Avangrid (NYSE:AGR) Releases Quarterly Earnings Results, Beats Estimates By $0.18 EPS

Avangrid (NYSE:AGR) announced its quarterly earnings results on Wednesday. The utilities provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.18, Briefing.com reports. The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Avangrid had a net margin of 10.80% and a return on equity of 4.37%. The company’s revenue was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 EPS.

Avangrid Stock Performance

NYSE AGR traded up $0.04 during trading hours on Friday, hitting $36.59. 160,655 shares of the stock were exchanged, compared to its average volume of 912,940. The company has a market cap of $14.15 billion, a price-to-earnings ratio of 15.82, a price-to-earnings-growth ratio of 2.77 and a beta of 0.56. Avangrid has a 12-month low of $27.46 and a 12-month high of $41.22. The stock has a 50-day moving average of $34.80 and a 200 day moving average of $32.61. The company has a quick ratio of 0.56, a current ratio of 0.65 and a debt-to-equity ratio of 0.48.

Avangrid Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.76 annualized dividend and a yield of 4.81%. Avangrid’s dividend payout ratio is currently 76.19%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AGR. Wells Fargo & Company boosted their price objective on shares of Avangrid from $34.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, February 23rd. StockNews.com upgraded shares of Avangrid from a “sell” rating to a “hold” rating in a research note on Friday, February 23rd. Janney Montgomery Scott reissued a “sell” rating and issued a $35.00 price target on shares of Avangrid in a research report on Friday, March 8th. Finally, Mizuho boosted their price target on shares of Avangrid from $33.00 to $34.00 and gave the company a “neutral” rating in a research report on Wednesday, January 3rd. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat.com, Avangrid presently 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.