As of the most recent 13F filing with the Securities and Exchange Commission, MQS Management LLC has acquired a new position in Avangrid, Inc. (NYSE:AGR) during the fourth quarter. The institutional investor snatched up 10,909 shares of the utilities provider’s stock valued at approximately $469,000. This move has garnered attention from investors seeking opportunities within the energy and gas distribution sector.
Avangrid is an industry leader that engages in energy transmission and gas distribution activities through its three distinct segments: Networks, Renewables, and Other. Its Networks segment includes energy transmission and distribution, electric transmission, and gas distribution activities. Meanwhile, the Renewables segment relates to renewable energy—mainly wind energy generation—and trading related to such activities.
During trading on Friday alone, AGR traded up $0.34 to hit $38.97. With 85,876 shares of stock traded for the day compared to its average volume of 615,496 shares traded daily, it’s clear there is continued investor interest in AGR’s market capitalization ($15.07 billion), P/E ratio (21.95), price-to-earnings-growth ratio (3.93), and a beta of 0.42.
Although AGR currently has a debt-to-equity ratio of 0.40 and a current ratio of 0.69—a cause for concern for some investors—the firm still maintains impressive fundamentals according to many market analysts.
Despite enduring fluctuations from its 12-month low ($37.44) to its recent high ($51.71), Avangrid continues to move forward with momentum thanks to significant investments like those made by MQS Management LLC in the past year.
The future looks bright for Avangrid as it continues to fortify its presence within the energy transmission and gas distribution industry while also making strides toward leading renewable energy efforts around the globe moving forward. Investors should keep a close eye on where Avangrid goes next as its presence in the industry only continues to grow.
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Institutional Investors and Hedge Funds Show Interest in Avangrid, Inc Despite Earnings Miss
Avangrid, Inc is a well-known American energy transmission and gas distribution company that operates through three key segments: Networks, Renewables, and Other. The company has recently gained the attention of several institutional investors and hedge funds who have modified their holdings in Avangrid in the first quarter of this year.
One such investor, Cetera Advisor Networks LLC bought a new position in shares of Avangrid worth approximately $214,000. Citigroup Inc. also increased its holdings by 208.4% during the first quarter, now owning 12,951 shares of the utilities provider’s stock worth $605,000 after buying an additional 8,751 shares during the last quarter.
Furthermore, Bank of Montreal Can raised its position in shares of Avangrid by an astonishing 90.5% during Q1 2023; now owning 21,626 shares valued at $1,012,000 after buying an additional 10,271 shares last quarter. MetLife Investment Management LLC also made an investment by acquiring a new stake in shares of Avangrid worth $53,000.
Rhumbline Advisers grew its position in Avangrid by 4.6%, with the firm possessing 47,510 shares of the utilities provider’s stock worth $2,221 million – marking it as one to watch for potential future growth.
The sentiment among equities research analysts regarding Avangrid was rather tepid in comparison to those bullish investors as two investment analysts gave a sell rating on the stocks while four gave it hold and only one issued a buy rating for the company overall.
Despite missing analysts’ consensus estimates of $0.76 per share by posting earnings per share (EPS) figures running at $0.64 on April 26th leading to coverage from MarketWatch to brand them ‘the utility sector’s biggest loser’, analysts remain optimistic for FY2023 with data forecasting Avangrid to post 2.23 EPS for the year.
Additionally, Avangrid Inc announced a quarterly dividend of $0.44 per share which will be paid on Monday, July 3rd with the ex-dividend date falling on Wednesday May 31st, bringing their dividend yield up to an impressive 4.52%.
Despite some minor roadblocks in recent quarters, Avangrid is growing positively within its market sector and looks set to remain a solid investment choice for those keen on both regulatory compliant stocks and long-term gain.
