Avangrid, Inc. Forecasted to Post FY2023 Earnings of $2.54 Per Share (NYSE:AGR)

Avangrid, Inc. (NYSE:AGR – Get Rating) – Seaport Res Ptn decreased their FY2023 earnings per share (EPS) estimates for shares of Avangrid in a research report issued to clients and investors on Tuesday, April 26th. Seaport Res Ptn analyst A. Storozynski now anticipates that the utilities provider will earn $2.54 per share for the year, down from their prior forecast of $2.65. Seaport Res Ptn also issued estimates for Avangrid’s FY2024 earnings at $2.70 EPS and FY2025 earnings at $2.80 EPS.

Avangrid (NYSE:AGR – Get Rating) last issued its quarterly earnings data on Tuesday, April 26th. The utilities provider reported $1.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.16. Avangrid had a net margin of 10.14% and a return on equity of 4.12%. During the same period in the previous year, the business earned $1.14 earnings per share.

Other equities analysts have also recently issued reports about the stock. StockNews.com started coverage on shares of Avangrid in a research note on Thursday, March 31st. They set a “hold” rating for the company. Janney Montgomery Scott lowered shares of Avangrid from a “buy” rating to a “neutral” rating in a report on Thursday, February 24th. Mizuho lowered their price target on shares of Avangrid from $47.00 to $42.00 and set an “underperform” rating on the stock in a report on Thursday, February 24th. Zacks Investment Research raised shares of Avangrid from a “sell” rating to a “hold” rating and set a $48.00 price target on the stock in a report on Tuesday, January 25th. Finally, Wells Fargo & Company lowered shares of Avangrid from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $60.00 to $48.00 in a report on Wednesday, February 23rd. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $48.50.

NYSE:AGR opened at $45.42 on Thursday. The stock has a market cap of $17.56 billion, a P/E ratio of 21.94, a PEG ratio of 3.65 and a beta of 0.33. Avangrid has a one year low of $42.20 and a one year high of $55.57. The company has a fifty day moving average price of $46.06 and a 200 day moving average price of $48.15. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.13 and a quick ratio of 1.03.

Institutional investors and hedge funds have recently bought and sold shares of the company. Long Run Wealth Advisors LLC bought a new stake in shares of Avangrid in the 4th quarter worth about $888,000. Wellington Management Group LLP grew its holdings in Avangrid by 0.9% during the 3rd quarter. Wellington Management Group LLP now owns 5,697,474 shares of the utilities provider’s stock worth $276,898,000 after acquiring an additional 49,170 shares during the last quarter. Franklin Resources Inc. grew its holdings in Avangrid by 12.0% during the 3rd quarter. Franklin Resources Inc. now owns 338,273 shares of the utilities provider’s stock worth $16,440,000 after acquiring an additional 36,183 shares during the last quarter. UBS Asset Management Americas Inc. grew its holdings in Avangrid by 1.4% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 335,841 shares of the utilities provider’s stock worth $16,322,000 after acquiring an additional 4,567 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Avangrid by 14.1% during the 3rd quarter. Alliancebernstein L.P. now owns 26,819 shares of the utilities provider’s stock worth $1,303,000 after acquiring an additional 3,313 shares during the last quarter. 10.66% of the stock is currently owned by institutional investors and hedge funds.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 1st. Stockholders of record on Friday, June 3rd will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.87%. The ex-dividend date of this dividend is Thursday, June 2nd. Avangrid’s payout ratio is 85.02%.

Avangrid Company Profile (Get Rating)

Avangrid, Inc, an energy services holding company, engages in the regulated energy transmission and distribution, and renewable energy generation businesses in the United States. The company operates through Networks and Renewables segments. It is involved in the generation, transmission, and distribution of electricity; and distribution, transportation, and sale of natural gas.

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