StockNews.com Initiates Coverage on Avangrid (NYSE:AGR)

StockNews.com began coverage on shares of Avangrid (NYSE:AGR) in a research note published on Saturday morning. The brokerage issued a hold rating on the utilities provider’s stock.

Avangrid Trading Up 0.1 %

Avangrid stock opened at $35.71 on Friday. Avangrid has a 12-month low of $29.71 and a 12-month high of $37.70. The firm has a market capitalization of $13.82 billion, a price-to-earnings ratio of 12.27, a P/E/G ratio of 2.57 and a beta of 0.55. The firm has a 50 day moving average of $35.81 and a 200 day moving average of $35.71. The company has a current ratio of 0.51, a quick ratio of 0.44 and a debt-to-equity ratio of 0.52.

Avangrid (NYSE:AGR) last announced its quarterly earnings data on Tuesday, October 22nd. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.22. Avangrid had a net margin of 12.89% and a return on equity of 5.37%. The firm had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.04 billion. During the same period in the prior year, the company posted $0.27 earnings per share. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. As a group, research analysts predict that Avangrid will post 2.34 earnings per share for the current year.

Avangrid Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be given a $0.44 dividend. The ex-dividend date is Monday, December 2nd. This represents a $1.76 annualized dividend and a dividend yield of 4.93%. Avangrid’s payout ratio is 60.48%.

Institutional Investors Weigh In On Avangrid

A number of institutional investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. increased its holdings in shares of Avangrid by 225.0% in the second quarter. QRG Capital Management Inc. now owns 33,050 shares of the utilities provider’s stock worth $1,174,000 after purchasing an additional 22,880 shares during the last quarter. Creative Planning increased its stake in Avangrid by 17.4% in the 3rd quarter. Creative Planning now owns 37,986 shares of the utilities provider’s stock worth $1,360,000 after acquiring an additional 5,618 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Avangrid by 26.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 256,980 shares of the utilities provider’s stock worth $9,130,000 after acquiring an additional 54,469 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Avangrid by 244.9% during the 3rd quarter. Blue Trust Inc. now owns 807 shares of the utilities provider’s stock valued at $29,000 after acquiring an additional 573 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Avangrid by 4.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 13,724 shares of the utilities provider’s stock valued at $491,000 after purchasing an additional 647 shares in the last quarter. 13.12% of the stock is owned by hedge funds and other institutional investors.

About Avangrid

Avangrid, Inc, an energy services holding company, engages in the regulated energy transmission and distribution, and renewable energy generation businesses in the United States. The company operates through Networks and Renewables segments. It is involved in the generation, transmission, and distribution of electricity; and distribution, transportation, and sale of natural gas.