10 Worst Performing Utility Stocks in 2024

2. Altus Power (NYSE:AMPS)  

YTD Performance as of October 15: -53.88%  

Market Cap as of October 15: $503.97 Million  

Number of Hedge Fund Investors: 11  

Altus Power (NYSE:AMPS) focuses on providing clean energy solutions by developing, owning, and operating distributed solar energy projects across the United States. The company serves commercial, industrial, and municipal customers and aims to expand the use of solar power to meet energy demands sustainably.

Altus Power’s (NYSE:AMPS) strong partnerships, growing demand for electricity, and attractive business model make it an attractive investment opportunity. The company has a portfolio of 990MW of installed PV capacity and serves a large network of 500 commercial customers and 25,000 solar community subscribers.

Altus Power’s (NYSE:AMPS) strategic position in commercial-scale solar offers a higher return on investment (ROI) compared to utility-scale and residential-scale segments. This is due to construction and operating costs that are close to those of utility-scale companies, combined with the ability to make greater use of economies of scale. As a result, the company has achieved a revenue per MWh of electricity produced of $166/MWh, significantly higher than the average of $125/MWh and median of $101/MWh calculated from a sample of 5 of the largest utility-scale companies globally.

Altus Power’s (NYSE:AMPS) attractive business model, strong partnerships, and growing demand for electricity make it a compelling investment opportunity. The company is anticipated to experience 100% earnings growth this year. Industry analysts are bullish on the company’s stock price and have a consensus Buy rating at a target price of $5.56, which implies a 44.66% increase from its current level.