Company Reports

We are maintaining our $35.75 per share Avangrid fair value estimate after the company reported second-quarter earnings of $0.44 per share. Our fair value estimate for Avangrid is a function of Iberdrola's proposed acquisition price. Our no-moat rating remains unchanged.

We are lowering our moat rating for Avangrid to none from narrow. The moat change had no effect on our $35.75 fair value estimate, which is a reflection of our expectations that Iberdrola's proposal to acquire the company will be successful.

Avangrid is majority-owned by European utility Iberdrola. Avangrid investors must be comfortable with regulated operations across the Northeast and the outlook for the U.S. onshore and offshore renewable energy growth.

We are increasing our Avangrid fair value estimate to $35.75 per share from $35 after Iberdrola proposed to acquire the 18.4% of its shares it does not own for $35.75 per share in an all-cash transaction. We previously increased our fair value above Iberdrola's proposed initial takeover offer of $34.25 based on our belief that Iberdrola would need to increase its offer to gain shareholder approval.

Avangrid is majority-owned by European utility Iberdrola. Avangrid investors must be comfortable with regulated operations across the Northeast and the outlook for the U.S. onshore and offshore renewable energy growth.

We are maintaining our $35 per share Avangrid fair value estimate after the company reported first-quarter adjusted earnings of $0.88 per share, compared with $0.64 in the same year-ago period. Management reaffirmed its 2024 adjusted earnings outlook of $2.17 to $2.32, in line with our expectations. Our narrow moat is unchanged.

Avangrid is majority-owned by European utility Iberdrola. Avangrid investors must be comfortable with regulated operations across the Northeast and the outlook for the U.S. onshore and offshore renewable energy growth.

We are maintaining our $33 per share fair value estimate for Avangrid after the company disclosed that Iberdrola proposed to acquire the 18.4% of its shares it does not own for $34.25 per share.

We are maintaining our $33 per share Avangrid fair value estimate after the company reported full-year 2023 adjusted earnings of $2.03 per share, compared with $2.33 in 2022, which included a gain on an offshore wind lease. The company initiated full-year 2024 operating earnings guidance of $2.17 to $2.32 per share, in line with our $2.21 estimate. Earnings in 2024 will benefit from higher rates in New York and Maine, installed onshore renewable energy capacity, and the New England Clean Energy Connect project, partially offset by higher operating and depreciation costs. The company plans to pay a $1.76 per share annualized dividend in 2024, flat from the year-ago quarter.

Avangrid is majority-owned by European utility Iberdrola. Avangrid investors must be comfortable with regulated operations across the Northeast and the outlook for the U.S. onshore and offshore renewable energy growth.

With the U.N. Climate Change Conference, otherwise known as COP28, starting this week, we are reasserting our view that the market underappreciates utilities' critical role in limiting global warming.

Avangrid is majority-owned by European utility Iberdrola. Avangrid investors must be comfortable with regulated operations across the Northeast and the outlook for the U.S. onshore and offshore renewable energy growth.

We are maintaining our $33 per share fair value estimate for Avangrid after the company reported third-quarter adjusted earnings of $0.27 per share compared with $0.31 in the same year-ago period.

Avangrid is majority-owned by European utility Iberdrola. Avangrid investors must be comfortable with regulated operations across the Northeast and the outlook for the U.S. onshore and offshore renewable energy growth.

We are reaffirming our fair value estimates and economic moat ratings for all U.S. utilities after the sector fell nearly 5% on Monday. We think the sector's 11% drop since last week offers a rare opportunity for investors to buy high-quality utilities at very attractive prices.

Avangrid is majority-owned by European utility Iberdrola. Avangrid investors must be comfortable with regulated operations across the Northeast and the outlook for the U.S. onshore and offshore renewable energy growth.

We are maintaining our $39 per share Avangrid fair value estimate after the company reported second-quarter adjusted earnings of $0.21 per share, compared with $0.46 in the same year-ago period. Our narrow moat is also unchanged.

We are maintaining our $39 per share fair value estimate for Avangrid after the New Mexico Supreme Court denied a motion to dismiss the regulatory denial of Avangrid's proposed acquisition of PNM Resources. Our narrow moat rating and Medium Uncertainty Rating remain unchanged.

We are maintaining our $39 per share Avangrid fair value estimate after the company reported first-quarter adjusted earnings of $0.64 per share, compared with $0.69 in the same year-ago period. The company reaffirmed its full-year operating earnings guidance of $2.20 to $2.35 per share, which we expect the company to achieve on the low end of the range. Our narrow moat and stable moat trend remain unchanged.

Avangrid is majority owned by European utility Iberdrola. Avangrid investors must be comfortable with regulated operations across the Northeast and the outlook for the U.S. renewable energy growth.