Avangrid (NYSE:AGR) Now Covered by StockNews.com

StockNews.com started coverage on shares of Avangrid (NYSE:AGR) in a research report report published on Friday morning. The firm issued a hold rating on the utilities provider’s stock.

Avangrid Price Performance

Shares of AGR opened at $35.64 on Friday. The stock has a market capitalization of $13.79 billion, a P/E ratio of 15.54, a P/E/G ratio of 2.69 and a beta of 0.55. Avangrid has a twelve month low of $27.46 and a twelve month high of $37.70. The company has a 50 day moving average of $35.50 and a 200-day moving average of $34.70. The company has a quick ratio of 0.44, a current ratio of 0.52 and a debt-to-equity ratio of 0.49.

Avangrid (NYSE:AGR) last posted its earnings results on Tuesday, July 23rd. The utilities provider reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.22. The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.72 billion. Avangrid had a return on equity of 4.87% and a net margin of 11.35%. The company’s revenue was up 21.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.21 earnings per share. As a group, equities research analysts forecast that Avangrid will post 2.23 EPS for the current fiscal year.

Avangrid Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 2nd will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 4.94%. The ex-dividend date of this dividend is Friday, August 30th. Avangrid’s payout ratio is presently 76.19%.

Hedge Funds Weigh In On Avangrid

Several institutional investors have recently added to or reduced their stakes in AGR. Rhumbline Advisers grew its holdings in Avangrid by 6.5% during the second quarter. Rhumbline Advisers now owns 97,417 shares of the utilities provider’s stock worth $3,461,000 after buying an additional 5,971 shares in the last quarter. Versor Investments LP bought a new position in Avangrid in the 2nd quarter valued at $5,468,000. CIBC Asset Management Inc bought a new position in Avangrid in the 2nd quarter valued at $394,000. Van ECK Associates Corp grew its stake in Avangrid by 2.8% in the 2nd quarter. Van ECK Associates Corp now owns 18,305 shares of the utilities provider’s stock valued at $650,000 after purchasing an additional 499 shares during the period. Finally, Commonwealth Equity Services LLC grew its stake in Avangrid by 5.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 47,194 shares of the utilities provider’s stock valued at $1,677,000 after purchasing an additional 2,528 shares during the period. 13.12% of the stock is owned by institutional investors and hedge funds.

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.