Covalis Capital LLP Buys Shares of 48,477 Avangrid (AGR)
Covalis Capital LLP bought a new position in Avangrid (NYSE:AGR) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 48,477 shares of the utilities provider’s stock, valued at approximately $2,478,000. Avangrid accounts for 1.8% of Covalis Capital LLP’s portfolio, making the stock its 18th largest position.
Several other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in shares of Avangrid by 1.9% in the 1st quarter. BlackRock Inc. now owns 2,149,625 shares of the utilities provider’s stock worth $109,889,000 after acquiring an additional 40,833 shares during the period. Pzena Investment Management LLC lifted its stake in shares of Avangrid by 0.7% in the 1st quarter. Pzena Investment Management LLC now owns 1,732,380 shares of the utilities provider’s stock worth $88,559,000 after acquiring an additional 11,190 shares during the period. OppenheimerFunds Inc. lifted its stake in shares of Avangrid by 343.6% in the 1st quarter. OppenheimerFunds Inc. now owns 1,109,189 shares of the utilities provider’s stock worth $56,702,000 after acquiring an additional 859,144 shares during the period. Wells Fargo & Company MN lifted its stake in shares of Avangrid by 2.5% in the 4th quarter. Wells Fargo & Company MN now owns 706,799 shares of the utilities provider’s stock worth $35,749,000 after acquiring an additional 17,415 shares during the period. Finally, Electron Capital Partners LLC lifted its stake in shares of Avangrid by 47.6% in the fourth quarter. Electron Capital Partners LLC now owns 681,513 shares of the utilities provider’s stock valued at $34,471,000 after purchasing an additional 219,904 shares during the period. Institutional investors own 13.88% of the company’s stock.
Shares of Avangrid opened at $53.09 on Friday, according to Marketbeat.com. The company has a quick ratio of 0.66, a current ratio of 0.73 and a debt-to-equity ratio of 0.34. Avangrid has a 52 week low of $43.13 and a 52 week high of $54.55. The stock has a market capitalization of $16.41 billion, a P/E ratio of 23.60, a P/E/G ratio of 2.44 and a beta of 0.18.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 2nd. Shareholders of record on Friday, June 8th will be given a dividend of $0.432 per share. This represents a $1.73 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend is Thursday, June 7th. Avangrid’s payout ratio is currently 78.64%.
Several analysts recently commented on AGR shares. Citigroup started coverage on shares of Avangrid in a research note on Friday, April 13th. They issued a “buy” rating and a $58.00 price objective for the company. Zacks Investment Research cut shares of Avangrid from a “hold” rating to a “sell” rating in a research note on Thursday, April 12th. JPMorgan Chase & Co. raised their price objective on shares of Avangrid from $44.00 to $46.00 and gave the company an “underweight” rating in a research note on Tuesday, April 10th. Bank of America reiterated a “buy” rating and issued a $53.00 price objective (up previously from $52.00) on shares of Avangrid in a research note on Thursday, February 22nd. Finally, ValuEngine upgraded shares of Avangrid from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company’s stock. Avangrid currently has an average rating of “Buy” and an average price target of $52.21.
Avangrid Company Profile
Avangrid, Inc operates as an energy services holding company in the United States. It engages in the generation, transmission, and distribution of electricity, as well as distribution, transportation, and sale of natural gas. As of December 31, 2017, the company delivered electricity to approximately 2.2 million electric utility customers, as well as natural gas to approximately 1 million natural gas public utility customers; and owned approximately 67.5 billion cubic feet of net working gas storage capacity.
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