New York State Common Retirement Fund Exits Position in Avangrid, with Sale of 2,246 Shares
August 12, 2023
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Avangrid ($NYSE:AGR), Inc. is an energy and utility company based in Orange, Connecticut. It is a subsidiary of Spain-based Iberdrola, S.A., and operates in the United States and Puerto Rico. The sale of the shares was part of the fund’s previously announced transition away from fossil fuel investments.
Avangrid, Inc. is involved in a variety of energy-related activities, including electricity and natural gas distribution, transmission and storage, and renewable energy generation and storage. The company’s renewable energy business comprises wind, solar, and battery storage projects across the United States.
Price History
The sale of the shares had a significant impact on the company’s stock prices on Friday. AVANGRID stock opened at $35.4 and closed at $34.9, down by 1.0% from its previous closing price of 35.3. This decision by the CRF could have potentially signaled an overall decrease in institutional ownership of AVANGRID, as the fund is one of the largest institutional investors in the company. Avangrid_with_Sale_of_2246_Shares”>Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Avangrid. More…
| Total Revenues | Net Income | Net Margin |
| 8.05k | 582 | 7.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Avangrid. More…
| Operations | Investing | Financing |
| 851 | -2.55k | 108 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Avangrid. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 41.46k | 20.95k | 50.44 |
Key Ratios Snapshot
Some of the financial key ratios for Avangrid are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 8.6% | -8.4% | 9.9% |
| FCF Margin | ROE | ROA |
| -21.0% | 2.5% | 1.2% |
Analysis
GoodWhale recently conducted an analysis of AVANGRID’s wellbeing. After thorough evaluation, we have given AVANGRID a Risk Rating of Medium. This rating takes into consideration both the financial and business aspects of the company, resulting in a balanced overall assessment. We have identified two risk warnings in AVANGRID’s income sheet and balance sheet, which deserve to be noted. We urge potential investors to register with us to gain access to our comprehensive analysis of the company’s financial state. By joining our platform, you can make an informed decision about whether or not to invest in AVANGRID. Avangrid_with_Sale_of_2246_Shares”>More…
Peers
The competition between Avangrid Inc and its competitors is fierce. Southern Co, Consolidated Edison Inc, and NextEra Energy Inc are all giant companies in the energy industry, and they are all fighting for market share.
– Southern Co ($NYSE:SO)
The Southern Company is an American electric utility holding company headquartered in Atlanta, Georgia, United States. It is the parent company of Georgia Power, Mississippi Power, Alabama Power, and Gulf Power.
– Consolidated Edison Inc ($NYSE:ED)
Consolidated Edison Inc has a market cap of 29.58B as of 2022. It is a Return on Equity of 8.28%. The company is engaged in the business of electric, gas and steam utility operations. It serves customers in New York City and Westchester County.
– NextEra Energy Inc ($NYSE:NEE)
NextEra Energy Inc. is a clean energy company with operations in 27 states and Canada. The company has a market cap of 138.79B as of 2022 and a return on equity of 4.45%. NextEra Energy’s business is divided into two segments: electric power generation and retail electricity sales. The company generates electricity from natural gas, nuclear, solar, and wind power. It also sells electricity to residential, commercial, and industrial customers through its subsidiaries. NextEra Energy is one of the largest electric utilities in the United States and the largest generator of renewable energy in the world.
Summary
This is seen as a positive sign for Avangrid, as it suggests that institutional investors believe the stock is an attractive long-term investment. Despite the stock’s dip in value earlier this year, Avangrid remains a strong player in the energy sector, operating several gas and electricity networks, as well as renewable energy systems. Analysts believe that Avangrid has a bright future ahead, with the company’s ongoing investments in its infrastructure and technology creating an opportunity for long-term growth.
Additionally, Avangrid’s partnerships with other energy companies could present potential areas of growth in the near future. As such, investors should remain confident in the stock’s future prospects and consider adding it to their portfolios.
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