Avangrid (AGR) Lifted to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Avangrid (NYSE:AGR) from a sell rating to a hold rating in a research report report published on Tuesday.
According to Zacks, “Avangrid, Inc. is an energy and utility company. The company operates regulated utilities, electricity generation and natural gas storage primarily in the United States. Avangrid, Inc. is based in New Gloucester, United States. “
Several other brokerages have also issued reports on AGR. ValuEngine raised shares of Avangrid from a hold rating to a buy rating in a research note on Monday, July 2nd. Bank of America cut their target price on shares of Avangrid from $58.00 to $55.00 and set a buy rating on the stock in a research note on Wednesday, July 25th. Wolfe Research lowered shares of Avangrid from a peer perform rating to an underperform rating in a research note on Monday, August 13th. Finally, Evercore ISI lowered shares of Avangrid from an outperform rating to an in-line rating and set a $53.00 target price on the stock. in a research note on Wednesday, July 25th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $53.88.
Avangrid (NYSE:AGR) last issued its earnings results on Tuesday, July 24th. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.07). The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.33 billion. Avangrid had a return on equity of 4.47% and a net margin of 6.07%. The firm’s revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.46 earnings per share. equities research analysts predict that Avangrid will post 2.29 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 7th will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.53%. This is a positive change from Avangrid’s previous quarterly dividend of $0.43. The ex-dividend date is Thursday, September 6th. Avangrid’s dividend payout ratio (DPR) is 80.00%.
Several institutional investors have recently added to or reduced their stakes in AGR. OppenheimerFunds Inc. lifted its stake in shares of Avangrid by 343.6% in the first quarter. OppenheimerFunds Inc. now owns 1,109,189 shares of the utilities provider’s stock valued at $56,702,000 after buying an additional 859,144 shares in the last quarter. Millennium Management LLC bought a new position in shares of Avangrid in the second quarter valued at $18,368,000. Renaissance Technologies LLC lifted its stake in shares of Avangrid by 75.1% in the second quarter. Renaissance Technologies LLC now owns 743,800 shares of the utilities provider’s stock valued at $39,369,000 after buying an additional 318,900 shares in the last quarter. Allianz Asset Management GmbH lifted its stake in shares of Avangrid by 88.6% in the first quarter. Allianz Asset Management GmbH now owns 662,675 shares of the utilities provider’s stock valued at $33,876,000 after buying an additional 311,374 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Avangrid by 40.1% in the second quarter. Bank of America Corp DE now owns 424,991 shares of the utilities provider’s stock valued at $22,494,000 after buying an additional 121,704 shares in the last quarter. 13.68% of the stock is currently owned by hedge funds and other institutional investors.
Avangrid, Inc operates as an energy services holding company in the United States. It engages in the generation, transmission, and distribution of electricity, as well as distribution, transportation, and sale of natural gas. As of December 31, 2017, the company delivered electricity to approximately 2.2 million electric utility customers, as well as natural gas to approximately 1 million natural gas public utility customers; and owned approximately 67.5 billion cubic feet of net working gas storage capacity.
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