Avangrid Inc. (NYSE:AGR) was downgraded by equities research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a report issued on Friday. They presently have a $41.00 price target on the stock, down from their previous price target of $44.00. JPMorgan Chase & Co.’s target price indicates a potential downside of 4.52% from the company’s previous close.
Several other research firms have also recently issued reports on AGR. Zacks Investment Research cut Avangrid from a “buy” rating to a “hold” rating in a research report on Tuesday, June 28th. Guggenheim started coverage on Avangrid in a research report on Thursday, September 8th. They set a “neutral” rating on the stock. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $41.75.
Avangrid (NYSE:AGR) opened at 42.94 on Friday. The stock has a market cap of $13.27 billion and a P/E ratio of 26.21. The firm’s 50-day moving average price is $42.63 and its 200-day moving average price is $42.18. Avangrid has a 12 month low of $32.45 and a 12 month high of $46.74.
Avangrid (NYSE:AGR) last issued its quarterly earnings results on Monday, July 18th. The company reported $0.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by $0.11. Avangrid had a net margin of 8.74% and a return on equity of 3.07%. On average, analysts predict that Avangrid will post $2.12 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 9th will be paid a dividend of $0.432 per share. This represents a $1.73 annualized dividend and a dividend yield of 4.02%. The ex-dividend date is Wednesday, September 7th.
Several large investors have recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Avangrid during the fourth quarter valued at approximately $16,869,000. Commonwealth Equity Services Inc raised its stake in shares of Avangrid by 3.4% in the first quarter. Commonwealth Equity Services Inc now owns 25,546 shares of the company’s stock valued at $1,025,000 after buying an additional 846 shares during the period. Nisa Investment Advisors L.L.C. purchased a new stake in shares of Avangrid during the first quarter valued at approximately $425,000. IFP Advisors Inc raised its stake in shares of Avangrid by 93.2% in the first quarter. IFP Advisors Inc now owns 8,718 shares of the company’s stock valued at $350,000 after buying an additional 4,206 shares during the period. Finally, TIAA CREF Investment Management LLC raised its stake in shares of Avangrid by 1.5% in the first quarter. TIAA CREF Investment Management LLC now owns 137,166 shares of the company’s stock valued at $5,502,000 after buying an additional 2,052 shares during the period. 13.06% of the stock is currently owned by institutional investors and hedge funds.
Avangrid, Inc is a diversified energy and utility company with more than $30 billion in assets and operations in 25 states. The company operates regulated utilities and electricity generation through two primary lines of business. Avangrid Networks includes eight electric and natural gas utilities, serving approximately 3.1 million customers in New York and New England.
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