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Despite surpassing analysts’ revenue estimates in its most recent quarter, AM’s performance declined on a year-over-year basis. The stock has slumped 14.4% in price since the company posted its third-quarter results on October 27. Investors were anxious about pandemic-related disruptions and the company’s report of lower gathering and freshwater delivery volumes. Its low-pressure gathering volumes decreased 6% year-over-year, while its high-pressure gathering volumes declined 7% year-over-year. In addition, compression was down 3% from the same period last year. AM cited downtime at its Sherwood and Hopedale processing and fractionation facilities during the quarter as having negatively impacted the gathering and compression volumes. Its freshwater delivery volumes also declined 18% from the prior-year quarter to 91 MBbl/d.
AM’s shares have declined 8.9% in price over the past six months and 10.8% over the past month to close the last trading session at $9.46. The stock is now trading below its 50-day and 200-day moving average. Also, AM’s stock is highly volatile at its current price level with a 2.90 beta.
