Altus Power FY2024 EPS Forecast Lifted by Seaport Res Ptn

Altus Power, Inc. (NYSE:AMPS) – Stock analysts at Seaport Res Ptn boosted their FY2024 EPS estimates for shares of Altus Power in a research note issued on Thursday, November 14th. Seaport Res Ptn analyst J. Campbell now forecasts that the company will post earnings per share of $0.12 for the year, up from their prior estimate of $0.02. The consensus estimate for Altus Power’s current full-year earnings is $0.14 per share. Seaport Res Ptn also issued estimates for Altus Power’s Q4 2024 earnings at ($0.06) EPS, Q1 2025 earnings at ($0.05) EPS, Q4 2025 earnings at ($0.04) EPS, FY2025 earnings at ($0.07) EPS, Q1 2026 earnings at ($0.04) EPS, Q3 2026 earnings at $0.05 EPS and FY2026 earnings at ($0.02) EPS.

Several other analysts have also recently commented on the company. Maxim Group dropped their price target on Altus Power from $5.50 to $4.50 and set a “buy” rating for the company in a research report on Monday, August 12th. Roth Mkm reiterated a “buy” rating and issued a $4.50 target price on shares of Altus Power in a research report on Wednesday, October 16th. Morgan Stanley cut shares of Altus Power from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $8.00 to $4.00 in a research note on Wednesday, August 21st. Citigroup cut their price objective on shares of Altus Power from $7.00 to $5.50 and set a “buy” rating for the company in a report on Tuesday, October 22nd. Finally, UBS Group dropped their price target on Altus Power from $5.50 to $5.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $5.81.

Altus Power Price Performance

NYSE:AMPS opened at $3.84 on Monday. The stock has a 50 day moving average of $3.36 and a two-hundred day moving average of $3.70. Altus Power has a 12 month low of $2.71 and a 12 month high of $7.28. The firm has a market cap of $616.63 million, a P/E ratio of 17.43 and a beta of 0.94. The company has a current ratio of 0.60, a quick ratio of 0.91 and a debt-to-equity ratio of 2.10.

Institutional Trading of Altus Power

A number of hedge funds and other institutional investors have recently modified their holdings of AMPS. Encompass Capital Advisors LLC lifted its stake in Altus Power by 1.2% during the second quarter. Encompass Capital Advisors LLC now owns 4,628,613 shares of the company’s stock worth $18,144,000 after purchasing an additional 53,031 shares in the last quarter. State Street Corp raised its holdings in shares of Altus Power by 0.6% in the 3rd quarter. State Street Corp now owns 3,682,864 shares of the company’s stock valued at $11,712,000 after buying an additional 21,312 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Altus Power by 37.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,974,269 shares of the company’s stock valued at $11,662,000 after buying an additional 807,071 shares during the period. Swedbank AB acquired a new position in Altus Power during the 1st quarter worth about $12,589,000. Finally, abrdn plc grew its position in Altus Power by 8.7% in the 3rd quarter. abrdn plc now owns 1,444,400 shares of the company’s stock valued at $4,593,000 after acquiring an additional 115,300 shares in the last quarter. 46.55% of the stock is owned by institutional investors and hedge funds.

About Altus Power

Altus Power, Inc, a clean electrification company, develops, owns, constructs, and operates roof, ground, and carport-based photovoltaic solar energy generation and storage systems. It serves commercial, industrial, public sector, and community solar customers. Altus Power, Inc was founded in 2013 and is headquartered in Stamford, Connecticut.