Avangrid (NYSE:AGR) Now Covered by StockNews.com

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

Avangrid Stock Performance

Shares of AGR opened at $35.74 on Wednesday. The company has a market cap of $13.83 billion, a PE ratio of 15.47, a price-to-earnings-growth ratio of 2.65 and a beta of 0.55. The firm has a 50-day moving average of $35.68 and a 200-day moving average of $35.64. Avangrid has a one year low of $27.46 and a one year high of $37.70. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.52 and a quick ratio of 0.44.

Avangrid (NYSE:AGR) last posted its quarterly earnings results on Tuesday, July 23rd. The utilities provider reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.22. The business had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Avangrid had a return on equity of 4.87% and a net margin of 11.35%. Avangrid’s quarterly revenue was up 21.2% on a year-over-year basis. During the same quarter last year, the company posted $0.21 earnings per share. As a group, equities analysts forecast that Avangrid will post 2.24 earnings per share for the current year.

Hedge Funds Weigh In On Avangrid

Several large investors have recently modified their holdings of the stock. Water Island Capital LLC bought a new stake in shares of Avangrid during the 2nd quarter worth about $1,204,000. Creative Planning lifted its position in Avangrid by 6.1% during the second quarter. Creative Planning now owns 32,368 shares of the utilities provider’s stock worth $1,150,000 after acquiring an additional 1,862 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Avangrid during the second quarter worth approximately $318,000. Millennium Management LLC grew its position in shares of Avangrid by 34.7% in the second quarter. Millennium Management LLC now owns 308,134 shares of the utilities provider’s stock valued at $10,948,000 after purchasing an additional 79,463 shares during the last quarter. Finally, Dark Forest Capital Management LP bought a new position in shares of Avangrid during the second quarter worth approximately $452,000. 13.12% of the stock is owned by institutional investors.

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.