Antero Midstream Announces Share Repurchase and New Growth Incentives for Antero Resources
Antero Midstream Corporation (AM) announced on December 9 that the company agreed to repurchase $100 million of common shares from Antero Resources Corporation. In addition, Antero Midstream agreed to provide a reduction in low pressure gathering fees for volumes gathered from January 1, 2020 through December 31, 2023 subject to achieving set volume targets. The Conflict Committees of Antero Midstream and Antero Resources negotiated and recommended the agreement before passing it on for consideration by both Boards of Directors.
Jet Equities detected the event and issued an alert at 7:30 am. The last trade was for $4.49 at 5:25 pm on the previous day. Antero Midstream moved over $5.50 at the market open and continued to rise over the next five trading sessions. The stock closed at $5.85 on December 13 for a five-day gain of 30.3%.
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