Why Is Avangrid (AGR) Up 0.8% Since Last Earnings Report?

A month has gone by since the last earnings report for Avangrid (AGR). Shares have added about 0.8% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Avangrid due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Avangrid Q3 Earnings Beat Estimates, Revenues Increase Y/YAvangrid, Inc. reported third-quarter 2024 earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 33 cents by 66.7%. The bottom line also increased 104% from the year-ago figure of 27 cents.Total RevenuesOperating revenues amounted to $2.08 billion, which beat the Zacks Consensus Estimate of $2.01 billion by 3.7%. The top line also increased 5.5% from $1.97 billion reported in the comparable period of 2023.Highlights of the ReleaseOperating expenses totaled $1.83 billion, down 3.1% from the year-ago recorded number of $1.89 billion. This was due to a decrease in purchased power, natural gas and fuel used and lower operation and maintenance expenses.The operating income amounted to $254 million, up 185% from $89 million reported a year ago.The adjusted net income was $211 million, up 101% from $105 million recorded in the comparable period of 2023.In the third quarter, the business completed installing modules at the True North, a 238 MW clean energy solar project in Texas and started work on the Camino, a 57 MW solar farm, which is the company's first solar farm in California.The Commonwealth of Massachusetts awarded Avangrid’s New England Wind 1 offshore wind project 791 MW in the multi-state regional offshore wind solicitation.  AGR was awarded a $425 million Federal capacity contract in connection with its upcoming transmission request for proposal bid in Maine, one of the largest Federal investments in energy development in the state’s history.Segmental DetailsNetworks’ adjusted net income was $161 million, up 75% from $92 million reported in the year-ago quarter. This was due to the execution of existing rate plans in New York and Maine.Renewables’ adjusted net income was $93 million compared with $9 million a year ago. This was due to strong balancing resource performance and increased pricing, partially offset by increased depreciation expense and lower production.Corporate and Others’ net loss was $48 million compared with a reported net loss of $43 million in the year-ago quarter. How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in estimates review.VGM ScoresAt this time, Avangrid has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of this revision looks promising. It comes with little surprise Avangrid has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Avangrid, Inc. (AGR): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks