to its earnings. This is further supported by an InvestingPro Tip noting that the company is "Trading at a high P/E ratio relative to near-term earnings growth."
Notably, Antero Midstream boasts a robust dividend yield of 5.93%, with an InvestingPro Tip highlighting that the company "Has maintained dividend payments for 8 consecutive years." This consistent dividend policy may be attractive to income-focused investors, despite the recent insider sale.
The company's financial health appears solid, with a gross profit margin of 81.49% and an operating income margin of 55.54% for the last twelve months as of Q3 2024. These strong margins suggest efficient operations and potential for sustained profitability.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights, with 8 more tips available for Antero Midstream on the platform.
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