Altus Power, Inc. operates as a clean electrification company in the United States. It is involved in the on-site solar generation for commercial, industrial, and public customers; community solar; energy storage; and electric vehicle charging businesses. The company was founded in 2009 and is based in Stamford, Connecticut.
IPO Year: 2021
Exchange: NYSE
Website: https://www.altuspower.com
Date | Price Target | Rating | Analyst |
---|---|---|---|
8/21/2024 | $8.00 → $4.00 | Overweight → Equal-Weight | Morgan Stanley |
6/3/2024 | $6.50 | Buy | Seaport Research Partners |
5/15/2024 | Overweight → Neutral | JP Morgan | |
4/10/2024 | $7.00 | Buy | Maxim Group |
11/30/2023 | $10.00 | Outperform | Northland Capital |
4/3/2023 | $12.00 → $9.00 | Overweight | Morgan Stanley |
1/10/2023 | $12.00 | Equal-Weight → Overweight | Morgan Stanley |
1/4/2023 | $15.00 | Outperform | Evercore ISI |
11/14/2022 | $10.00 | Neutral → Overweight | JP Morgan |
10/25/2022 | $14.00 | Buy | UBS |
10-Q - Altus Power, Inc. (0001828723) (Filer)
8-K - Altus Power, Inc. (0001828723) (Filer)
8-K - Altus Power, Inc. (0001828723) (Filer)
10-Q - Altus Power, Inc. (0001828723) (Filer)
8-K - Altus Power, Inc. (0001828723) (Filer)
8-K - Altus Power, Inc. (0001828723) (Filer)
8-K - Altus Power, Inc. (0001828723) (Filer)
8-K - Altus Power, Inc. (0001828723) (Filer)
DEFA14A - Altus Power, Inc. (0001828723) (Filer)
8-K/A - Altus Power, Inc. (0001828723) (Filer)
Altus Power, the largest commercial-scale provider of clean electric power, today announced the acquisition of a 3.4 MW solar project from Chaberton Energy, a Maryland-based national renewable energy project developer, which Altus Power will complete development of and then construct. Upon completion, the power generated by the asset, owned and operated by Altus and located in East New Market, Maryland, will deliver the benefits of clean, electric power to the local community, through Maryland's Community Solar Energy Generating Systems (CSEGS) pilot program. "We're proud to be expanding our portfolio in Maryland and growing our Community Solar subscriber base in the state, enabling more
Third Quarter Financial Highlights Third quarter 2024 revenues of $58.7 million, a 30% increase as compared to third quarter 2023 GAAP net income of $8.6 million for third quarter 2024, as compared to $6.8 million for third quarter 2023 Adjusted EBITDA* of $37.0 million for third quarter 2024, a 27% increase as compared with third quarter 2023 Recent Business Highlights Nationwide portfolio that surpassed 1 GW in operating assets as of September 30, 2024 Expanded Community Solar subscriber base to approximately 30,000 households across nine states Generated 333 million kilowatt hours of clean electric power in third quarter 2024, the equivalent of approximately 232,000
Altus Power (NYSE:AMPS), the largest commercial-scale provider of clean electric power, today announced that it will report financial results for the third quarter of 2024 after the closing of the New York Stock Exchange on Tuesday, November 12, 2024. Following the release, Altus CEO Gregg Felton and CFO Dustin Weber will host a conference call at 4:30pm ET to review results and provide a brief business update. Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company's website at Altus Power, Inc. | Events & Presentations. The conference call can be accessed live over the phone by dialing 1-80
Second Quarter Financial Highlights Second quarter 2024 revenues of $52.5 million, a 13% increase as compared to second quarter 2023 GAAP net income of $33.1 million for second quarter 2024, as compared to $3.4 million for second quarter 2023 Adjusted EBITDA* of $31.2 million for second quarter 2024, or a 2% increase as compared with second quarter 2023 Recent Business Highlights Increased portfolio size by 42% as compared to second quarter of 2023 Generated 364 million kilowatt hours of clean electric power, the equivalent of approximately 254,000 metric tons of carbon dioxide avoided annually Number one owner of commercial-scale solar1, with a portfolio of nearly 1 gi
CBRE Group, Inc. (NYSE:CBRE) today reported financial results for the second quarter ended June 30, 2024. Key Highlights: Revenue up 9%; net revenue up 11% Resilient Business(1) net revenue increased 14%, bolstered by Turner & Townsend's 18% growth Advisory transaction revenue - leasing and capital markets - rose 5%, supported by growth of 13% in U.S. leasing revenue and 20% in mortgage origination fees GAAP EPS down 34% to $0.42; Core EPS down 2% to $0.81 Deployed $1.3 billion of capital year-to-date across M&A and REI co-investments Both net cash flow from operations and free cash flow improved by approximately $300 million; free cash flow conversion was nearly 90%
Altus Power, Inc. (NYSE:AMPS), the largest commercial-scale provider of clean electric power, today announced that it will report financial results for the second quarter of 2024 after the closing of the New York Stock Exchange on Thursday, August 8th. Following the release, Altus CEO Gregg Felton and CFO Dustin Weber will host a conference call at 4:30pm ET to review results and provide a brief business update. Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company's website at Altus Power, Inc. | Events & Presentations. The conference call can be accessed live over the phone by dialing
Altus Power (NYSE:AMPS), the largest commercial scale provider of clean electric power, today announced the acquisition of an 8.5 MW solar array in New Jersey. The ground-mounted project generates clean, electric power that will be sold to PJM, the local independent system operator, as well as Solar Renewable Energy Credits (SRECs), and increases the size of the company's New Jersey portfolio to 185.5 MW in aggregate. "New Jersey is a national leader in renewable energy and we're pleased to expand our footprint in the Garden State," said Gregg Felton, CEO, Altus Power. "This acquisition includes 63 acres of land which enhances our flexibility to redevelop this site in the future and maxim
First Quarter Financial Highlights First quarter 2024 revenues of $40.7 million, a 38% increase as compared to first quarter 2023 GAAP net income of $4.1 million for first quarter 2024, an increase as compared to $3.8 million for first quarter 2023 Adjusted EBITDA* of $19.7 million for first quarter 2024, or a 23% increase as compared with first quarter 2023 Recent Business Highlights Added ~4,000 Community Solar customers, bringing total to over 24,000 Increased portfolio size by 45% to 981 MW as compared to first quarter 2023 Projects with CBRE Investment Management begin construction in Maryland Largest owner of commercial scale solar assets in the US1 Quarter
GAAP EPS Up 10% to $0.41 Core EPS Down 15% to $0.78 CBRE Group, Inc. (NYSE:CBRE) today reported financial results for the first quarter ended March 31, 2024. Consolidated Financial Results Overview The following table presents highlights of CBRE performance (dollars in millions, except per share data; totals may not add due to rounding): % Change Q1 2024 Q1 2023 USD LC (1) Operating Results Revenue $ 7,935 $ 7,411 7.1 % 6.9
Altus Power, Inc. (NYSE:AMPS), the largest commercial-scale provider of clean electric power, today announced that it will report financial results for the first quarter of 2024 after the closing of the New York Stock Exchange on Thursday, May 9, 2024. The earnings release will be followed by a conference call for investors at 4:30 PM Eastern Time. The call will feature prepared remarks from Gregg Felton, Co-Chief Executive Officer and Dustin Weber, Chief Financial Officer. The prepared remarks will be followed by a question-and-answer session which will also include Lars Norell, Co-Chief Executive Officer of Altus Power. The conference call may be accessed via live webcast on a listen-
Altus Power (NYSE:AMPS), the largest commercial-scale provider of clean electric power, announced today that Richard A. Shapiro has joined its Board of Directors. Shapiro will serve as chair of the Compensation Committee. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240801889693/en/Richard Shapiro (Photo: Business Wire) "Altus Power's position as the largest player in the commercial solar space, together with our expertise and platform capability allow us to deliver the benefits of locally-generated clean electric power, providing our customers with greater access and energy security. As we scale our portfolio of solar assets,
The Board of Directors has Accepted the Resignation of Lars Norell as co-CEO and Appointed Gregg Felton as sole Chief Executive Officer Altus Power, Inc. (NYSE:AMPS) ("Altus Power" or the "Company") announced today that the Board of Directors has accepted the resignation of Lars Norell as a co-CEO and as a director of the Company, effective April 26, 2024, and has appointed Gregg Felton as sole Chief Executive Officer of the Company. Mr. Felton will assume all of the duties formerly performed by Mr. Norell. Christine Detrick, Chairperson of Altus Power, said, "The Board has confidence that Gregg will move Altus Power forward with positive momentum and drive long-term shareholder value c
Altus Power (NYSE:AMPS), the largest commercial scale provider of clean, electric power, today announced the appointment of Robert Bernard, CBRE's Chief Sustainability Officer, to its Board of Directors. Bernard assumes the board seat made available by the recent retirement of Bill Concannon, who led CBRE's partnership with Altus Power since 2021. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240304865757/en/Robert Bernard (Photo: Business Wire) "With more than two decades of experience investing in companies that drive sustainable investment and as Microsoft's first Chief Environmental Strategist, Rob's wealth of experience al
Altus Power, Inc. (NYSE:AMPS), a leading commercial-scale provider of clean electric power, announced today that Tina Chan Reich has joined its Board of Directors. Ms. Reich will serve as a member of both the Audit Committee and the Nominating and Corporate Governance Committee. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231101847943/en/Tina Chan Reich, Altus Power Board Member (Photo: Business Wire) "Altus Power is already supplying hundreds of large enterprises and thousands of residential customers with the benefits of clean electric power. As we grow, we will continue to develop and enhance our current digital platform t
Altus Power (NYSE:AMPS), the leading independent owner and operator of commercial-scale solar solutions, today released its 2022 Sustainability Report, "Making Power, Making Progress," highlighting the company's progress and commitment to sustainability in the areas of Environmental, Social and Governance (ESG). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230731701321/en/ "Altus Power was founded with the goal of addressing the urgent need to transform the way we generate and consume power. Our solar arrays produce clean and affordable electric power, displacing utility power generated from fossil fuels and directly enabling
Altus Power, Inc. ("Altus Power" or the "Company") (NYSE:AMPS), the premier independent developer, owner and operator of commercial-scale solar facilities, today announced the appointment of Sophia Lee as its Chief Sustainability Officer, in addition to her current role as the Company's Chief Legal Officer. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230206005246/en/(Photo: Business Wire) "Sophia's dedication to formalizing our firm-wide commitment to sustainability practices and her determination to embed environmental, social and governance (ESG) principles into every facet of our business has helped Altus Power make further
Altus Power, Inc. ("Altus Power" or the "Company") (NYSE:AMPS), the premier independent developer, owner and operator of commercial-scale solar facilities, today announced that Diane Brink has joined its Board of Directors. Ms. Brink will additionally chair the Compensation Committee and serve as a member of the Audit Committee. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230124005225/en/(Photo: Business Wire) "Diane's proven track record leading marketing and customer experience complements the skill set of our current Board of Directors," said Christine Detrick, Chairperson of Altus Power. "Altus Power is in the business of
STAMFORD, Conn., Feb. 22, 2022 /PRNewswire/ -- Altus Power, Inc. ("Altus Power" or the "Company") (NYSE:AMPS) today announced the hiring of Chris Shelton to the position of Head of Investor Relations. Shelton began work in this position on February 7th, 2022. Shelton, who most recently worked for Millennium Management prior to joining Altus Power, will oversee all investor relations activities for the company. With over 18 years of buy-side experience investing in, and as an analyst covering, the utility and renewables sectors, Shelton brings a wealth of public market experie
STAMFORD, Conn., Jan. 26, 2022 /PRNewswire/ -- Altus Power, Inc. ("Altus Power" or the "Company") (NYSE:AMPS) today announced the hiring of Dan Alcombright to the newly created position of Chief Platform Officer. Alcombright began work in this position on January 3rd, 2022. Alcombright, who most recently worked for Duke Energy prior to joining Altus Power, will join the Company's leadership team and oversee its strategy to scale operations across the platform, build sustainable value through its alliances with portfolio partners CBRE, Blackstone and others, and accelerate grow
Altus Power, the largest commercial-scale provider of clean electric power, today announced the acquisition of a 3.4 MW solar project from Chaberton Energy, a Maryland-based national renewable energy project developer, which Altus Power will complete development of and then construct. Upon completion, the power generated by the asset, owned and operated by Altus and located in East New Market, Maryland, will deliver the benefits of clean, electric power to the local community, through Maryland's Community Solar Energy Generating Systems (CSEGS) pilot program. "We're proud to be expanding our portfolio in Maryland and growing our Community Solar subscriber base in the state, enabling more
Clear Street's Newest Offering, with In-Depth Market Analysis and Investment Insights, Addresses the Firm's Rapidly Expanding Institutional Client Base Initial Sector Coverage Includes Disruptive Technology, Energy Transition and Healthcare Clear Street ("Clear Street", "the Company"), a cloud-native financial technology firm on a mission to modernize the brokerage ecosystem, today announced the launch of its Equity Research Group, a strategic initiative aimed at providing in-depth market analysis and investment insights to its growing institutional client base. Led by Director of Research Mara Goldstein, Clear Street Equity Research will focus initially on the Disruptive Technology, En
Third Quarter Financial Highlights Third quarter 2024 revenues of $58.7 million, a 30% increase as compared to third quarter 2023 GAAP net income of $8.6 million for third quarter 2024, as compared to $6.8 million for third quarter 2023 Adjusted EBITDA* of $37.0 million for third quarter 2024, a 27% increase as compared with third quarter 2023 Recent Business Highlights Nationwide portfolio that surpassed 1 GW in operating assets as of September 30, 2024 Expanded Community Solar subscriber base to approximately 30,000 households across nine states Generated 333 million kilowatt hours of clean electric power in third quarter 2024, the equivalent of approximately 232,000
Altus Power (NYSE:AMPS), the largest commercial-scale provider of clean electric power, today announced the successful completion of three new solar projects in Maine, adding a total of 19.1 MWs to the company's expanding portfolio. By collaborating with multiple development partners, Altus Power has streamlined operations, consolidating these projects to become the sole owner producing enhanced operational efficiency within Maine. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241031198612/en/Altus Power Community Solar project in Maine (Photo: Business Wire) "Our process of acquiring and developing solar assets from many differ
Altus Power (NYSE:AMPS), the largest commercial-scale provider of clean electric power, today announced that it will report financial results for the third quarter of 2024 after the closing of the New York Stock Exchange on Tuesday, November 12, 2024. Following the release, Altus CEO Gregg Felton and CFO Dustin Weber will host a conference call at 4:30pm ET to review results and provide a brief business update. Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company's website at Altus Power, Inc. | Events & Presentations. The conference call can be accessed live over the phone by dialing 1-80
Altus Power (NYSE:AMPS), the largest commercial scale provider of clean electric power, today announced that Skylar Werde has joined the company as Head of Community Solar. Werde, an executive with deep experience building and managing teams, will oversee the entire Altus Power Community Solar business, both B2B and B2C, including team management, strategy, revenue, customer acquisition, marketing and customer support. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241029886577/en/Skylar Werde, Altus Power Head of Community Solar (Photo: Business Wire) "Community Solar is one of the most rapidly growing areas of our business and
Altus Power (NYSE:AMPS), the largest commercial scale provider of clean electric power, today announced that a formal review of strategic alternatives has been underway by its Board of Directors. The goal of the comprehensive review is to assess and determine the strategic alternatives that will unlock shareholder value and optimize access to capital for the company. "Our goal is to ensure that Altus Power is structured for long-term success in a growth industry with strong secular tailwinds and large market opportunity," said Gregg Felton, Chief Executive Officer of Altus Power. "The ongoing disconnect between the share price and our view of intrinsic value gives the Board and management
Company highlights growth and momentum across key areas of the business Altus Power (NYSE:AMPS), the largest commercial scale provider of clean electric power, today announced that its nationwide portfolio of assets in operation topped one gigawatt. The market leader in commercial solar now operates more than 500 projects across 25 states and has expanded its Community Solar program to nine states, with more than 25,000 subscribers. "From our first operating asset in Bridgeport, Connecticut, to our most recent in Pueblo, Colorado, Altus Power has built a U.S. portfolio of scale, making us the leader in the transition to clean, electric power for enterprises and households nationwide," sai
Clean electric power to benefit the San Manuel Landing. Altus Power (NYSE:AMPS), the largest commercial scale provider of clean electric power, today announced an agreement to construct a 1.6 megawatt solar project at the San Manuel Landing, a 1.1 million square foot Class-A logistics center located in San Bernardino, Calif. Altus originated the project in conjunction with its partner, Trammell Crow Company, which developed the San Manuel Landing with the San Manuel Band of Mission Indians (SMBMI). Under a long-term agreement, Altus Power will lease the roof of the building from the San Manuel Band of Mission Indians. Upon completion, the solar array will deliver low-cost clean electric p
Altus Power (NYSE:AMPS), the largest commercial scale provider of clean electric power, today announced the successful structuring of a groundbreaking tax equity transaction and partnership model with its existing partners. This transaction marks a significant evolution for Altus Power, which maximizes market efficiency and competitiveness in structuring renewable energy project financings. The deal is notable given its innovative structure, which allocates a portion of the investment tax credits ("ITCs") from recently completed solar projects to an existing partner through a traditional tax equity partnership, consistent with those which Altus has formed in the past. However, in a first-o
Morgan Stanley downgraded Altus Power from Overweight to Equal-Weight and set a new price target of $4.00 from $8.00 previously
Seaport Research Partners initiated coverage of Altus Power with a rating of Buy and set a new price target of $6.50
JP Morgan downgraded Altus Power from Overweight to Neutral
Maxim Group initiated coverage of Altus Power with a rating of Buy and set a new price target of $7.00
Northland Capital initiated coverage of Altus Power with a rating of Outperform and set a new price target of $10.00
Morgan Stanley resumed coverage of Altus Power with a rating of Overweight and set a new price target of $9.00 from $12.00 previously
Morgan Stanley upgraded Altus Power from Equal-Weight to Overweight and set a new price target of $12.00
Evercore ISI initiated coverage of Altus Power with a rating of Outperform and set a new price target of $15.00
JP Morgan upgraded Altus Power from Neutral to Overweight and set a new price target of $10.00
UBS initiated coverage of Altus Power with a rating of Buy and set a new price target of $14.00
Altus Power (NYSE:AMPS), the largest commercial scale provider of clean electric power, today announced the acquisition of an 8.5 MW solar array in New Jersey. The ground-mounted project generates clean, electric power that will be sold to PJM, the local independent system operator, as well as Solar Renewable Energy Credits (SRECs), and increases the size of the company's New Jersey portfolio to 185.5 MW in aggregate. "New Jersey is a national leader in renewable energy and we're pleased to expand our footprint in the Garden State," said Gregg Felton, CEO, Altus Power. "This acquisition includes 63 acres of land which enhances our flexibility to redevelop this site in the future and maximiz
Seaport Global analyst Jeff Campbell initiates coverage on Altus Power (NYSE:AMPS) with a Buy rating and announces Price Target of $6.5.
Roth MKM analyst Justin Clare maintains Altus Power (NYSE:AMPS) with a Buy and lowers the price target from $7 to $5.
JP Morgan analyst Mark Strouse downgrades Altus Power (NYSE:AMPS) from Overweight to Neutral.
B. Riley Securities analyst Christopher Souther maintains Altus Power (NYSE:AMPS) with a Buy and lowers the price target from $7 to $6.
Evercore ISI Group analyst James West maintains Altus Power (NYSE:AMPS) with a Outperform and lowers the price target from $9 to $7.
Altus Power (NYSE:AMPS) reported quarterly earnings of $0.05 per share which beat the analyst consensus estimate of $(0.08) by 162.5 percent. This is a 66.67 percent increase over earnings of $0.03 per share from the same period last year. The company reported quarterly sales of $40.659 million which beat the analyst consensus estimate of $39.920 million by 1.85 percent. This is a 38.40 percent increase over sales of $29.378 million the same period last year.
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