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

Posted by on Jun 24th, 2023

Avangrid, Inc. (NYSE:AGR – Get Rating) – Analysts at KeyCorp decreased their Q2 2023 earnings estimates for shares of Avangrid in a research note issued to investors on Tuesday, June 20th. KeyCorp analyst S. Jain now forecasts that the utilities provider will post earnings of $0.53 per share for the quarter, down from their prior estimate of $0.54. KeyCorp currently has a “Sector Weight” rating on the stock. The consensus estimate for Avangrid’s current full-year earnings is $2.21 per share. KeyCorp also issued estimates for Avangrid’s Q4 2023 earnings at $0.64 EPS, FY2023 earnings at $2.20 EPS, FY2024 earnings at $2.32 EPS, FY2025 earnings at $2.44 EPS, FY2026 earnings at $2.55 EPS and FY2027 earnings at $2.69 EPS.

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

Several other research firms have also recently issued reports on AGR. Bank of America raised their price objective on shares of Avangrid from $34.00 to $35.00 in a research report on Wednesday. StockNews.com assumed coverage on shares of Avangrid in a research note on Thursday, May 18th. They set a “hold” rating for the company. Finally, Mizuho dropped 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. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $40.20.

Avangrid Price Performance

Shares of NYSE AGR opened at $37.19 on Friday. Avangrid has a 52 week low of $36.81 and a 52 week high of $51.71. The stock has a market capitalization of $14.38 billion, a price-to-earnings ratio of 21.13, a price-to-earnings-growth ratio of 3.95 and a beta of 0.42. The firm has a 50-day simple moving average of $39.15 and a 200-day simple moving average of $40.54. The company has a quick ratio of 0.59, a current ratio of 0.69 and a debt-to-equity ratio of 0.40.

Avangrid Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Thursday, June 1st will be given a $0.44 dividend. The ex-dividend date is Wednesday, May 31st. This represents a $1.76 annualized dividend and a yield of 4.73%. Avangrid’s dividend payout ratio (DPR) is 100.00%.

Institutional Trading of Avangrid

Several institutional investors and hedge funds have recently bought and sold shares of the business. Empower Advisory Group LLC purchased a new stake in Avangrid in the 1st quarter valued at $11,774,000. JPMorgan Chase & Co. grew its stake in Avangrid by 4.0% in the 1st quarter. JPMorgan Chase & Co. now owns 653,308 shares of the utilities provider’s stock valued at $26,056,000 after acquiring an additional 25,307 shares during the last quarter. Harvest Portfolios Group Inc. lifted its holdings in Avangrid by 13.0% in the 1st quarter. Harvest Portfolios Group Inc. now owns 97,628 shares of the utilities provider’s stock valued at $3,893,000 after purchasing an additional 11,250 shares in the last quarter. Advisory Services Network LLC lifted its holdings in Avangrid by 295.5% in the 1st quarter. Advisory Services Network LLC now owns 3,888 shares of the utilities provider’s stock valued at $155,000 after purchasing an additional 2,905 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in Avangrid by 151.7% in the 1st quarter. Mercer Global Advisors Inc. ADV now owns 14,204 shares of the utilities provider’s stock valued at $566,000 after purchasing an additional 8,561 shares in the last quarter. Hedge funds and other institutional investors own 12.86% of the company’s stock.

Avangrid Company Profile

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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 in two segments: Networks and Renewables. It is involved in the generation, transmission, and distribution of electricity; and distribution, transportation, and sale of natural gas.

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Earnings History and Estimates for Avangrid (NYSE:AGR)

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