Q2 2023 EPS Estimates for Avangrid, Inc. (NYSE:AGR) Raised by Analyst

Avangrid, Inc. (NYSE:AGR – Get Rating) – Investment analysts at KeyCorp raised their Q2 2023 earnings per share (EPS) estimates for shares of Avangrid in a report issued on Monday, May 8th. KeyCorp analyst S. Jain now expects that the utilities provider will post earnings of $0.54 per share for the quarter, up from their prior forecast of $0.51. KeyCorp currently has a “Underweight” rating and a $36.00 target price on the stock. The consensus estimate for Avangrid’s current full-year earnings is $2.22 per share. KeyCorp also issued estimates for Avangrid’s FY2023 earnings at $2.21 EPS, FY2024 earnings at $2.36 EPS, FY2025 earnings at $2.50 EPS and FY2026 earnings at $2.66 EPS.

Avangrid (NYSE:AGR – Get Rating) last posted its earnings results on Wednesday, April 26th. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.12). The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.22 billion. Avangrid had a return on equity of 3.43% and a net margin of 8.25%. The company’s revenue was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.16 EPS.

AGR has been the subject of several other reports. Mizuho lowered their price objective on shares of Avangrid from $43.00 to $39.00 and set a “neutral” rating for the company in a report on Wednesday, March 29th. StockNews.com assumed coverage on shares of Avangrid in a research report on Thursday, March 16th. They set a “hold” rating for the company. Bank of America lowered their target price on shares of Avangrid from $37.00 to $34.00 and set an “underperform” rating on the stock in a research note on Monday, April 3rd. Finally, Wells Fargo & Company decreased their price target on shares of Avangrid from $48.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 23rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Avangrid has a consensus rating of “Hold” and a consensus target price of $42.83.

Avangrid Stock Performance

Avangrid stock opened at $40.65 on Thursday. The company has a current ratio of 0.69, a quick ratio of 0.59 and a debt-to-equity ratio of 0.40. Avangrid has a 1-year low of $37.44 and a 1-year high of $51.71. The firm has a 50-day moving average of $39.88 and a 200-day moving average of $41.17. The firm has a market cap of $15.72 billion, a P/E ratio of 23.10, a P/E/G ratio of 4.17 and a beta of 0.42.

Avangrid Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Thursday, June 1st will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date of this dividend is Wednesday, May 31st. Avangrid’s dividend payout ratio (DPR) is currently 100.00%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Global Retirement Partners LLC lifted its position in shares of Avangrid by 480.5% during the 1st quarter. Global Retirement Partners LLC now owns 656 shares of the utilities provider’s stock worth $26,000 after buying an additional 543 shares during the last quarter. Money Concepts Capital Corp purchased a new position in Avangrid during the 3rd quarter valued at about $31,000. Huntington National Bank acquired a new stake in shares of Avangrid during the 4th quarter worth about $32,000. Quent Capital LLC boosted its position in shares of Avangrid by 167.1% in the first quarter. Quent Capital LLC now owns 943 shares of the utilities provider’s stock worth $38,000 after acquiring an additional 590 shares during the last quarter. Finally, Wipfli Financial Advisors LLC acquired a new stake in shares of Avangrid in the third quarter worth approximately $41,000. Institutional investors and hedge funds own 11.96% of the company’s stock.

About Avangrid

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Avangrid, Inc engages in the energy transmission and gas distribution. It operates through the following segments: Networks, Renewables, and Other. The Networks segment includes energy transmission and distribution, electric transmission, and gas distribution activities. The Renewables segment relates to renewable energy, mainly wind energy generation and trading related to such activities.