Avangrid (NYSE:AGR) Releases Quarterly Earnings Results, Beats Estimates By $0.18 EPS

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

Avangrid Price Performance

Shares of NYSE AGR remained flat at $36.84 during mid-day trading on Wednesday. The company had a trading volume of 212,400 shares, compared to its average volume of 917,819. The company has a current ratio of 0.65, a quick ratio of 0.56 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $14.25 billion, a PE ratio of 18.15, a price-to-earnings-growth 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 business has a 50-day simple moving average of $34.56 and a 200-day simple moving average of $32.55.

Avangrid Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have commented on the company. Wells Fargo & Company upped their price objective on Avangrid from $34.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, February 23rd. Janney Montgomery Scott reissued a “sell” rating and set a $35.00 price target on shares of Avangrid in a research report on Friday, March 8th. StockNews.com raised Avangrid from a “sell” rating to a “hold” rating in a research report on Friday, February 23rd. Finally, Mizuho increased 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. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target 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.