Avangrid (NYSE:AGR) Issues FY24 Earnings Guidance

Avangrid (NYSE:AGR) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $2.17 to $2.32 for the period, compared to the consensus EPS estimate of $2.25. Avangrid also updated its FY 2024 guidance to 2.170-2.320 EPS.

Analyst Ratings Changes

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

Avangrid Stock Up 0.1 %

NYSE AGR traded up $0.02 during trading hours on Wednesday, reaching $36.86. 230,059 shares of the company’s stock traded hands, compared to its average volume of 918,039. Avangrid has a 52-week low of $27.46 and a 52-week high of $41.22. The firm has a market cap of $14.26 billion, a PE ratio of 18.15, a PEG ratio of 2.77 and a beta of 0.56. The firm has a 50-day simple moving average of $34.56 and a 200 day simple moving average of $32.55. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.65 and a quick ratio of 0.56.

Avangrid (NYSE:AGR) last issued its quarterly earnings results on Tuesday, April 23rd. The utilities provider reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.18. Avangrid had a net margin of 9.46% and a return on equity of 3.92%. The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same period last year, the company posted $0.64 EPS. Avangrid’s revenue was down 2.0% on a year-over-year basis. Sell-side analysts anticipate that Avangrid will post 2.23 EPS for the current fiscal year.

Avangrid Dividend Announcement

The company 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 annualized dividend and a yield of 4.77%. Avangrid’s dividend payout ratio (DPR) is presently 86.70%.

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.