Avangrid (NYSE:AGR) Coverage Initiated by Analysts at StockNews.com

Equities research analysts at StockNews.com initiated coverage on shares of Avangrid (NYSE:AGR) in a report issued on Wednesday. The brokerage set a “hold” rating on the utilities provider’s stock.

Avangrid Stock Performance

Shares of AGR stock opened at $36.02 on Wednesday. The firm has a 50 day moving average of $35.83 and a 200-day moving average of $35.71. The company has a market cap of $13.94 billion, a price-to-earnings ratio of 12.38, a price-to-earnings-growth ratio of 2.54 and a beta of 0.56. The company has a quick ratio of 0.44, a current ratio of 0.51 and a debt-to-equity ratio of 0.52. Avangrid has a 52 week low of $29.71 and a 52 week high of $37.70.

Avangrid (NYSE:AGR) last posted its quarterly earnings results on Tuesday, October 22nd. The utilities provider reported $0.55 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 business had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.04 billion. During the same period last year, the company posted $0.27 earnings per share. The business’s quarterly revenue was up 5.5% on a year-over-year basis. On average, equities analysts forecast that Avangrid will post 2.34 earnings per share for the current year.

Institutional Investors Weigh In On Avangrid

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in shares of 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. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Avangrid by 743,566.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,310 shares of the utilities provider’s stock worth $793,000 after purchasing an additional 22,307 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Avangrid by 5.7% in the second quarter. Commonwealth Equity Services LLC now owns 47,194 shares of the utilities provider’s stock valued at $1,677,000 after purchasing an additional 2,528 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Avangrid by 2.8% during the second quarter. Van ECK Associates Corp now owns 18,305 shares of the utilities provider’s stock valued at $650,000 after buying an additional 499 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new stake in Avangrid during the second quarter worth $394,000. Institutional investors own 13.12% of the company’s stock.

Avangrid Company Profile

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.