Zacks: Brokerages Expect Avangrid Inc (NYSE:AGR) Will Announce Earnings of $0.42 Per Share

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Brokerages expect Avangrid Inc (NYSE:AGR) to report $0.42 earnings per share (EPS) for the current quarter, according to Zacks. Zero analysts have provided estimates for Avangrid’s earnings. The lowest EPS estimate is $0.37 and the highest is $0.46. Avangrid posted earnings of $0.41 per share during the same quarter last year, which suggests a positive year-over-year growth rate of 2.4%. The business is expected to issue its next earnings report after the market closes on Tuesday, July 23rd.

According to Zacks, analysts expect that Avangrid will report full-year earnings of $2.25 per share for the current fiscal year, with EPS estimates ranging from $2.16 to $2.34. For the next fiscal year, analysts expect that the firm will post earnings of $2.43 per share, with EPS estimates ranging from $2.35 to $2.50. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that follow Avangrid.

Avangrid (NYSE:AGR) last posted its quarterly earnings data on Wednesday, April 24th. The utilities provider reported $0.71 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.80 by ($0.09). The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.84 billion. Avangrid had a net margin of 8.80% and a return on equity of 4.27%. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.78 EPS.

AGR has been the subject of a number of recent analyst reports. Goldman Sachs Group reaffirmed a “neutral” rating and set a $393.00 price target on shares of Boeing in a report on Monday, April 8th. Zacks Investment Research downgraded shares of GENEL ENERGY PL/ADR from a “hold” rating to a “sell” rating in a report on Thursday, July 4th. Janney Montgomery Scott downgraded shares of Avangrid from a “neutral” rating to a “sell” rating and cut their price target for the stock from $50.00 to $46.00 in a report on Thursday, April 25th. Bank of America raised shares of Air Products & Chemicals from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $170.00 to $215.00 in a report on Thursday, April 25th. Finally, KeyCorp assumed coverage on shares of Southern in a research report on Tuesday, June 4th. They set a “sector weight” rating for the company. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $51.43.

A number of hedge funds have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc increased its position in Avangrid by 1.6% in the 1st quarter. CIBC Asset Management Inc now owns 12,932 shares of the utilities provider’s stock valued at $651,000 after acquiring an additional 204 shares during the period. Advisory Services Network LLC increased its position in Avangrid by 18.2% in the 4th quarter. Advisory Services Network LLC now owns 1,506 shares of the utilities provider’s stock valued at $75,000 after acquiring an additional 232 shares during the period. Great West Life Assurance Co. Can increased its position in Avangrid by 3.0% in the 4th quarter. Great West Life Assurance Co. Can now owns 11,123 shares of the utilities provider’s stock valued at $534,000 after acquiring an additional 323 shares during the period. Putnam FL Investment Management Co. increased its position in Avangrid by 2.2% in the 4th quarter. Putnam FL Investment Management Co. now owns 15,278 shares of the utilities provider’s stock valued at $765,000 after acquiring an additional 326 shares during the period. Finally, Signaturefd LLC increased its position in Avangrid by 15.6% in the 1st quarter. Signaturefd LLC now owns 3,030 shares of the utilities provider’s stock valued at $153,000 after acquiring an additional 410 shares during the period. Institutional investors and hedge funds own 14.42% of the company’s stock.

NYSE AGR traded down $0.36 during trading on Wednesday, reaching $49.57. The company’s stock had a trading volume of 4,994 shares, compared to its average volume of 360,979. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.63 and a quick ratio of 0.57. The stock has a market cap of $15.43 billion, a price-to-earnings ratio of 22.44, a price-to-earnings-growth ratio of 2.94 and a beta of 0.12. Avangrid has a 12 month low of $45.81 and a 12 month high of $53.47. The company has a 50 day moving average of $50.97.

About Avangrid

Avangrid, Inc operates as an energy services holding company in the United States. It operates through two segments, Networks and Renewables. The company engages in the generation, transmission, and distribution of electricity, as well as distribution, transportation, and sale of natural gas. It also develops, constructs, and operates renewable energy generation facilities primarily using onshore wind power, as well as solar, biomass, and thermal power.

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