Avangrid (NYSE:AGR) Issues FY24 Earnings Guidance

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

Avangrid Stock Performance

Shares of Avangrid stock traded down $0.47 during midday trading on Thursday, hitting $36.55. The company had a trading volume of 588,628 shares, compared to its average volume of 922,440. The business’s 50 day simple moving average is $34.80 and its two-hundred day simple moving average is $32.61. The stock has a market cap of $14.14 billion, a PE ratio of 15.82, a P/E/G ratio of 2.75 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. Avangrid has a 1-year low of $27.46 and a 1-year high of $41.22.

Avangrid (NYSE:AGR) last announced its quarterly earnings data on Wednesday, April 24th. The utilities provider reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.18. The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.54 billion. Avangrid had a net margin of 10.80% and a return on equity of 4.37%. Avangrid’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the company posted $0.64 earnings per share. As a group, equities analysts predict that Avangrid will post 2.23 EPS for the current fiscal year.

Avangrid Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Friday, May 31st. This represents a $1.76 dividend on an annualized basis and a yield of 4.82%. Avangrid’s dividend payout ratio is currently 76.19%.

Analysts Set New Price Targets

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