Avangrid (NYSE:AGR) Releases FY24 Earnings Guidance

Avangrid (NYSE:AGR) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.17 to $2.32 for the period, compared to the consensus earnings per share estimate of $2.25.

Avangrid Price Performance

Shares of NYSE:AGR traded down $0.21 on Tuesday, reaching $36.84. 1,023,408 shares of the company traded hands, compared to its average volume of 923,891. The company’s 50 day moving average is $34.42 and its 200-day moving average is $32.50. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.65 and a quick ratio of 0.56. Avangrid has a fifty-two week low of $27.46 and a fifty-two week high of $41.22. The stock has a market capitalization of $14.25 billion, a PE ratio of 18.25, a P/E/G ratio of 2.76 and a beta of 0.56.

Avangrid (NYSE:AGR) last announced its earnings results on Thursday, February 22nd. The utilities provider reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.03. Avangrid had a net margin of 9.46% and a return on equity of 3.92%. The company had revenue of $2.28 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same period in the previous year, the business earned $0.39 EPS. The company’s revenue was up 5.7% on a year-over-year basis. As a group, analysts anticipate that Avangrid will post 2.23 earnings per share for the current fiscal year.

Avangrid Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 3rd will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.78%. The ex-dividend date of this dividend is Friday, May 31st. Avangrid’s dividend payout ratio (DPR) is presently 86.70%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on AGR. Wells Fargo & Company upped their price objective on shares of Avangrid from $34.00 to $35.00 and gave the stock an equal weight rating in a report on Friday, February 23rd. StockNews.com upgraded shares of Avangrid from a sell rating to a hold rating in a report on Friday, February 23rd. Mizuho upped their price objective on shares of Avangrid from $33.00 to $34.00 and gave the stock a neutral rating in a report on Wednesday, January 3rd. Finally, Janney Montgomery Scott restated a sell rating and set a $35.00 price target on shares of Avangrid in a report on Friday, March 8th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $34.75.

Avangrid Company Profile

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.