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Altus Power , Inc. (NYSE:AMPS) Chief Financial Officer Dustin Weber recently sold a portion of his holdings in the company. According to a recent SEC filing, Weber sold 9,162 shares of Altus Power’s Class A Common Stock on February 20, 2025. The shares were sold at a price of $4.91 each, totaling approximately $44,985. The transaction comes amid strong recent performance for the stock, which has surged nearly 60% over the past six months and gained 20% year-to-date, according to InvestingPro data.
The transaction was conducted as a "sell to cover" to satisfy tax withholding obligations, rather than as a discretionary trade by Weber. Following this transaction, Weber retains ownership of 2,002,611 shares in the company. With a market capitalization of $784 million and impressive gross profit margins of 77%, investors can access deeper insights through InvestingPro’s comprehensive research report.
Altus Power, based in Stamford, Connecticut, is engaged in providing electric services and continues to be a significant player in the energy sector. The company is scheduled to report its next earnings on March 20, 2025, which could provide further clarity on its financial trajectory.
In other recent news, Altus Power is set to go private following a definitive acquisition agreement with TPG Rise Climate, valued at approximately $2.2 billion, including debt. The acquisition price of $5.00 per share represents a 66% premium over Altus Power’s unaffected closing price in October 2024. The company’s Board of Directors has unanimously approved the transaction and stockholders representing about 40% of Altus Power’s Class A common stock have agreed to support the deal. The transaction is expected to close in the second quarter of 2025, subject to stockholder approval and customary closing conditions.
In related developments, UBS downgraded Altus Power’s stock from Buy to Neutral following the acquisition announcement, maintaining a price target of $5.00 per share. UBS analysts suggest that the stock’s value is likely to remain stable until the transaction’s completion. Meanwhile, JPMorgan upgraded Altus Power’s stock rating from Underweight to Neutral, also setting a year-end 2025 price target of $5.00. JPMorgan’s analysis indicates that the takeover bid is expected to gain shareholder approval due to its favorable valuation compared to similar companies in the renewable energy sector.
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