Avangrid Inc (NYSE:AGR) saw a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 2,810,000 shares, a growth of 18.6% from the August 15th total of 2,370,000 shares. Approximately 5.0% of the company’s stock are short sold. Based on an average daily volume of 591,500 shares, the days-to-cover ratio is currently 4.8 days.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Two Sigma Advisers LP purchased a new stake in Avangrid during the 2nd quarter worth about $726,000. Toronto Dominion Bank lifted its holdings in Avangrid by 73.9% during the 2nd quarter. Toronto Dominion Bank now owns 868 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 369 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its holdings in Avangrid by 6.8% during the 2nd quarter. ArrowMark Colorado Holdings LLC now owns 189,000 shares of the utilities provider’s stock worth $7,934,000 after purchasing an additional 12,000 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Avangrid by 1.0% during the 2nd quarter. AQR Capital Management LLC now owns 158,215 shares of the utilities provider’s stock worth $6,642,000 after purchasing an additional 1,547 shares in the last quarter. Finally, California State Teachers Retirement System lifted its holdings in Avangrid by 2.3% during the 2nd quarter. California State Teachers Retirement System now owns 95,739 shares of the utilities provider’s stock worth $4,019,000 after purchasing an additional 2,141 shares in the last quarter. 13.88% of the stock is currently owned by institutional investors and hedge funds.
Shares of AGR stock traded up $0.17 on Wednesday, hitting $50.08. 452,359 shares of the stock were exchanged, compared to its average volume of 688,535. The company has a current ratio of 0.53, a quick ratio of 0.46 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $15.47 billion, a PE ratio of 22.16, a P/E/G ratio of 4.49 and a beta of 0.32. Avangrid has a one year low of $35.62 and a one year high of $57.24. The firm’s 50 day moving average is $49.03 and its two-hundred day moving average is $45.39.
Avangrid (NYSE:AGR) last posted its quarterly earnings results on Tuesday, July 21st. The utilities provider reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.02). The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.45 billion. Avangrid had a return on equity of 4.37% and a net margin of 11.17%. On average, sell-side analysts expect that Avangrid will post 2.17 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.44 per share. The ex-dividend date is Monday, August 31st. This represents a $1.76 annualized dividend and a dividend yield of 3.51%. Avangrid’s payout ratio is 81.11%.
A number of research firms recently commented on AGR. Wells Fargo & Company raised Avangrid from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $47.00 to $48.00 in a research report on Wednesday, July 1st. Morgan Stanley increased their price target on Avangrid from $47.00 to $49.00 and gave the company an “equal weight” rating in a research report on Friday, August 14th. Seaport Global Securities began coverage on Avangrid in a research report on Wednesday, May 20th. They issued a “neutral” rating for the company. Finally, Zacks Investment Research lowered Avangrid from a “hold” rating to a “sell” rating in a research report on Thursday, July 23rd. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $48.29.
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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