Avangrid (NYSE:AGR) Announces Quarterly Earnings Results, Beats Expectations By $0.18 EPS

Avangrid (NYSE:AGR) posted its quarterly earnings results on Tuesday. The utilities provider reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.18, Briefing.com reports. Avangrid had a net margin of 9.46% and a return on equity of 3.92%. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the firm posted $0.64 EPS. Avangrid’s revenue was down 2.0% compared to the same quarter last year. Avangrid updated its FY24 guidance to $2.17 to $2.32 EPS and its FY 2024 guidance to 2.170-2.320 EPS.

Avangrid Stock Performance

AGR remained flat at $36.84 during mid-day trading on Wednesday. 212,400 shares of the company’s stock were exchanged, compared to its average volume of 917,819. The stock has a market capitalization of $14.25 billion, a PE ratio of 18.15, a PEG ratio of 2.77 and a beta of 0.56. Avangrid has a 1 year low of $27.46 and a 1 year high of $41.22. 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 business has a 50-day moving average of $34.56 and a 200 day moving average of $32.55.

Avangrid Announces Dividend

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

Wall Street Analysts Forecast Growth

AGR has been the subject of several research reports. StockNews.com raised shares of Avangrid from a “sell” rating to a “hold” rating in a research report on Friday, February 23rd. Mizuho lifted 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. Janney Montgomery Scott reaffirmed a “sell” rating and set a $35.00 price objective on shares of Avangrid in a report on Friday, March 8th. Finally, Wells Fargo & Company lifted 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. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat.com, Avangrid has a consensus rating of “Hold” and a consensus target price of $34.75.

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.