Avangrid (NYSE:AGR) Releases FY24 Earnings Guidance

Avangrid (NYSE:AGR) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.17 to $2.32 for the period, compared to the consensus earnings per share estimate of $2.25.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Mizuho increased their price objective on Avangrid from $33.00 to $34.00 and gave the company a neutral rating in a research note on Wednesday, January 3rd. StockNews.com raised Avangrid from a sell rating to a hold rating in a research report on Friday, February 23rd. Wells Fargo & Company increased their price objective 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. Finally, Janney Montgomery Scott reissued a sell rating and set a $35.00 target price on shares of Avangrid in a research report on Friday, March 8th. 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, Avangrid has an average rating of Hold and an average price target of $34.75.

Avangrid Price Performance

Shares of AGR stock traded down $0.21 during trading on Tuesday, hitting $36.84. The company had a trading volume of 1,023,637 shares, compared to its average volume of 926,737. The firm has a market capitalization of $14.25 billion, a P/E ratio of 18.15, a price-to-earnings-growth ratio of 2.76 and a beta of 0.56. The stock’s 50-day moving average price is $34.42 and its 200 day moving average price is $32.50. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.65. Avangrid has a one year low of $27.46 and a one year high of $41.22.

Avangrid (NYSE:AGR) last posted its earnings results on Thursday, February 22nd. The utilities provider reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.03. Avangrid had a return on equity of 3.92% and a net margin of 9.46%. The firm had revenue of $2.28 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same period in the prior year, the company earned $0.39 EPS. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. Equities analysts expect that Avangrid will post 2.23 EPS for the current fiscal year.

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 paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 4.78%. The ex-dividend date of this dividend is Friday, May 31st. Avangrid’s payout ratio is currently 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.