StockNews.com Initiates Coverage on Avangrid (NYSE:AGR)

StockNews.com began coverage on shares of Avangrid (NYSE:AGR) in a report released on Tuesday. The brokerage issued a hold rating on the utilities provider’s stock.

Avangrid Price Performance

Shares of AGR opened at $35.59 on Tuesday. The company has a current ratio of 0.51, a quick ratio of 0.44 and a debt-to-equity ratio of 0.52. The firm has a market cap of $13.77 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 2.54 and a beta of 0.55. Avangrid has a 52 week low of $29.33 and a 52 week high of $37.70. The stock has a 50 day moving average of $35.75 and a 200-day moving average of $35.84.

Avangrid (NYSE:AGR) last released its earnings results on Tuesday, October 22nd. The utilities provider reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.22. Avangrid had a net margin of 12.89% and a return on equity of 5.37%. The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.04 billion. During the same quarter in the previous year, the firm earned $0.27 earnings per share. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. As a group, analysts forecast that Avangrid will post 2.34 EPS for the current year.

Avangrid Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, December 2nd will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.95%. The ex-dividend date of this dividend is Monday, December 2nd. Avangrid’s payout ratio is 60.48%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Harvest Portfolios Group Inc. lifted its stake in Avangrid by 8.3% in the third quarter. Harvest Portfolios Group Inc. now owns 151,820 shares of the utilities provider’s stock valued at $5,434,000 after buying an additional 11,667 shares during the last quarter. QRG Capital Management Inc. lifted its position in Avangrid by 56.0% in the 3rd quarter. QRG Capital Management Inc. now owns 51,568 shares of the utilities provider’s stock valued at $1,846,000 after purchasing an additional 18,518 shares during the last quarter. Van ECK Associates Corp boosted its stake in Avangrid by 13.2% during the 3rd quarter. Van ECK Associates Corp now owns 20,727 shares of the utilities provider’s stock valued at $742,000 after purchasing an additional 2,422 shares during the period. FCG Investment Co grew its position in Avangrid by 7.8% in the 3rd quarter. FCG Investment Co now owns 22,764 shares of the utilities provider’s stock worth $815,000 after purchasing an additional 1,645 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Avangrid by 4.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,724 shares of the utilities provider’s stock valued at $491,000 after purchasing an additional 647 shares during the period. Institutional investors and hedge funds own 13.12% of the company’s stock.

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.