Avangrid (NYSE:AGR) Issues Quarterly Earnings Results

Avangrid (NYSE:AGR) announced its quarterly earnings results on Wednesday. The utilities provider reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.18, Briefing.com reports. Avangrid had a net margin of 9.46% and a return on equity of 3.92%. The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the prior year, the company posted $0.64 EPS. The company’s revenue was down 2.0% on a year-over-year basis.

Avangrid Price Performance

Shares of AGR remained flat at $36.84 during trading hours on Wednesday. 85,920 shares of the stock traded hands, compared to its average volume of 916,323. The company has a market cap of $14.25 billion, a P/E ratio of 18.24, a price-to-earnings-growth ratio of 2.77 and a beta of 0.56. The company has a current ratio of 0.65, a quick ratio of 0.56 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average price of $34.56 and a 200 day moving average price of $32.55. Avangrid has a 52-week low of $27.46 and a 52-week high of $41.22.

Avangrid Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Friday, May 31st. This represents a $1.76 annualized dividend and a dividend yield of 4.78%. Avangrid’s payout ratio is 86.70%.

Wall Street Analyst Weigh In

AGR has been the subject of several recent research reports. Janney Montgomery Scott restated a “sell” rating and issued a $35.00 price target on shares of Avangrid in a research report on Friday, March 8th. StockNews.com upgraded shares of Avangrid from a “sell” rating to a “hold” rating in a research report on Friday, February 23rd. Mizuho increased their price objective on shares of Avangrid from $33.00 to $34.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 3rd. Finally, Wells Fargo & Company increased their target price on shares of Avangrid from $34.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, February 23rd. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $34.75.

About Avangrid

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.