Stock Alert: Altus Midstream Jumps 79% After Reporting Profit In Q3

(RTTNews) - Shares of Altus Midstream Co. (ALTM), an owner of gas processing, and transmission assets in the Permian Basin of West Texas, are surging almost 79 percent or $7.90 in Thursday's morning trade at $17.93.

Wednesday, Altus Midstream reported net income to common shareholders for the third quarter of $9.99 million, compared to net loss of $25.67 million in the year-ago period. Total revenues grew to $40.17 million from $34.01 million last year.

The company also said that later this year, it plans to recommend to the board of directors a quarterly dividend of $1.50 per share beginning in March 2021.

Altus Midstream has traded in a range of $9.40 to $59.60 in the past 52 weeks.