Avangrid (NYSE:AGR) Issues FY24 Earnings Guidance

Avangrid (NYSE:AGR) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.17 to $2.32 for the period, compared to the consensus EPS estimate of $2.25. Avangrid also updated its FY 2024 guidance to 2.170-2.320 EPS.

Avangrid Price Performance

Shares of AGR traded up $0.16 during mid-day trading on Friday, hitting $36.71. The company’s stock had a trading volume of 74,706 shares, compared to its average volume of 911,516. 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 firm has a 50-day simple moving average of $34.80 and a 200 day simple moving average of $32.61. The firm has a market capitalization of $14.20 billion, a P/E ratio of 15.82, a P/E/G ratio of 2.77 and a beta of 0.56. Avangrid has a 1-year low of $27.46 and a 1-year high of $41.22.

Avangrid (NYSE:AGR) last released its quarterly earnings results on Wednesday, April 24th. The utilities provider reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.18. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.54 billion. Avangrid had a return on equity of 4.37% and a net margin of 10.80%. Avangrid’s revenue was down 2.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.64 earnings per share. Analysts predict that Avangrid will post 2.23 EPS for the current fiscal 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 issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 4.79%. The ex-dividend date is Friday, May 31st. Avangrid’s payout ratio is currently 76.19%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Wells Fargo & Company boosted their price objective on Avangrid from $34.00 to $35.00 and gave the stock an equal weight rating in a research note on Friday, February 23rd. Mizuho boosted their price objective on Avangrid from $33.00 to $34.00 and gave the stock a neutral rating in a research note on Wednesday, January 3rd. StockNews.com upgraded Avangrid from a sell rating to a hold rating in a research note on Friday, February 23rd. Finally, Janney Montgomery Scott restated a sell rating and set a $35.00 price objective on shares of Avangrid in a research note on Friday, March 8th. 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, the company has a consensus rating of Hold and a consensus price target 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.