Avangrid (NYSE:AGR) Updates FY24 Earnings Guidance

Avangrid (NYSE:AGR) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.17 to $2.32 for the period, compared to the consensus earnings per share estimate of $2.25. Avangrid also updated its FY 2024 guidance to 2.170-2.320 EPS.

Avangrid Stock Performance

Shares of Avangrid stock traded up $0.16 during trading on Friday, hitting $36.71. 74,706 shares of the company’s stock traded hands, compared to its average volume of 911,516. The stock has a market capitalization of $14.20 billion, a P/E ratio of 15.82, a PEG ratio of 2.77 and a beta of 0.56. 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 business has a 50-day simple moving average of $34.80 and a 200-day simple moving average of $32.61. Avangrid has a 1 year low of $27.46 and a 1 year high of $41.22.

Avangrid (NYSE:AGR) last announced its earnings results on Wednesday, April 24th. The utilities provider reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.18. The business had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Avangrid had a return on equity of 4.37% and a net margin of 10.80%. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period last year, the firm posted $0.64 earnings per share. As a group, analysts forecast that Avangrid will post 2.23 EPS for the current year.

Avangrid Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 3rd will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 4.79%. The ex-dividend date of this dividend is Friday, May 31st. Avangrid’s dividend payout ratio (DPR) is currently 76.19%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Mizuho raised their price objective on Avangrid from $33.00 to $34.00 and gave the stock a neutral rating in a research note on Wednesday, January 3rd. StockNews.com raised Avangrid from a sell rating to a hold rating in a research note on Friday, February 23rd. Janney Montgomery Scott reaffirmed a sell rating and issued a $35.00 price objective on shares of Avangrid in a research note on Friday, March 8th. Finally, Wells Fargo & Company raised 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. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus target price 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.