Antero Midstream GP LP (AMGP) to Issue Dividend Increase – $0.14 Per Share
Antero Midstream GP LP (NYSE:AMGP) declared a quarterly dividend on Thursday, October 18th, Wall Street Journal reports. Investors of record on Friday, November 2nd will be given a dividend of 0.144 per share on Wednesday, November 21st. This represents a $0.58 annualized dividend and a yield of 3.20%. The ex-dividend date is Thursday, November 1st. This is a boost from Antero Midstream GP’s previous quarterly dividend of $0.13.
Antero Midstream GP has a payout ratio of 94.3% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities analysts expect Antero Midstream GP to earn $0.89 per share next year, which means the company should continue to be able to cover its $0.50 annual dividend with an expected future payout ratio of 56.2%.
NYSE AMGP opened at $18.02 on Friday. The company has a market cap of $3.37 billion, a PE ratio of 95.26 and a beta of 1.65. Antero Midstream GP has a 1-year low of $14.85 and a 1-year high of $22.39.
In related news, insider Kevin J. Kilstrom sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $18.81, for a total value of $940,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider K. Phil Yoo sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $16.76, for a total transaction of $83,800.00. The disclosure for this sale can be found here.
Several analysts have recently weighed in on AMGP shares. ValuEngine lowered shares of Antero Midstream GP from a “hold” rating to a “sell” rating in a report on Saturday, September 1st. Stifel Nicolaus raised shares of Antero Midstream GP to a “buy” rating and set a $35.00 price objective for the company in a report on Monday, August 27th. Wells Fargo & Co dropped their price objective on shares of Antero Midstream GP from $24.00 to $23.00 and set an “outperform” rating for the company in a report on Thursday, August 9th. Barclays dropped their price objective on shares of Antero Midstream GP from $23.00 to $20.00 and set an “equal weight” rating for the company in a report on Friday, October 12th. Finally, Credit Suisse Group started coverage on shares of Antero Midstream GP in a report on Thursday, October 11th. They set a “neutral” rating and a $20.00 price objective for the company. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Antero Midstream GP presently has a consensus rating of “Buy” and a consensus price target of $21.45.
About Antero Midstream GP
Antero Midstream GP LP owns, operates, and develops midstream energy assets in the Marcellus and Utica Shales in West Virginia and Ohio. Its assets consist of gathering pipelines, compressor stations, interests in processing and fractionation plants, and water handling and treatment assets, which provide midstream services to Antero Resources Corporation under long term fixed fee contracts.
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