Avangrid, Inc. (NYSE:AGR) Given Consensus Rating of “Reduce” by Analysts

Posted by Rob Hiaasen on May 26th, 2023

Shares of Avangrid, Inc. (NYSE:AGR – Get Rating) have received an average rating of “Hold” from the eight ratings firms that are currently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $42.83.

A number of equities analysts recently commented on AGR shares. StockNews.com started coverage on shares of Avangrid in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Wells Fargo & Company decreased their target price on shares of Avangrid from $48.00 to $43.00 and set an “equal weight” rating for the company in a research report on Thursday, February 23rd. Bank of America decreased their price objective on shares of Avangrid from $37.00 to $34.00 and set an “underperform” rating for the company in a research report on Monday, April 3rd. Finally, Mizuho reduced their price target on shares of Avangrid from $43.00 to $39.00 and set a “neutral” rating for the company in a research report on Wednesday, March 29th.

Avangrid Price Performance

Shares of Avangrid stock opened at $37.68 on Friday. Avangrid has a one year low of $37.43 and a one year high of $51.71. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.59 and a current ratio of 0.69. The stock has a market cap of $14.57 billion, a P/E ratio of 21.41, a P/E/G ratio of 3.89 and a beta of 0.42. The stock’s fifty day moving average is $39.83 and its 200 day moving average is $41.05.

Avangrid (NYSE:AGR – Get Rating) last issued its quarterly earnings data on Wednesday, April 26th. The utilities provider reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.12). The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.22 billion. Avangrid had a net margin of 8.25% and a return on equity of 3.43%. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.16 EPS. Sell-side analysts anticipate that Avangrid will post 2.23 earnings per share for the current year.

Avangrid Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Thursday, June 1st will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.67%. The ex-dividend date of this dividend is Wednesday, May 31st. Avangrid’s dividend payout ratio (DPR) is 100.00%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. ATLAS Infrastructure Partners UK Ltd. lifted its stake in shares of Avangrid by 103.1% during the first quarter. ATLAS Infrastructure Partners UK Ltd. now owns 4,533,320 shares of the utilities provider’s stock valued at $180,789,000 after buying an additional 2,300,782 shares during the period. Prudential Financial Inc. lifted its position in shares of Avangrid by 506.6% in the 3rd quarter. Prudential Financial Inc. now owns 625,284 shares of the utilities provider’s stock worth $26,075,000 after buying an additional 522,200 shares during the last quarter. Millennium Management LLC lifted its position in shares of Avangrid by 9,303.6% in the 2nd quarter. Millennium Management LLC now owns 527,167 shares of the utilities provider’s stock worth $24,313,000 after buying an additional 521,561 shares during the last quarter. AQR Capital Management LLC lifted its position in Avangrid by 76.9% in the 4th quarter. AQR Capital Management LLC now owns 829,528 shares of the utilities provider’s stock valued at $35,653,000 after purchasing an additional 360,477 shares during the last quarter. Finally, Mackenzie Financial Corp increased its stake in Avangrid by 35.9% during the 1st quarter. Mackenzie Financial Corp now owns 1,192,181 shares of the utilities provider’s stock valued at $47,544,000 after buying an additional 314,982 shares during the period. 11.96% of the stock is owned by hedge funds and other institutional investors.

About Avangrid

(Get Rating)

Avangrid, Inc engages in the energy transmission and gas distribution. It operates through the following segments: Networks, Renewables, and Other. The Networks segment includes energy transmission and distribution, electric transmission, and gas distribution activities. The Renewables segment relates to renewable energy, mainly wind energy generation and trading related to such activities.