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

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

Avangrid Stock Performance

NYSE AGR opened at $36.02 on Friday. The company has a current ratio of 0.51, a quick ratio of 0.44 and a debt-to-equity ratio of 0.52. The firm’s fifty day moving average price is $35.92 and its two-hundred day moving average price is $35.79. Avangrid has a 1 year low of $29.71 and a 1 year high of $37.70. The firm has a market capitalization of $13.94 billion, a P/E ratio of 12.38, a price-to-earnings-growth ratio of 2.54 and a beta of 0.56.

Avangrid (NYSE:AGR) last posted its quarterly earnings results on Tuesday, October 22nd. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $2.04 billion. During the same period in the prior year, the firm posted $0.27 earnings per share. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. As a group, research analysts anticipate that Avangrid will post 2.34 EPS for the current year.

Hedge Funds Weigh In On Avangrid

Several institutional investors and hedge funds have recently modified their holdings of AGR. Charles Schwab Investment Management Inc. increased its holdings in shares of Avangrid by 28.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 884,742 shares of the utilities provider’s stock valued at $31,665,000 after purchasing an additional 197,841 shares during the last quarter. Marshall Wace LLP grew its stake in shares of Avangrid by 973.5% in the second quarter. Marshall Wace LLP now owns 150,602 shares of the utilities provider’s stock valued at $5,351,000 after acquiring an additional 136,573 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Avangrid by 466.5% in the second quarter. Renaissance Technologies LLC now owns 135,400 shares of the utilities provider’s stock valued at $4,811,000 after acquiring an additional 111,500 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of Avangrid by 353.0% in the third quarter. BNP Paribas Financial Markets now owns 110,163 shares of the utilities provider’s stock valued at $3,943,000 after acquiring an additional 85,847 shares in the last quarter. Finally, Millennium Management LLC grew its stake 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 acquiring an additional 79,463 shares in the last quarter. 13.12% of the stock is currently owned by institutional investors and hedge funds.

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.