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

Avangrid (NYSE:AGR) released its earnings results on Wednesday. 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. Avangrid had a return on equity of 4.37% and a net margin of 10.80%. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the previous year, the business earned $0.64 earnings per share. Avangrid’s quarterly revenue was down 2.0% compared to the same quarter last year.

Avangrid Trading Down 1.3 %

Shares of Avangrid stock opened at $36.55 on Friday. 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 stock’s 50 day simple moving average is $34.80 and its 200-day simple moving average is $32.61. The stock has a market cap of $14.14 billion, a P/E ratio of 15.82, a P/E/G 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.

Avangrid Announces Dividend

The business 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. This represents a $1.76 dividend on an annualized basis and a yield of 4.82%. The ex-dividend date of this dividend is Friday, May 31st. Avangrid’s dividend payout ratio is presently 76.19%.

Analysts Set New Price Targets

Several brokerages have recently commented on AGR. Mizuho boosted their price objective on 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 reiterated a “sell” rating and issued a $35.00 target price on shares of Avangrid in a research report on Friday, March 8th. Wells Fargo & Company boosted their price objective on Avangrid from $34.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, February 23rd. Finally, StockNews.com raised Avangrid from a “sell” rating to a “hold” rating in a research note on Friday, February 23rd. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $34.75.

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.