Short Interest in Avangrid, Inc. (NYSE:AGR) Drops By 9.7%

Avangrid, Inc. (NYSE:AGR) was the target of a significant 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 trading volume of 812,100 shares, the days-to-cover ratio is presently 1.9 days. Currently, 2.2% of the company’s stock are short sold.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Avangrid

Several hedge funds and other institutional investors have recently modified their holdings of AGR. Headlands Technologies LLC purchased a new stake in Avangrid during the first quarter valued at $26,000. Bell Investment Advisors Inc increased its position in shares of Avangrid by 163.9% during the 1st quarter. Bell Investment Advisors Inc now owns 863 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 536 shares during the last quarter. Central Pacific Bank Trust Division bought a new position in shares of Avangrid in the 1st quarter worth approximately $36,000. Toronto Dominion Bank purchased a new position in shares of Avangrid in the first quarter worth approximately $41,000. Finally, BKM Wealth Management LLC bought a new stake in Avangrid during the fourth quarter valued at approximately $41,000. 13.12% of the stock is owned by institutional investors.

Avangrid Stock Performance

Shares of NYSE:AGR traded up $0.06 during midday trading on Wednesday, reaching $35.35. 253,287 shares of the company’s stock traded hands, compared to its average volume of 870,506. Avangrid has a one year low of $27.46 and a one year high of $39.13. The stock has a 50 day moving average of $36.02 and a 200 day moving average of $34.26. The company has a market cap of $13.68 billion, a price-to-earnings ratio of 15.30, a P/E/G ratio of 2.67 and a beta of 0.55. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.50 and a current ratio of 0.58.

Avangrid (NYSE:AGR) last posted its earnings results on Wednesday, April 24th. The utilities provider reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $2.54 billion. During the same quarter in the prior year, the business earned $0.64 EPS. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Avangrid will post 2.22 EPS for the current fiscal year.

Avangrid Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Monday, June 3rd were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 4.98%. The ex-dividend date of this dividend was Monday, June 3rd. Avangrid’s dividend payout ratio (DPR) is presently 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.