Avangrid (NYSE:AGR) Updates FY 2024 Earnings Guidance

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

Analysts Set New Price Targets

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

Avangrid Price Performance

AGR stock traded down $0.47 during midday trading on Thursday, reaching $36.55. 588,628 shares of the company’s stock traded hands, compared to its average volume of 922,440. The company has a 50-day simple moving average of $34.80 and a two-hundred day simple moving average of $32.61. Avangrid has a 1-year low of $27.46 and a 1-year high of $41.22. The company has a market cap of $14.14 billion, a price-to-earnings ratio of 15.82, a PEG ratio of 2.75 and a beta of 0.56. 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 (NYSE:AGR) last released its quarterly earnings results on Wednesday, April 24th. The utilities provider reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.18. Avangrid had a return on equity of 4.37% and a net margin of 10.80%. The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same period last year, the firm posted $0.64 EPS. The business’s revenue was down 2.0% on a year-over-year basis. On average, analysts anticipate that Avangrid will post 2.23 earnings per share for the current year.

Avangrid Dividend Announcement

The firm 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 is Friday, May 31st. This represents a $1.76 dividend on an annualized basis and a yield of 4.82%. Avangrid’s dividend payout ratio is 76.19%.

Avangrid Company Profile

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.