Altus Midstream (NYSE:ALTM) Sees Unusually-High Trading Volume on Insider Buying Activity

Shares of Altus Midstream (NYSE:ALTM) saw an uptick in trading volume on Friday after an insider bought additional shares in the company. 8,872,775 shares changed hands during trading, an increase of 1,448% from the previous session’s volume of 573,050 shares.The stock last traded at $3.72 and had previously closed at $3.60.

Specifically, CEO D. Clay Bretches acquired 15,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were purchased at an average cost of $3.64 per share, for a total transaction of $54,600.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders purchased 55,000 shares of company stock worth $243,000.

ALTM has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded shares of Altus Midstream from a “sell” rating to a “hold” rating in a research report on Monday, June 10th. Citigroup dropped their price target on shares of Altus Midstream from $7.00 to $5.50 and set a “neutral” rating on the stock in a research report on Monday, June 10th. Finally, Barclays downgraded shares of Altus Midstream from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $10.00 to $7.00 in a research report on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. Altus Midstream presently has an average rating of “Hold” and an average price target of $7.56.

The company has a 50-day moving average price of $4.63.

Altus Midstream (NYSE:ALTM) last released its quarterly earnings results on Thursday, May 2nd. The company reported $0.01 EPS for the quarter. The company had revenue of $33.85 million for the quarter.

Several hedge funds have recently added to or reduced their stakes in the business. Gilder Gagnon Howe & Co. LLC bought a new stake in shares of Altus Midstream during the 1st quarter worth about $3,221,000. HITE Hedge Asset Management LLC raised its holdings in shares of Altus Midstream by 20.8% in the 1st quarter. HITE Hedge Asset Management LLC now owns 4,364,796 shares of the company’s stock worth $25,752,000 after purchasing an additional 750,525 shares in the last quarter. Alphasimplex Group LLC bought a new stake in shares of Altus Midstream in the 1st quarter worth approximately $347,000. Tortoise Index Solutions LLC raised its holdings in shares of Altus Midstream by 217.0% in the 1st quarter. Tortoise Index Solutions LLC now owns 63,933 shares of the company’s stock worth $377,000 after purchasing an additional 43,765 shares in the last quarter. Finally, Tortoise Capital Advisors L.L.C. raised its holdings in shares of Altus Midstream by 1.2% in the 1st quarter. Tortoise Capital Advisors L.L.C. now owns 3,438,264 shares of the company’s stock worth $20,286,000 after purchasing an additional 40,090 shares in the last quarter.

About Altus Midstream (NYSE:ALTM)

There is no company description available for Altus Midstream Co

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