Short Interest in Avangrid, Inc. (AGR) Increases By 82.0%
Avangrid, Inc. (NYSE:AGR) was the target of a significant increase in short interest during the month of October. As of October 13th, there was short interest totalling 4,674,675 shares, an increase of 82.0% from the September 29th total of 2,567,954 shares. Based on an average daily volume of 432,222 shares, the short-interest ratio is presently 10.8 days. Approximately 8.4% of the company’s shares are sold short.
Shares of Avangrid (NYSE AGR) opened at 50.83 on Tuesday. The stock’s 50 day moving average price is $47.97 and its 200 day moving average price is $46.04. Avangrid has a one year low of $35.42 and a one year high of $51.38. The stock has a market capitalization of $15.71 billion, a P/E ratio of 23.31 and a beta of 0.49.
Avangrid (NYSE:AGR) last posted its earnings results on Tuesday, October 24th. The utilities provider reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.03. The firm had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.32 billion. Avangrid had a return on equity of 4.60% and a net margin of 11.23%. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.35 earnings per share. On average, analysts forecast that Avangrid will post $2.23 EPS for the current year.
Hedge funds have recently bought and sold shares of the business. First Personal Financial Services lifted its holdings in Avangrid by 3.4% during the second quarter. First Personal Financial Services now owns 2,862 shares of the utilities provider’s stock worth $126,000 after acquiring an additional 94 shares in the last quarter. Legal & General Group Plc lifted its holdings in Avangrid by 4.3% during the second quarter. Legal & General Group Plc now owns 250,758 shares of the utilities provider’s stock worth $11,071,000 after acquiring an additional 10,425 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Avangrid by 9.9% during the first quarter. Goldman Sachs Group Inc. now owns 523,337 shares of the utilities provider’s stock worth $22,368,000 after acquiring an additional 46,985 shares in the last quarter. Proficio Capital Partners LLC lifted its holdings in Avangrid by 102.2% during the second quarter. Proficio Capital Partners LLC now owns 2,704 shares of the utilities provider’s stock worth $124,000 after acquiring an additional 1,367 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its holdings in Avangrid by 30.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 161,765 shares of the utilities provider’s stock worth $7,142,000 after acquiring an additional 37,919 shares in the last quarter. Hedge funds and other institutional investors own 13.20% of the company’s stock.
Several equities research analysts have recently commented on the company. Bank of America Corporation assumed coverage on Avangrid in a report on Tuesday, October 24th. They set a “buy” rating and a $52.00 target price for the company. Evercore ISI raised Avangrid from an “in-line” rating to an “outperform” rating and upped their target price for the company from $43.50 to $46.50 in a report on Monday, July 24th. Zacks Investment Research raised Avangrid from a “sell” rating to a “hold” rating in a report on Thursday, October 26th. Finally, J P Morgan Chase & Co upped their target price on Avangrid from $43.00 to $47.00 and gave the company an “underweight” rating in a report on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. Avangrid presently has a consensus rating of “Buy” and a consensus price target of $47.50.
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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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