Avangrid (NYSE:AGR) Now Covered by Analysts at StockNews.com

StockNews.com assumed coverage on shares of Avangrid (NYSE:AGR) in a research report sent to investors on Tuesday morning. The brokerage issued a hold rating on the utilities provider’s stock.

Avangrid Trading Down 0.1 %

Shares of NYSE:AGR opened at $35.50 on Tuesday. The stock has a market capitalization of $13.74 billion, a PE ratio of 15.37, a price-to-earnings-growth ratio of 2.66 and a beta of 0.55. The company’s 50-day moving average price is $35.65 and its two-hundred day moving average price is $35.53. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.52 and a quick ratio of 0.44. Avangrid has a one year low of $27.46 and a one year high of $37.70.

Avangrid (NYSE:AGR) last issued its quarterly earnings results on Tuesday, July 23rd. The utilities provider reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.22. Avangrid had a return on equity of 4.87% and a net margin of 11.35%. The business had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the previous year, the company posted $0.21 earnings per share. The firm’s revenue for the quarter was up 21.2% compared to the same quarter last year. On average, equities analysts forecast that Avangrid will post 2.24 EPS for the current fiscal year.

Avangrid Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.76 annualized dividend and a dividend yield of 4.96%. Avangrid’s dividend payout ratio is 76.19%.

Institutional Investors Weigh In On Avangrid

A number of hedge funds have recently made changes to their positions in AGR. Water Island Capital LLC purchased a new position in shares of Avangrid during the 2nd quarter valued at about $1,204,000. Creative Planning increased its stake in shares of Avangrid by 6.1% during the second quarter. Creative Planning now owns 32,368 shares of the utilities provider’s stock valued at $1,150,000 after buying an additional 1,862 shares during the period. The Manufacturers Life Insurance Company purchased a new position in Avangrid during the 2nd quarter valued at $318,000. Millennium Management LLC raised its stake in Avangrid by 34.7% in the second quarter. Millennium Management LLC now owns 308,134 shares of the utilities provider’s stock worth $10,948,000 after buying an additional 79,463 shares in the last quarter. Finally, Dark Forest Capital Management LP bought a new position in shares of Avangrid in the 2nd quarter worth approximately $452,000. 13.12% of the stock is currently owned by 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.