Avangrid (NYSE:AGR) Updates FY24 Earnings Guidance

Avangrid (NYSE:AGR) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.17 to $2.32 for the period, compared to the consensus earnings per share estimate of $2.25.

Analyst Ratings Changes

Several equities analysts have commented on the stock. StockNews.com upgraded shares of Avangrid from a sell rating to a hold rating in a report on Friday, February 23rd. Janney Montgomery Scott reiterated a sell rating and issued a $35.00 target price on shares of Avangrid in a research note on Friday, March 8th. Wells Fargo & Company upped their price objective on Avangrid from $34.00 to $35.00 and gave the stock an equal weight rating in a research report on Friday, February 23rd. Finally, Mizuho lifted their target price on shares of Avangrid from $33.00 to $34.00 and gave the company a neutral rating in a report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat, Avangrid currently has a consensus rating of Hold and an average price target of $34.75.

Avangrid Trading Down 0.6 %

AGR stock traded down $0.21 during trading on Tuesday, reaching $36.84. 1,023,637 shares of the stock traded hands, compared to its average volume of 926,737. Avangrid has a 52-week low of $27.46 and a 52-week high of $41.22. The business’s 50 day moving average price is $34.42 and its 200-day moving average price is $32.50. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.65 and a quick ratio of 0.56. The firm has a market capitalization of $14.25 billion, a PE ratio of 18.15, a P/E/G ratio of 2.76 and a beta of 0.56.

Avangrid (NYSE:AGR) last issued its earnings results on Thursday, February 22nd. The utilities provider reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.03. The business had revenue of $2.28 billion during the quarter, compared to the consensus estimate of $2.40 billion. Avangrid had a net margin of 9.46% and a return on equity of 3.92%. Avangrid’s revenue was up 5.7% on a year-over-year basis. During the same period last year, the business posted $0.39 EPS. As a group, sell-side analysts forecast that Avangrid will post 2.23 earnings per share for the current year.

Avangrid Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 4.78%. The ex-dividend date of this dividend is Friday, May 31st. Avangrid’s payout ratio is currently 86.70%.

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.