Zacks Investment Research cut shares of Avangrid (NYSE:AGR) from a hold rating to a sell rating in a research report sent to investors on Tuesday.
According to Zacks, “Avangrid, Inc. is an energy and utility company. The company operates regulated utilities, electricity generation and natural gas storage primarily in the United States. Avangrid, Inc. is based in New Gloucester, United States. “
Several other brokerages have also weighed in on AGR. Gabelli reiterated a buy rating on shares of Avangrid in a report on Wednesday, February 21st. Goldman Sachs Group started coverage on shares of Avangrid in a report on Wednesday, January 10th. They set a buy rating on the stock. TheStreet upgraded shares of Avangrid from a c rating to a b- rating in a report on Monday, December 18th. Bank of America reiterated a buy rating and set a $53.00 price objective (up from $52.00) on shares of Avangrid in a report on Thursday, February 22nd. Finally, Guggenheim set a $55.00 price objective on shares of Avangrid and gave the stock a buy rating in a report on Thursday, February 15th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. Avangrid presently has a consensus rating of Hold and an average target price of $50.50.
Avangrid (NYSE:AGR) last announced its quarterly earnings data on Tuesday, February 20th. The utilities provider reported $0.61 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.61. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.50 billion. Avangrid had a net margin of 6.39% and a return on equity of 4.47%. The company’s revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.67 EPS. equities research analysts predict that Avangrid will post 2.37 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Investors of record on Friday, March 9th will be issued a $0.432 dividend. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $1.73 annualized dividend and a yield of 3.59%. Avangrid’s payout ratio is 665.38%.
A number of hedge funds and other institutional investors have recently bought and sold shares of AGR. State Street Corp raised its holdings in Avangrid by 2.7% in the second quarter. State Street Corp now owns 723,255 shares of the utilities provider’s stock valued at $31,934,000 after buying an additional 19,047 shares during the period. Raymond James Financial Services Advisors Inc. raised its holdings in Avangrid by 7.2% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 19,845 shares of the utilities provider’s stock valued at $941,000 after buying an additional 1,336 shares during the period. Victory Capital Management Inc. raised its holdings in Avangrid by 19.6% in the third quarter. Victory Capital Management Inc. now owns 227,257 shares of the utilities provider’s stock valued at $10,777,000 after buying an additional 37,253 shares during the period. Canada Pension Plan Investment Board raised its holdings in Avangrid by 520,000.0% in the third quarter. Canada Pension Plan Investment Board now owns 52,010 shares of the utilities provider’s stock valued at $2,466,000 after buying an additional 52,000 shares during the period. Finally, State Board of Administration of Florida Retirement System raised its holdings in Avangrid by 0.9% in the third quarter. State Board of Administration of Florida Retirement System now owns 116,400 shares of the utilities provider’s stock valued at $5,520,000 after buying an additional 1,020 shares during the period. Hedge funds and other institutional investors own 14.06% of the company’s stock.
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Avangrid Company Profile
Avangrid, Inc is an energy and utility company. The Company operates through three segments: Networks, Renewables and Gas. The Networks segment includes all the energy transmission and distribution activities, and any other regulated activity originating in New York and Maine, and regulated electric distribution, electric transmission and gas distribution activities originating in Connecticut and Massachusetts.
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