Altus Midstream (NASDAQ:ALTM) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday, Zacks.com reports. The firm currently has a $76.00 target price on the stock. Zacks Investment Research‘s price target suggests a potential upside of 14.65% from the stock’s previous close.
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. “
Shares of ALTM traded down $0.18 during trading hours on Thursday, hitting $66.29. The stock had a trading volume of 861 shares, compared to its average volume of 77,664. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of 23.76 and a beta of 3.90. The stock has a fifty day simple moving average of $66.53. Altus Midstream has a 12-month low of $9.44 and a 12-month high of $72.35.
Large investors have recently added to or reduced their stakes in the business. Dorsey Wright & Associates purchased a new position in Altus Midstream in the first quarter valued at about $41,000. Optimum Investment Advisors purchased a new stake in shares of Altus Midstream during the first quarter worth about $58,000. Segantii Capital Management Ltd purchased a new stake in shares of Altus Midstream during the first quarter worth about $111,000. Northern Trust Corp purchased a new stake in shares of Altus Midstream during the fourth quarter worth about $245,000. Finally, Occudo Quantitative Strategies LP purchased a new stake in shares of Altus Midstream during the first quarter worth about $297,000. 7.80% of the stock is currently owned by institutional investors.
About Altus Midstream
Altus Midstream Company owns gas gathering, processing, and transmission assets in the Permian Basin of West Texas. As of December 31, 2020, its assets included approximately 182 miles of in-service natural gas gathering, 46 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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