Avangrid (NYSE:AGR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Avangrid, Inc. is an energy and utility company. The company operates regulated utilities, electricity generation and natural gas storage primarily in the United States. Avangrid, Inc. is based in New Gloucester, United States. “
Several other research firms have also recently weighed in on AGR. Wells Fargo & Co cut Avangrid from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 1st. TheStreet upgraded shares of Avangrid from a “c” rating to a “b-” rating in a report on Monday, December 18th. Bank of America initiated coverage on shares of Avangrid in a report on Tuesday, October 24th. They set a “buy” rating and a $52.00 price target for the company. Finally, JPMorgan Chase & Co. increased their price objective on Avangrid from $43.00 to $47.00 and gave the company an “underweight” rating in a report on Thursday, October 12th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $47.50.
Avangrid (NYSE:AGR) last announced its quarterly earnings results on Tuesday, October 24th. The utilities provider reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.03. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.32 billion. Avangrid had a return on equity of 4.60% and a net margin of 11.23%. The business’s revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.35 earnings per share. research analysts anticipate that Avangrid will post 2.21 EPS for the current year.
A number of institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc boosted its holdings in Avangrid by 4.3% in the 2nd quarter. Legal & General Group Plc now owns 250,758 shares of the utilities provider’s stock valued at $11,071,000 after purchasing an additional 10,425 shares during the period. Schwab Charles Investment Management Inc. increased its position in shares of Avangrid by 30.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 161,765 shares of the utilities provider’s stock valued at $7,142,000 after buying an additional 37,919 shares during the period. State Street Corp increased its position in shares of Avangrid by 2.7% during the second quarter. State Street Corp now owns 723,255 shares of the utilities provider’s stock valued at $31,934,000 after buying an additional 19,047 shares during the period. Trillium Asset Management LLC increased its position in shares of Avangrid by 1.7% during the third quarter. Trillium Asset Management LLC now owns 166,581 shares of the utilities provider’s stock valued at $7,899,000 after buying an additional 2,798 shares during the period. Finally, Baillie Gifford & Co. increased its position in shares of Avangrid by 11.7% during the second quarter. Baillie Gifford & Co. now owns 357,789 shares of the utilities provider’s stock valued at $15,796,000 after buying an additional 37,410 shares during the period. Institutional investors and hedge funds own 13.83% of the company’s stock.
Avangrid Company Profile
Avangrid, Inc is an energy and utility company. The Company operates through three segments: Networks, Renewables and Gas. The Networks segment includes all the energy transmission and distribution activities, and any other regulated activity originating in New York and Maine, and regulated electric distribution, electric transmission and gas distribution activities originating in Connecticut and Massachusetts.
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