Citigroup Begins Coverage on Avangrid (AGR)

Citigroup initiated coverage on shares of Avangrid (NYSE:AGR) in a research report report published on Friday morning, Marketbeat reports. The brokerage issued a buy rating and a $58.00 price objective on the utilities provider’s stock.

Several other equities research analysts also recently weighed in on AGR. JPMorgan Chase upped their target price on shares of Avangrid from $44.00 to $46.00 and gave the stock an underweight rating in a research note on Tuesday, April 10th. Gabelli restated a buy rating on shares of Avangrid in a report on Wednesday, February 21st. Goldman Sachs started coverage on shares of Avangrid in a report on Wednesday, January 10th. They issued a buy rating for the company. Zacks Investment Research cut shares of Avangrid from a hold rating to a sell rating in a research note on Tuesday, December 26th. Finally, TheStreet upgraded shares of Avangrid from a c rating to a b- rating in a research note on Monday, December 18th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. Avangrid has a consensus rating of Buy and an average target price of $51.75.

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AGR stock opened at $50.93 on Friday. The stock has a market cap of $15,471.90, a PE ratio of 23.15, a P/E/G ratio of 2.30 and a beta of 0.18. Avangrid has a 52 week low of $43.13 and a 52 week high of $53.46. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.73 and a quick ratio of 0.66.

Avangrid (NYSE:AGR) last posted its earnings results on Tuesday, February 20th. The utilities provider reported $0.61 earnings per share for the quarter, meeting the consensus estimate of $0.61. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.50 billion. Avangrid had a net margin of 6.39% and a return on equity of 4.48%. Avangrid’s revenue was up 2.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.67 EPS. equities analysts anticipate that Avangrid will post 2.37 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 2nd. Stockholders of record on Friday, March 9th were paid a dividend of $0.432 per share. The ex-dividend date was Thursday, March 8th. This represents a $1.73 dividend on an annualized basis and a dividend yield of 3.39%. Avangrid’s dividend payout ratio is currently 78.64%.

Several large investors have recently modified their holdings of the stock. Advisor Group Inc. increased its stake in shares of Avangrid by 56.6% in the fourth quarter. Advisor Group Inc. now owns 3,071 shares of the utilities provider’s stock worth $154,000 after buying an additional 1,110 shares during the last quarter. Csenge Advisory Group boosted its holdings in shares of Avangrid by 24.7% during the fourth quarter. Csenge Advisory Group now owns 7,160 shares of the utilities provider’s stock valued at $362,000 after acquiring an additional 1,420 shares during the period. Harrington Investments INC lifted its holdings in Avangrid by 30.4% in the fourth quarter. Harrington Investments INC now owns 6,202 shares of the utilities provider’s stock worth $314,000 after purchasing an additional 1,445 shares during the period. Signature Estate & Investment Advisors LLC lifted its holdings in Avangrid by 11.6% in the fourth quarter. Signature Estate & Investment Advisors LLC now owns 14,103 shares of the utilities provider’s stock worth $713,000 after purchasing an additional 1,469 shares during the period. Finally, AMP Capital Investors Ltd lifted its holdings in Avangrid by 5.2% in the third quarter. AMP Capital Investors Ltd now owns 30,435 shares of the utilities provider’s stock worth $1,443,000 after purchasing an additional 1,500 shares during the period. Institutional investors and hedge funds own 14.30% of the company’s stock.

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Avangrid Company Profile

Avangrid, Inc operates as an energy services holding company in the United States. It engages in the generation, transmission, and distribution of electricity, as well as distribution, transportation, and sale of natural gas. As of December 31, 2017, the company delivered electricity to approximately 2.2 million electric utility customers, as well as natural gas to approximately 1 million natural gas public utility customers; and owned approximately 67.5 billion cubic feet of net working gas storage capacity.

Analyst Recommendations for Avangrid (NYSE:AGR)

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