Avangrid (NYSE:AGR) Updates FY24 Earnings Guidance

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

Avangrid Stock Performance

Shares of NYSE AGR traded down $0.47 during mid-day trading on Thursday, hitting $36.55. The company had a trading volume of 588,628 shares, compared to its average volume of 922,440. Avangrid has a 1 year low of $27.46 and a 1 year high of $41.22. The stock’s 50-day moving average price is $34.80 and its 200-day moving average price is $32.61. The company has a current ratio of 0.65, a quick ratio of 0.56 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $14.14 billion, a price-to-earnings ratio of 15.82, a P/E/G ratio of 2.75 and a beta of 0.56.

Avangrid (NYSE:AGR) last posted its earnings results on Wednesday, April 24th. The utilities provider reported $0.88 EPS for the quarter, topping the consensus estimate of $0.70 by $0.18. Avangrid had a return on equity of 4.37% and a net margin of 10.80%. The business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the previous year, the business earned $0.64 earnings per share. The firm’s revenue was down 2.0% on a year-over-year basis. On average, sell-side analysts forecast that Avangrid will post 2.23 earnings per share for the current year.

Avangrid Announces Dividend

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 given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 4.82%. The ex-dividend date of this dividend is Friday, May 31st. Avangrid’s payout ratio is 76.19%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on AGR. Wells Fargo & Company boosted their target price on Avangrid from $34.00 to $35.00 and gave the stock an equal weight rating in a research report on Friday, February 23rd. Janney Montgomery Scott reiterated a sell rating and issued a $35.00 price objective on shares of Avangrid in a report on Friday, March 8th. StockNews.com upgraded Avangrid from a sell rating to a hold rating in a report on Friday, February 23rd. Finally, Mizuho upped their price objective on Avangrid from $33.00 to $34.00 and gave the stock a neutral rating in a report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $34.75.

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.