Altus Midstream (NYSE:ALTM) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Altus Midstream (NYSE:ALTM) from a sell rating to a hold rating in a research report sent to investors on Wednesday, reports.

According to Zacks, “Altus Midstream Company is a pure-play, Permian Basin midstream C-corporation. The company or its subsidiaries own substantially all of the gas gathering, processing and transportation assets servicing Apache Corporation’s production in the Alpine High play in the Delaware Basin. Altus Midstream Company, formerly known as Kayne Anderson Acquisition Corporation, is based in Houston, United States. “

Other analysts also recently issued reports about the company. Barclays reiterated a hold rating and set a $3.00 price target on shares of Altus Midstream in a report on Wednesday, October 16th. Credit Suisse Group downgraded Altus Midstream from an outperform rating to a neutral rating in a research note on Thursday, October 31st. Finally, Citigroup reduced their target price on Altus Midstream from $5.50 to $3.50 and set a neutral rating for the company in a research note on Monday, September 30th.

ALTM traded up $0.03 on Wednesday, hitting $2.62. 9,181 shares of the company were exchanged, compared to its average volume of 699,567. Altus Midstream has a 12 month low of $1.63 and a 12 month high of $10.48. The stock’s fifty day moving average is $2.10 and its 200-day moving average is $2.97.

Altus Midstream (NYSE:ALTM) last issued its earnings results on Thursday, October 31st. The company reported ($0.07) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.07). The business had revenue of $34.01 million during the quarter.

In other news, CEO D. Clay Bretches acquired 20,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was purchased at an average cost of $2.19 per share, with a total value of $43,800.00.

Several large investors have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Altus Midstream by 740.1% during the 2nd quarter. BlackRock Inc. now owns 3,273,167 shares of the company’s stock worth $12,178,000 after acquiring an additional 2,883,543 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Altus Midstream during the 2nd quarter worth about $4,836,000. Davis Selected Advisers grew its holdings in shares of Altus Midstream by 63.2% during the 2nd quarter. Davis Selected Advisers now owns 3,256,100 shares of the company’s stock worth $12,113,000 after purchasing an additional 1,261,500 shares during the period. Richmond Hill Investments LLC purchased a new position in Altus Midstream in the 2nd quarter worth approximately $4,123,000. Finally, Richmond Hill Investment Co. LP purchased a new position in Altus Midstream in the 2nd quarter worth approximately $1,684,000.

About Altus Midstream

There is no company description available for Altus Midstream Co

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