Avangrid (NYSE:AGR) Issues FY24 Earnings Guidance

Avangrid (NYSE:AGR) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.17 to $2.32 for the period, compared to the consensus EPS estimate of $2.25. Avangrid also updated its FY 2024 guidance to 2.170-2.320 EPS.

Analyst Upgrades and Downgrades

AGR has been the topic of a number of analyst reports. StockNews.com upgraded shares of Avangrid from a sell rating to a hold rating in a research report on Friday, February 23rd. Janney Montgomery Scott reissued a sell rating and set a $35.00 target price on shares of Avangrid in a research note on Friday, March 8th. Wells Fargo & Company lifted their price target on shares of Avangrid from $34.00 to $35.00 and gave the company an equal weight rating in a research note on Friday, February 23rd. Finally, Mizuho increased their price objective on shares of Avangrid from $33.00 to $34.00 and gave the stock a neutral rating in a research report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company. According to MarketBeat, the stock has a consensus rating of Hold and an average target price of $34.75.

Avangrid Stock Performance

Shares of NYSE:AGR traded up $0.02 on Wednesday, hitting $36.86. The company had a trading volume of 230,059 shares, compared to its average volume of 918,039. Avangrid has a 1-year low of $27.46 and a 1-year high of $41.22. The stock has a market cap of $14.26 billion, a price-to-earnings ratio of 18.15, a P/E/G ratio of 2.77 and a beta of 0.56. The stock has a 50 day moving average price of $34.56 and a 200 day moving average price of $32.55. The company has a current ratio of 0.65, a quick ratio of 0.56 and a debt-to-equity ratio of 0.48.

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

Avangrid Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 3rd will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 4.77%. The ex-dividend date is Friday, May 31st. Avangrid’s payout ratio is presently 86.70%.

About Avangrid

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.