Avangrid (NYSE:AGR) Issues FY 2024 Earnings Guidance

Avangrid (NYSE:AGR) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 2.170-2.320 for the period, compared to the consensus EPS estimate of 2.250. The company issued revenue guidance of -. Avangrid also updated its FY24 guidance to $2.17 to $2.32 EPS.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wells Fargo & Company raised their target price 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. Janney Montgomery Scott reiterated a sell rating and set a $35.00 price target on shares of Avangrid in a report on Friday, March 8th. StockNews.com raised shares of Avangrid from a sell rating to a hold rating in a research note on Friday, February 23rd. Finally, Mizuho increased their price target on shares of Avangrid from $33.00 to $34.00 and gave the company a neutral rating in a research note 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. According to data from MarketBeat.com, the company has an average rating of Hold and an average target price of $34.75.

Avangrid Trading Down 0.5 %

Shares of Avangrid stock traded down $0.18 on Tuesday, reaching $36.87. The company had a trading volume of 1,056,381 shares, compared to its average volume of 927,159. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.65. The firm has a market cap of $14.26 billion, a PE ratio of 18.15, a PEG ratio of 2.76 and a beta of 0.56. The firm’s 50 day moving average price is $34.42 and its two-hundred day moving average price is $32.50. Avangrid has a 52-week low of $27.46 and a 52-week high of $41.22.

Avangrid (NYSE:AGR) last issued its quarterly earnings results on Thursday, February 22nd. The utilities provider reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.03. Avangrid had a net margin of 9.46% and a return on equity of 3.92%. The business had revenue of $2.28 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the prior year, the company earned $0.39 earnings per share. The business’s quarterly revenue was up 5.7% on a year-over-year basis. Sell-side analysts predict that Avangrid will post 2.23 earnings per share for the current fiscal year.

Avangrid Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be paid a $0.44 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.76 dividend on an annualized basis and a yield of 4.77%. Avangrid’s dividend payout ratio is currently 86.70%.

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.