Avangrid, Inc. (NYSE:AGR) Short Interest Down 9.7% in June

Avangrid, Inc. (NYSE:AGR) was the target of a large decline in short interest in June. As of June 15th, there was short interest totalling 1,580,000 shares, a decline of 9.7% from the May 31st total of 1,750,000 shares. Based on an average daily volume of 812,100 shares, the days-to-cover ratio is currently 1.9 days. Currently, 2.2% of the shares of the stock are short sold.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Janney Montgomery Scott reiterated a “sell” rating and issued a $35.00 target price on shares of Avangrid in a report on Friday, March 8th. StockNews.com assumed coverage on shares of Avangrid in a report on Monday. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $34.67.

Institutional Investors Weigh In On Avangrid

Large investors have recently made changes to their positions in the company. Clean Energy Transition LLP purchased a new position in Avangrid during the fourth quarter valued at approximately $75,620,000. Mackenzie Financial Corp grew its position in Avangrid by 20.5% during the fourth quarter. Mackenzie Financial Corp now owns 1,917,324 shares of the utilities provider’s stock valued at $62,140,000 after purchasing an additional 326,084 shares in the last quarter. Norges Bank purchased a new position in Avangrid during the fourth quarter valued at approximately $30,303,000. Charles Schwab Investment Management Inc. grew its position in Avangrid by 8.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 608,977 shares of the utilities provider’s stock valued at $19,737,000 after purchasing an additional 48,174 shares in the last quarter. Finally, Hsbc Holdings PLC grew its position in Avangrid by 65.1% during the fourth quarter. Hsbc Holdings PLC now owns 373,093 shares of the utilities provider’s stock valued at $12,088,000 after purchasing an additional 147,108 shares in the last quarter. Institutional investors and hedge funds own 13.12% of the company’s stock.

Avangrid Trading Up 0.1 %

Shares of AGR stock traded up $0.05 during trading hours on Wednesday, reaching $35.34. 59,312 shares of the stock traded hands, compared to its average volume of 868,979. Avangrid has a 1-year low of $27.46 and a 1-year high of $39.13. The business has a fifty day moving average price of $36.05 and a 200 day moving average price of $34.24. The company has a quick ratio of 0.50, a current ratio of 0.58 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $13.67 billion, a PE ratio of 15.28, a PEG ratio of 2.67 and a beta of 0.55.

Avangrid (NYSE:AGR) last released its quarterly earnings results on Wednesday, April 24th. The utilities provider reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.18. Avangrid had a net margin of 10.80% and a return on equity of 4.35%. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter in the previous year, the business earned $0.64 earnings per share. The firm’s revenue was down 2.0% compared to the same quarter last year. On average, equities research analysts forecast that Avangrid will post 2.22 EPS for the current year.

Avangrid Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Monday, June 3rd were issued a dividend of $0.44 per share. The ex-dividend date was Monday, June 3rd. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.98%. Avangrid’s dividend payout ratio is currently 76.19%.

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.