UBS cuts Brent crude oil forecasts
Felton Gregg J, Co-Founder, CEO, and President of Altus Power , Inc. (NYSE:AMPS), recently executed a sale of company stock. The company, currently valued at $784 million, has shown impressive momentum with a 60% price return over the past six months, though InvestingPro data indicates the stock is trading near its Fair Value. On February 20, 2025, Gregg sold 71,161 shares of Class A common stock at a price of $4.91 per share, totaling approximately $349,400. This transaction was conducted to satisfy tax withholding obligations through a "sell to cover" transaction, as noted in the filing. Following the sale, Gregg retains direct ownership of 4,023,696 shares. Additionally, he holds an indirect interest in 12,044,603 shares through Felton Asset Management LLC, where he serves as the managing member. However, he disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest. The company maintains strong gross profit margins of 77% and analysts expect continued sales growth this year. Discover 12 more exclusive insights about AMPS with a subscription to InvestingPro.
In other recent news, Altus Power is set to transition into a private entity following a definitive acquisition agreement with TPG Rise Climate. The all-cash transaction is valued at approximately $2.2 billion, including debt, and offers $5.00 per share, representing a 66% premium over its unaffected closing price in October 2024. This deal, anticipated to close in the second quarter of 2025, has received unanimous approval from Altus Power’s Board of Directors, with significant shareholder support already secured. In related developments, UBS has downgraded Altus Power’s stock rating from Buy to Neutral, citing the stability expected in the stock’s value until the transaction’s completion. Meanwhile, JPMorgan has upgraded its rating from Underweight to Neutral, aligning with the acquisition’s offer price and its potential shareholder approval. The acquisition is expected to enhance Altus Power’s commercial and Community Solar offerings, expanding access to clean electric power. The deal’s completion is subject to stockholder approval and customary closing conditions, but notably, it does not depend on financing conditions. As part of the transition, Altus Power’s Class A common stock will be delisted from the New York Stock Exchange.
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