Avangrid (NYSE:AGR) Downgraded by Goldman Sachs Group to “Sell”

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Goldman Sachs Group lowered shares of Avangrid (NYSE:AGR) from a neutral rating to a sell rating in a report published on Wednesday, Benzinga reports. The firm currently has $49.00 target price on the utilities provider’s stock.

AGR has been the topic of a number of other reports. Zacks Investment Research cut shares of Avangrid from a hold rating to a sell rating in a research note on Friday, January 3rd. JPMorgan Chase & Co. upped their price target on shares of Avangrid from $47.00 to $50.00 and gave the stock an underweight rating in a research note on Monday, October 14th. Five investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The company currently has an average rating of Sell and a consensus price target of $51.00.

AGR stock traded down $0.17 on Wednesday, hitting $50.86. The company’s stock had a trading volume of 285,331 shares, compared to its average volume of 345,018. The firm has a 50 day moving average of $50.12 and a two-hundred day moving average of $50.08. Avangrid has a 1 year low of $47.50 and a 1 year high of $52.85. The stock has a market cap of $15.69 billion, a price-to-earnings ratio of 23.01, a price-to-earnings-growth ratio of 2.81 and a beta of 0.12. The company has a current ratio of 0.66, a quick ratio of 0.57 and a debt-to-equity ratio of 0.44.

Avangrid (NYSE:AGR) last released its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $0.40 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.11). The business had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Avangrid had a net margin of 9.32% and a return on equity of 3.98%. The firm’s revenue for the quarter was down 3.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.45 EPS. As a group, equities analysts forecast that Avangrid will post 2.24 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Thursday, December 12th were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Wednesday, December 11th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.46%. Avangrid’s dividend payout ratio (DPR) is presently 79.64%.

A number of hedge funds and other institutional investors have recently modified their holdings of AGR. Wealthcare Advisory Partners LLC acquired a new stake in Avangrid in the 3rd quarter valued at about $25,000. Strategic Blueprint LLC purchased a new position in shares of Avangrid during the 3rd quarter worth about $27,000. North Star Investment Management Corp. purchased a new position in shares of Avangrid during the 3rd quarter worth about $35,000. HM Payson & Co. purchased a new position in shares of Avangrid during the 2nd quarter worth about $56,000. Finally, Resources Management Corp CT ADV purchased a new position in shares of Avangrid during the 3rd quarter worth about $63,000. 14.55% of the stock is currently owned by hedge funds and other institutional investors.

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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