Avangrid (NYSE:AGR) was upgraded by stock analysts at Wells Fargo & Co from an “equal weight” rating to an “overweight” rating in a research note issued on Wednesday, Marketbeat Ratings reports. The brokerage currently has a $48.00 price objective on the utilities provider’s stock. Wells Fargo & Co‘s price objective indicates a potential upside of 14.34% from the company’s previous close.
Other research analysts have also issued research reports about the stock. Bank of America raised shares of Avangrid from an “underperform” rating to a “neutral” rating and raised their target price for the company from $43.00 to $47.00 in a research note on Thursday, April 30th. Seaport Global Securities initiated coverage on shares of Avangrid in a report on Wednesday, May 20th. They issued a “neutral” rating on the stock. Zacks Investment Research raised shares of Avangrid from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Friday, May 29th. Finally, Janney Montgomery Scott raised Avangrid from a “sell” rating to a “neutral” rating and set a $46.00 price target on the stock in a research note on Friday, March 13th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $48.71.
AGR stock opened at $41.98 on Wednesday. The company has a 50 day moving average price of $42.33 and a 200 day moving average price of $47.07. Avangrid has a fifty-two week low of $35.62 and a fifty-two week high of $57.24. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.55 and a quick ratio of 0.49. The stock has a market capitalization of $13.06 billion, a PE ratio of 18.07, a price-to-earnings-growth ratio of 3.46 and a beta of 0.28.
Avangrid (NYSE:AGR) last released its earnings results on Tuesday, April 28th. The utilities provider reported $0.76 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.76. The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.90 billion. Avangrid had a return on equity of 4.41% and a net margin of 11.50%. The firm’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.71 earnings per share. As a group, equities analysts expect that Avangrid will post 2.22 earnings per share for the current fiscal year.
Several hedge funds have recently made changes to their positions in AGR. Wellington Management Group LLP increased its position in shares of Avangrid by 15.7% in the 1st quarter. Wellington Management Group LLP now owns 9,295,247 shares of the utilities provider’s stock valued at $406,946,000 after buying an additional 1,262,374 shares in the last quarter. Norges Bank acquired a new position in Avangrid in the fourth quarter valued at about $37,079,000. BlackRock Inc. increased its holdings in shares of Avangrid by 15.4% in the first quarter. BlackRock Inc. now owns 3,316,813 shares of the utilities provider’s stock worth $145,210,000 after acquiring an additional 443,174 shares in the last quarter. Pzena Investment Management LLC raised its position in shares of Avangrid by 8.0% during the first quarter. Pzena Investment Management LLC now owns 2,784,048 shares of the utilities provider’s stock worth $121,886,000 after purchasing an additional 205,410 shares during the period. Finally, ArrowMark Colorado Holdings LLC acquired a new stake in shares of Avangrid during the fourth quarter worth about $8,865,000. 14.86% of the stock is owned by institutional investors.
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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