Avangrid (NYSE:AGR) Coverage Initiated at StockNews.com

StockNews.com began coverage on shares of Avangrid (NYSE:AGR) in a research note released on Sunday. The brokerage issued a hold rating on the utilities provider’s stock.

Avangrid Stock Up 0.0 %

Shares of NYSE:AGR opened at $35.91 on Friday. The firm has a 50 day simple moving average of $35.52 and a 200-day simple moving average of $35.13. Avangrid has a twelve month low of $27.46 and a twelve month high of $37.70. The company has a current ratio of 0.52, a quick ratio of 0.44 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $13.89 billion, a PE ratio of 15.55, a P/E/G ratio of 2.69 and a beta of 0.55.

Avangrid (NYSE:AGR) last announced its earnings results on Tuesday, July 23rd. The utilities provider reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.22. Avangrid had a net margin of 11.35% and a return on equity of 4.87%. The business had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period last year, the firm posted $0.21 earnings per share. The company’s revenue for the quarter was up 21.2% compared to the same quarter last year. On average, equities analysts predict that Avangrid will post 2.23 EPS for the current fiscal year.

Avangrid Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be issued a $0.44 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.90%. Avangrid’s dividend payout ratio is presently 76.19%.

Hedge Funds Weigh In On Avangrid

Several hedge funds have recently bought and sold shares of the company. International Assets Investment Management LLC purchased a new position in shares of Avangrid during the 4th quarter worth approximately $1,583,000. Vontobel Holding Ltd. raised its holdings in shares of Avangrid by 2.8% in the fourth quarter. Vontobel Holding Ltd. now owns 23,875 shares of the utilities provider’s stock worth $774,000 after acquiring an additional 648 shares during the last quarter. abrdn plc lifted its position in shares of Avangrid by 110.8% in the fourth quarter. abrdn plc now owns 23,566 shares of the utilities provider’s stock valued at $774,000 after acquiring an additional 12,389 shares in the last quarter. Signaturefd LLC increased its position in Avangrid by 34.1% during the 4th quarter. Signaturefd LLC now owns 12,813 shares of the utilities provider’s stock worth $415,000 after purchasing an additional 3,259 shares in the last quarter. Finally, Handelsbanken Fonder AB acquired a new position in Avangrid in the 4th quarter valued at about $4,195,000. 13.12% of the stock is owned by hedge funds and other institutional investors.

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.