Royal Bank of Canada increased its holdings in shares of Avangrid Inc (NYSE:AGR) by 2.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,289,725 shares of the utilities provider’s stock after buying an additional 72,633 shares during the quarter. Royal Bank of Canada owned 1.06% of Avangrid worth $168,170,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in AGR. US Bancorp DE lifted its position in shares of Avangrid by 57.4% during the 4th quarter. US Bancorp DE now owns 5,440 shares of the utilities provider’s stock worth $275,000 after buying an additional 1,984 shares during the last quarter. California Public Employees Retirement System lifted its position in shares of Avangrid by 30.2% during the 4th quarter. California Public Employees Retirement System now owns 99,506 shares of the utilities provider’s stock worth $5,033,000 after buying an additional 23,101 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Avangrid by 2.5% during the 4th quarter. Wells Fargo & Company MN now owns 706,799 shares of the utilities provider’s stock worth $35,749,000 after buying an additional 17,415 shares during the last quarter. Global Financial Private Capital LLC bought a new stake in shares of Avangrid during the 4th quarter worth $423,000. Finally, BlackRock Inc. lifted its position in shares of Avangrid by 3.4% during the 4th quarter. BlackRock Inc. now owns 2,108,792 shares of the utilities provider’s stock worth $106,661,000 after buying an additional 69,806 shares during the last quarter. Institutional investors and hedge funds own 14.19% of the company’s stock.
Avangrid stock opened at $51.40 on Wednesday. The company has a quick ratio of 0.66, a current ratio of 0.73 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $15.70 billion, a price-to-earnings ratio of 23.36, a PEG ratio of 2.33 and a beta of 0.17. Avangrid Inc has a 12 month low of $43.13 and a 12 month high of $54.55.
Avangrid (NYSE:AGR) last posted its earnings results on Monday, April 23rd. The utilities provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.01). The firm had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.73 billion. Avangrid had a net margin of 6.36% and a return on equity of 4.59%. Avangrid’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.77 earnings per share. research analysts anticipate that Avangrid Inc will post 2.38 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 2nd. Shareholders of record on Friday, June 8th will be given a $0.432 dividend. The ex-dividend date of this dividend is Thursday, June 7th. This represents a $1.73 annualized dividend and a yield of 3.36%. Avangrid’s dividend payout ratio is presently 78.64%.
Several brokerages recently weighed in on AGR. ValuEngine downgraded Avangrid from a “buy” rating to a “hold” rating in a research report on Friday, June 1st. Zacks Investment Research upgraded Avangrid from a “sell” rating to a “hold” rating in a research report on Monday, April 30th. Janney Montgomery Scott restated a “buy” rating and set a $55.00 price objective on shares of Avangrid in a research report on Wednesday, April 25th. Citigroup began coverage on Avangrid in a research report on Friday, April 13th. They issued a “buy” rating and a $58.00 target price for the company. Finally, Bank of America increased their target price on Avangrid from $53.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, April 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $52.21.
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.
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