RY 162.35 1.8635% SHOP 118.31 4.7733% TD 85.3 1.3305% ENB 62.89 1.0119% BN 69.04 3.9446% TRI 252.41 1.2191% CNQ 40.5 2.2211% CP 100.93 -0.2471% CNR 135.19 -0.9525% BMO 130.06 1.8082% BNS 66.52 1.3098% CSU 4660.0 1.1875% CM 82.37 1.8548% MFC 40.43 2.823% ATD 72.84 1.237% NGT 75.81 -0.7203% TRP 67.685 0.917% SU 48.92 2.3217% WCN 271.25 0.7578% L 216.2 0.3574%
Avangrid, Inc.
AGR Details
Avangrid, Inc. (NYSE: AGR) operates 2 business units, Networks and Renewables.
Financial Results
Key Updates
The company announced that the unaffiliated committee of its Board of Directors received the non-binding proposal from Iberdrola, S.A. on March 6, 2024 for the acquisition of all of the issued as well as outstanding shares of common stock of the company not owned by Iberdrola, S.A. or its affiliates for $34.25 in cash per share. Iberdrola, S.A. is owning ~81.6% of Avangrid’s issued and outstanding shares of common stock.
Outlook
The company priorities for FY 2024 include delivering earnings outlook, executing on multi-year rate plans, etc. For 2024, its adjusted EPS is expected in the range of $2.17-$2.32.
Key Risks
Slowdown in the global growth, volatility in the equity market, increased inflation, changes in regulatory policies, etc. are some of the risks AGR faces.
Fundamental Valuation
P/E Based Relative Valuation (Illustrative)
Stock Recommendation
The stock has made a 52-week low and high of USD 27.46 and USD 41.22, respectively. The company’s performance is exposed to the risks related to the global slowdown as well as geopolitical tensions. Also, the climate related proceedings and legislation might result in alteration of the public utility model in the states it operates in which could adversely impact the business and operations. Therefore, investors should exit the stock.
Hence, a ‘Sell’ rating has been provided on the stock at the closing price of USD 36.24 per share, up by 12.97% as on 7 March 2024
Technical Overview:
Daily Price Chart
AGR Daily Technical Chart, Data Source: REFINITIV
Markets are trading in a highly volatile zone currently due to certain macro-economic and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.
Note 1: Past performance is neither an indicator nor a guarantee of future performance.
Note 2: The reference date for share price chart and stock valuation is based on March 7, 2024. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
The advice given by Kalkine Canada Advisory Services Inc. and provided on this website is general information only and it does not take into account your investment objectives, financial situation and the particular needs of any particular person. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. The website www.kalkine.ca is published by Kalkine Canada Advisory Services Inc. The link to our Terms & Conditions has been provided please go through them. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations later.
CA
NZ
UK
US
AU
IND
Please wait processing your request...