Avangrid (NYSE:AGR) Updates FY 2024 Earnings Guidance

Avangrid (NYSE:AGR) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 2.170-2.320 for the period, compared to the consensus earnings per share estimate of 2.250. The company issued revenue guidance of -. Avangrid also updated its FY24 guidance to $2.17 to $2.32 EPS.

Avangrid Trading Up 0.7 %

NYSE:AGR traded up $0.24 on Wednesday, reaching $37.08. 340,403 shares of the company’s stock were exchanged, compared to its average volume of 919,548. The company has a quick ratio of 0.56, a current ratio of 0.65 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $14.34 billion, a price-to-earnings ratio of 18.15, a price-to-earnings-growth ratio of 2.77 and a beta of 0.56. The business has a fifty day moving average of $34.56 and a 200-day moving average of $32.55. Avangrid has a 52-week low of $27.46 and a 52-week high of $41.22.

Avangrid (NYSE:AGR) last issued its quarterly earnings results on Tuesday, April 23rd. The utilities provider reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.18. Avangrid had a net margin of 9.46% and a return on equity of 3.92%. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period in the prior year, the firm earned $0.64 earnings per share. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. As a group, analysts expect that Avangrid will post 2.23 earnings per share for the current year.

Avangrid Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be paid a dividend of $0.44 per share. The ex-dividend date is Friday, May 31st. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.75%. Avangrid’s payout ratio is 86.70%.

Analyst Ratings Changes

AGR has been the topic of a number of recent research reports. StockNews.com upgraded shares of Avangrid from a sell rating to a hold rating in a research note on Friday, February 23rd. Mizuho upped their target price on shares of Avangrid from $33.00 to $34.00 and gave the stock a neutral rating in a research note on Wednesday, January 3rd. Janney Montgomery Scott restated a sell rating and set a $35.00 target price on shares of Avangrid in a research note on Friday, March 8th. Finally, Wells Fargo & Company increased their price target on shares of Avangrid from $34.00 to $35.00 and gave the company an equal weight rating in a research note on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average 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.