Avangrid (NYSE:AGR) Updates FY 2024 Earnings Guidance

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

Avangrid Stock Down 0.5 %

NYSE AGR traded down $0.18 on Tuesday, hitting $36.87. 1,056,381 shares of the stock traded hands, compared to its average volume of 927,159. Avangrid has a twelve month low of $27.46 and a twelve month high of $41.22. 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 market capitalization of $14.26 billion, a P/E ratio of 18.15, a price-to-earnings-growth ratio of 2.76 and a beta of 0.56. The stock has a 50-day moving average of $34.42 and a 200 day moving average of $32.50.

Avangrid (NYSE:AGR) last released its earnings results on Thursday, February 22nd. The utilities provider reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.03. Avangrid had a net margin of 9.46% and a return on equity of 3.92%. The firm had revenue of $2.28 billion during the quarter, compared to analyst estimates of $2.40 billion. During the same quarter in the previous year, the firm earned $0.39 earnings per share. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. As a group, analysts expect that Avangrid will post 2.23 earnings per share for the current fiscal year.

Avangrid Dividend Announcement

The firm 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. The ex-dividend date is Friday, May 31st. This represents a $1.76 dividend on an annualized basis and a yield of 4.77%. Avangrid’s dividend payout ratio is currently 86.70%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Mizuho boosted their price objective on Avangrid from $33.00 to $34.00 and gave the company a neutral rating in a research report on Wednesday, January 3rd. Wells Fargo & Company increased their price objective on shares of Avangrid from $34.00 to $35.00 and gave the stock an equal weight rating in a report on Friday, February 23rd. Janney Montgomery Scott restated a sell rating and issued a $35.00 target price on shares of Avangrid in a research report on Friday, March 8th. Finally, StockNews.com raised Avangrid from a sell rating to a hold rating in a report on Friday, February 23rd. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat.com, 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.