Avangrid (NYSE:AGR) Coverage Initiated at StockNews.com

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

Separately, Janney Montgomery Scott reissued a sell rating and set a $35.00 price objective on shares of Avangrid in a report on Friday, March 8th. One analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $34.67.

Avangrid Price Performance

AGR opened at $35.35 on Monday. The company has a market capitalization of $13.68 billion, a price-to-earnings ratio of 15.30, a PEG ratio of 2.67 and a beta of 0.55. The company has a current ratio of 0.58, a quick ratio of 0.50 and a debt-to-equity ratio of 0.47. Avangrid has a 12-month low of $27.46 and a 12-month high of $39.13. The business’s fifty day simple moving average is $36.02 and its 200-day simple moving average is $34.26.

Avangrid (NYSE:AGR) last released its quarterly earnings data on Wednesday, April 24th. The utilities provider reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.18. The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.54 billion. Avangrid had a net margin of 10.80% and a return on equity of 4.35%. The firm’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.64 earnings per share. On average, equities research analysts anticipate that Avangrid will post 2.22 earnings per share for the current fiscal year.

Avangrid Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Monday, June 3rd were paid a $0.44 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $1.76 annualized dividend and a yield of 4.98%. Avangrid’s dividend payout ratio (DPR) is presently 76.19%.

Institutional Trading of Avangrid

Several hedge funds have recently modified their holdings of AGR. Clean Energy Transition LLP purchased a new position in shares of Avangrid in the 4th quarter worth approximately $75,620,000. Mackenzie Financial Corp boosted its stake in Avangrid by 20.5% in the fourth quarter. Mackenzie Financial Corp now owns 1,917,324 shares of the utilities provider’s stock valued at $62,140,000 after acquiring an additional 326,084 shares in the last quarter. Norges Bank acquired a new stake in Avangrid in the fourth quarter valued at approximately $30,303,000. Charles Schwab Investment Management Inc. grew its holdings in Avangrid by 8.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 608,977 shares of the utilities provider’s stock worth $19,737,000 after purchasing an additional 48,174 shares during the last quarter. Finally, Hsbc Holdings PLC increased its position in shares of Avangrid by 65.1% during the fourth quarter. Hsbc Holdings PLC now owns 373,093 shares of the utilities provider’s stock worth $12,088,000 after purchasing an additional 147,108 shares in the last quarter. 13.12% of the stock is owned by hedge funds and other institutional investors.

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.