Avangrid (NYSE:AGR) Issues FY 2024 Earnings Guidance

Avangrid (NYSE:AGR) issued an update on its FY 2024 earnings guidance on Tuesday morning. 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.

Analyst Ratings Changes

AGR has been the subject of a number of research reports. Janney Montgomery Scott reiterated a sell rating and set a $35.00 target price on shares of Avangrid in a report on Friday, March 8th. 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 report on Friday, February 23rd. StockNews.com upgraded shares of Avangrid from a sell rating to a hold rating in a report on Friday, February 23rd. Finally, Mizuho upped their price target on shares of Avangrid from $33.00 to $34.00 and gave the stock a neutral rating in a research report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $34.75.

Avangrid Stock Down 0.5 %

Shares of AGR traded down $0.18 during mid-day trading on Tuesday, reaching $36.87. 1,056,381 shares of the stock traded hands, compared to its average volume of 927,159. The stock has a fifty day simple moving average of $34.42 and a 200 day simple moving average of $32.50. Avangrid has a 12-month low of $27.46 and a 12-month high of $41.22. The company has a quick ratio of 0.56, a current ratio of 0.65 and a debt-to-equity ratio of 0.48. The firm has a market cap of $14.26 billion, a price-to-earnings ratio of 18.15, a P/E/G ratio of 2.76 and a beta of 0.56.

Avangrid (NYSE:AGR) last released 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. The firm had revenue of $2.28 billion for the quarter, compared to the consensus estimate of $2.40 billion. Avangrid had a net margin of 9.46% and a return on equity of 3.92%. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 EPS. Sell-side analysts expect that Avangrid will post 2.23 EPS for the current fiscal year.

Avangrid Dividend Announcement

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