Avangrid, Inc. (AGR) Issues Earnings Results, Beats Expectations By $0.06 EPS

Avangrid, Inc. (NYSE:AGR) released its earnings results on Wednesday, July 19th. The utilities provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.06, Bloomberg Earnings reports. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.43 billion. Avangrid had a net margin of 11.25% and a return on equity of 4.52%. The firm’s quarterly revenue was down 7.5% compared to the same quarter last year. During the same period last year, the firm posted $0.33 earnings per share. Avangrid updated its FY17 guidance to $2.10-2.35 EPS.

Avangrid (NYSE:AGR) opened at 45.19 on Friday. The company’s 50-day moving average is $44.79 and its 200-day moving average is $43.04. The stock has a market capitalization of $13.99 billion, a P/E ratio of 20.72 and a beta of 0.56. Avangrid has a 12 month low of $35.42 and a 12 month high of $46.39.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be given a dividend of $0.432 per share. This represents a $1.73 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date of this dividend is Thursday, September 7th. Avangrid’s payout ratio is presently 79.36%.

Hedge funds have recently modified their holdings of the company. US Bancorp DE boosted its stake in shares of Avangrid by 106.3% in the first quarter. US Bancorp DE now owns 2,863 shares of the utilities provider’s stock worth $122,000 after buying an additional 1,475 shares during the period. New York State Teachers Retirement System boosted its stake in shares of Avangrid by 2.0% in the fourth quarter. New York State Teachers Retirement System now owns 5,000 shares of the utilities provider’s stock worth $189,000 after buying an additional 100 shares during the period. Klingenstein Fields & Co. LLC bought a new stake in shares of Avangrid during the first quarter worth about $214,000. GSA Capital Partners LLP bought a new stake in shares of Avangrid during the fourth quarter worth about $221,000. Finally, Nisa Investment Advisors LLC bought a new stake in shares of Avangrid during the first quarter worth about $227,000. 13.44% of the stock is currently owned by institutional investors and hedge funds.

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Several research firms have recently weighed in on AGR. Evercore ISI raised shares of Avangrid from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $43.50 to $46.50 in a research report on Monday, July 24th. Zacks Investment Research downgraded shares of Avangrid from a “buy” rating to a “hold” rating in a research report on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $46.10.

Avangrid Company Profile

Avangrid, Inc is an energy and utility company. The Company operates through three segments: Networks, Renewables and Gas. The Networks segment includes all the energy transmission and distribution activities, and any other regulated activity originating in New York and Maine, and regulated electric distribution, electric transmission and gas distribution activities originating in Connecticut and Massachusetts.