Zacks: Brokerages Expect Avangrid, Inc. (AGR) Will Post Quarterly Sales of $1.35 Billion
Equities analysts forecast that Avangrid, Inc. (NYSE:AGR) will announce sales of $1.35 billion for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Avangrid’s earnings, with estimates ranging from $1.24 billion to $1.45 billion. Avangrid posted sales of $1.42 billion in the same quarter last year, which would indicate a negative year over year growth rate of 4.9%. The company is expected to report its next earnings results on Tuesday, October 24th.
On average, analysts expect that Avangrid will report full year sales of $1.35 billion for the current financial year, with estimates ranging from $5.52 billion to $6.10 billion. For the next year, analysts expect that the firm will post sales of $6.13 billion per share, with estimates ranging from $5.75 billion to $6.42 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Avangrid.
Avangrid (NYSE:AGR) last announced its earnings results on Wednesday, July 19th. The utilities provider reported $0.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.06. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.43 billion. Avangrid had a return on equity of 4.52% and a net margin of 11.25%. The business’s quarterly revenue was down 7.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.33 EPS.
A number of equities analysts have commented on the stock. Zacks Investment Research downgraded shares of Avangrid from a “buy” rating to a “hold” rating in a research note on Tuesday, June 27th. Evercore ISI upgraded shares of Avangrid from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $43.50 to $46.50 in a research note on Monday, July 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Avangrid presently has an average rating of “Buy” and a consensus target price of $46.10.
Avangrid (AGR) opened at 48.70 on Thursday. The stock has a 50 day moving average price of $45.84 and a 200-day moving average price of $44.16. The firm has a market capitalization of $15.05 billion, a P/E ratio of 22.33 and a beta of 0.56. Avangrid has a 52 week low of $35.42 and a 52 week high of $48.92.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be paid a dividend of $0.432 per share. The ex-dividend date is Thursday, September 7th. This represents a $1.73 dividend on an annualized basis and a dividend yield of 3.55%. Avangrid’s dividend payout ratio is presently 79.36%.
Several institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE increased its position in Avangrid by 106.3% in the first quarter. US Bancorp DE now owns 2,863 shares of the utilities provider’s stock worth $122,000 after buying an additional 1,475 shares in the last quarter. Proficio Capital Partners LLC boosted its stake in Avangrid by 102.2% in the second quarter. Proficio Capital Partners LLC now owns 2,704 shares of the utilities provider’s stock worth $124,000 after buying an additional 1,367 shares during the last quarter. First Personal Financial Services boosted its stake in Avangrid by 3.4% in the second quarter. First Personal Financial Services now owns 2,862 shares of the utilities provider’s stock worth $126,000 after buying an additional 94 shares during the last quarter. Parallel Advisors LLC boosted its stake in Avangrid by 20.1% in the second quarter. Parallel Advisors LLC now owns 3,265 shares of the utilities provider’s stock worth $148,000 after buying an additional 546 shares during the last quarter. Finally, Nisa Investment Advisors LLC purchased a new stake in Avangrid during the first quarter worth approximately $227,000. Hedge funds and other institutional investors own 13.22% of the company’s stock.
Avangrid, Inc is an energy and utility company. The Company operates through three segments: Networks, Renewables and Gas. The Networks segment includes all the energy transmission and distribution activities, and any other regulated activity originating in New York and Maine, and regulated electric distribution, electric transmission and gas distribution activities originating in Connecticut and Massachusetts.
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