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 Analysts Forecast Growth

A number of brokerages have commented on AGR. Mizuho increased their price objective on shares of Avangrid from $33.00 to $34.00 and gave the company a neutral rating in a research report on Wednesday, January 3rd. Wells Fargo & Company increased their price objective on shares of Avangrid from $34.00 to $35.00 and gave the company an equal weight rating in a research report on Friday, February 23rd. 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, StockNews.com raised shares of Avangrid from a sell rating to a hold rating in a research report on Friday, February 23rd. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $34.75.

Avangrid Stock Performance

Shares of AGR stock traded up $0.15 during mid-day trading on Friday, hitting $36.70. The stock had a trading volume of 121,912 shares, compared to its average volume of 912,403. Avangrid has a fifty-two week low of $27.46 and a fifty-two week high of $41.22. The firm has a market cap of $14.19 billion, a PE ratio of 15.82, a PEG ratio of 2.77 and a beta of 0.56. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.65 and a quick ratio of 0.56. The company’s 50-day simple moving average is $34.80 and its 200-day simple moving average is $32.61.

Avangrid (NYSE:AGR) last released 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 net margin of 10.80% and a return on equity of 4.37%. The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter last year, the business earned $0.64 EPS. The business’s revenue was down 2.0% on a year-over-year basis. Sell-side analysts anticipate that Avangrid will post 2.23 earnings per share for the current year.

Avangrid Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 4.80%. The ex-dividend date is Friday, May 31st. Avangrid’s dividend payout ratio (DPR) is 76.19%.

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.