Avangrid (NYSE:AGR) Issues FY 2024 Earnings Guidance

Avangrid (NYSE:AGR) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 2.170-2.320 for the period, compared to the consensus EPS estimate of 2.250. The company issued revenue guidance of -. Avangrid also updated its FY24 guidance to $2.17 to $2.32 EPS.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. StockNews.com raised Avangrid from a sell rating to a hold rating in a research report on Friday, February 23rd. Mizuho upped their target price on Avangrid from $33.00 to $34.00 and gave the stock a neutral rating in a research report on Wednesday, January 3rd. Janney Montgomery Scott reaffirmed a sell rating and issued a $35.00 target price on shares of Avangrid in a research report on Friday, March 8th. Finally, Wells Fargo & Company upped their price target 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 given a hold rating to the stock. Based on data from MarketBeat.com, Avangrid currently has a consensus rating of Hold and an average target price of $34.75.

Avangrid Stock Up 0.7 %

Shares of AGR traded up $0.24 during trading hours on Wednesday, hitting $37.08. 340,403 shares of the company were exchanged, compared to its average volume of 919,548. The company has a market cap of $14.34 billion, a PE ratio of 18.15, a PEG ratio of 2.77 and a beta of 0.56. The firm’s 50 day moving average is $34.56 and its 200-day moving average is $32.55. Avangrid has a 52 week low of $27.46 and a 52 week high of $41.22. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.65.

Avangrid (NYSE:AGR) last released its quarterly earnings results on Tuesday, April 23rd. The utilities provider reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.18. Avangrid had a return on equity of 3.92% and a net margin of 9.46%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the prior year, the company posted $0.64 EPS. The firm’s revenue was down 2.0% on a year-over-year basis. On average, equities research analysts forecast that Avangrid will post 2.23 EPS for the current fiscal year.

Avangrid Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be paid a dividend of $0.44 per share. The ex-dividend date is Friday, May 31st. This represents a $1.76 annualized dividend and a yield of 4.75%. Avangrid’s payout ratio is 86.70%.

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.