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Avangrid Inc - Stock Quote AGR

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Morningstar's Avangrid Inc Stock Analysis

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Avangrid's First-Quarter Results Boosted by One-Time Restructuring Gain

Andrew Bischof, CFA, CPA Senior Equity Analyst

Analyst Note

| Andrew Bischof, CFA, CPA |

We are reaffirming our $44 per share fair value estimate and stable, narrow moat ratings for Avangrid after it reported first-quarter adjusted earnings of $1.16 per share compared with $1.14 in the same year-ago period. Management reaffirmed its 2022 operating earnings guidance range of $2.20 to $2.38 per share, which includes a $181 million gain on the restructuring of its New England partnership. Our full-year estimate is in line with management's expectations when accounting for the gain.

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Avangrid Inc's Company Profile

Business Description

Avangrid operates two business units, Networks and Renewables. Networks operates eight regulated electric and natural gas utilities across New York, Maine, Connecticut, and Massachusetts, serving over 3 million customers. Renewables has historically focused on developing onshore wind projects but is looking to make significant developments in solar and offshore wind over the next five years. It operates more than 8.3 gigawatts of renewable energy across the U.S. Spanish utility Iberdrola spun off Avangrid's predecessor, Iberdrola USA, in 2015. Iberdrola owns 81.5% of Avangrid.

180 Marsh Hill Road
Orange, CT, 06477
T +1 207 629-1190
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Slow Growth
Employees 7,348