Altus Midstream (NASDAQ:ALTM) Rating Lowered to Sell at Zacks Investment Research


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Altus Midstream (NASDAQ:ALTM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday, Zacks.com 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. “

NASDAQ ALTM opened at $65.83 on Monday. The company has a quick ratio of 1.01, a current ratio of 1.23 and a debt-to-equity ratio of 7.97. The firm has a market cap of $1.07 billion, a PE ratio of -0.66 and a beta of 3.97. The company has a 50 day moving average price of $55.45 and a 200 day moving average price of $50.29. Altus Midstream has a 52 week low of $9.40 and a 52 week high of $69.94.

Altus Midstream (NASDAQ:ALTM) last issued its earnings results on Thursday, February 25th. The company reported ($5.58) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($6.06). The firm had revenue of $35.40 million during the quarter. Altus Midstream had a negative return on equity of 1,952.50% and a negative net margin of 255.68%. On average, equities research analysts anticipate that Altus Midstream will post 3.49 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of ALTM. Quinn Opportunity Partners LLC acquired a new stake in Altus Midstream in the 4th quarter worth about $3,424,000. Barnett & Company Inc. acquired a new stake in Altus Midstream in the 1st quarter worth about $3,269,000. Salient Capital Advisors LLC acquired a new stake in Altus Midstream in the 4th quarter worth about $1,445,000. ExodusPoint Capital Management LP acquired a new position in shares of Altus Midstream during the 4th quarter worth approximately $1,370,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Altus Midstream during the 4th quarter worth approximately $797,000. Institutional investors own 12.72% of the company’s stock.

About Altus Midstream

Altus Midstream Company owns gas gathering, processing, and transmission assets in the Permian Basin of West Texas. As of December 31, 2019, its assets included approximately 178 miles of in-service natural gas gathering, 55 miles of residue gas, and 38 miles of natural gas liquids (NGL) pipelines; three cryogenic processing trains; and an NGL truck loading terminal with six lease automatic custody transfer units and eight NGL bullet tanks.

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