|Bid||40.01 x 1800|
|Ask||53.88 x 800|
|Day's Range||48.81 - 49.87|
|52 Week Range||45.81 - 53.47|
|Beta (3Y Monthly)||0.11|
|PE Ratio (TTM)||26.51|
|Earnings Date||Oct 22, 2019|
|Forward Dividend & Yield||1.76 (3.56%)|
|1y Target Est||50.50|
(Bloomberg) -- The Trump administration cast the fate of the nation’s first major offshore wind farm into doubt by extending an environmental review for the $2.8 billion Vineyard Wind project off Massachusetts.The Interior Department has ordered an additional study of the farm, proposed by Avangrid Inc. and Copenhagen Infrastructure Partners, Interior Secretary David Bernhardt said in an interview with Bloomberg News Friday. The project, which has drawn opposition from fishermen and coastal communities, had been scheduled to be operational by early 2022. The developers have warned that regulatory delays could put it in jeopardy.Bernhardt said it’s crucial the impacts be thoroughly studied. “For offshore wind to thrive on the outer continental shelf, the federal government has to dot their I’s and cross their T’s,” he said.Avangrid sank as much as 0.9% to $50.34. It closed at $50.37 in New York.The project south of Martha’s Vineyard is crucial to the future of offshore wind in the U.S. It’s the first of several massive wind farms planned off the East Coast. Massachusetts, New York, Maine and New Jersey are all counting on turbines at sea to achieve aggressive clean energy targets. Their efforts are expected to spur an estimated $70 billion offshore wind industry in the U.S. over the next decade.Vineyard Wind spokesman Scott Farmelant called the Interior Department’s decision “a surprise and disappointment.”“We urge the federal government to complete the review as quickly as possible,” he said.Last month, Avangrid Chief Executive Officer Jim Torgerson said on a call with analysts that the project “will be challenged to move forward in its current configuration” if the final study is not issued by early September.Vineyard Wind, which would have enough capacity to supply about 400,000 homes, has a contract to sell power to three Massachusetts utilities for $65 per megawatt-hour -- a lower-than-expected price that encouraged other states to map out plans for offshore wind. That cost, however, hinged on a lucrative tax credit. The company may not be eligible to claim it if construction is delayed too long.Marine LifeAn Interior Department review explored how Vineyard Wind may affect other industries and resources, including marine life. But the National Marine Fisheries Service raised concerns it looked too narrowly at potential cumulative effects on fishing, prompting the supplemental review, Bernhardt said.“If it’s going to be developed, it needs to be developed in a way that everyone gets to say, at least, that we didn’t shave the ball,” Bernhardt said.Massachusetts Representative Joe Kennedy III called the delay a “double standard.”“When it comes to drilling in the Arctic National Wildlife Refuge, the Trump administration has cut every corner and moved through the environmental review period at record speed,” Kennedy, a Democrat, said in an email. “But when it comes to the nation’s first major offshore wind project -- which has gone through years of extensive study, public comment and mitigation plans for impacted communities -- they are trying to delay it to death.”Although the Interior Department has sold the rights to develop wind farms up and down the U.S. East Coast -- and states have committed to buying the renewable power they generate -- so far just one has been built: a small, 30-megawatt facility near Block Island, Rhode Island, that went online in 2016.Revising ReviewExpectations for offshore wind development are now greater than originally analyzed by the Interior Department, the Bureau of Ocean Energy Management said by email. The supplemental analysis will revise the agency’s assessment of the cumulative impacts of that development, the bureau said.“There’s a lot riding on getting this right,” said Timothy Charters, vice president of government and political affairs for the National Ocean Industries Association. “It’s critically important that the department produces a decision that can give industry confidence that these projects can be permitted and will be sustained under U.S. courts.”\--With assistance from Dave Merrill.To contact the reporters on this story: Christopher Martin in New York at firstname.lastname@example.org;Jennifer A. Dlouhy in Washington at email@example.comTo contact the editors responsible for this story: Jon Morgan at firstname.lastname@example.org;Lynn Doan at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Avangrid (AGR) delivered earnings and revenue surprises of -17.50% and 3.74%, respectively, for the quarter ended June 2019. Do the numbers hold clues to what lies ahead for the stock?
ORANGE, Conn.-- -- Secured a new power purchase agreement – La Joya ll, 140 mega-watt wind farm Purchased Patriot Wind 226 MW wind farm at commercial operation date Launched Forward 2020+ Mid Period Assessment to deliver operational efficiencies and long-term sustainable growth Filed NY rate cases in May; includes requests for resiliency & recovery of staging costs Revising 2019 earnings guidance to ...
Looking at Avangrid, Inc.'s (NYSE:AGR) earnings update in March 2019, analysts seem cautiously optimistic, as a 23...
More companies appear to be aiming lobbyists at the North Carolina General Assembly in 2019. The latest figures out of the North Carolina Secretary of State’s office show 1,062 entities - from companies to municipalities - have registered lobbyists working on behalf of their agendas on Jones Street. None of those companies registered lobbyists in the state a year ago, yet, in the latest report, Bird, Lime, Lyft and Airbnb all have representation in the registry.
Today AVANGRID, Inc. announced that its Board of Directors declared a quarterly dividend of $0.44 per share on its Common Stock. This dividend is payable October 1, 2019 to shareholders of record at the close of business on September 6, 2019.
Hedge funds are known to underperform the bull markets but that's not because they are bad at investing. Truth be told, most hedge fund managers and other smaller players within this industry are very smart and skilled investors. Of course, they may also make wrong bets in some instances, but no one knows what the […]
AVANGRID, Inc. will be releasing its second quarter 2019 financial results on Tuesday, July 23, 2019, after the market closes.
After reviewing the latest developments in the U.S. offshore wind industry, we are reaffirming our fair value estimates, economic moat ratings, and moat trend ratings for the U.S. utilities we cover. Utilities under our coverage with the most offshore wind exposure include Avangrid AGR , Eversource Energy ES , Dominion Energy D , and Public Service Enterprise Group PEG . European utility Orsted's U.S. projects in part support our estimated 21% compound annual growth rate for the company's earnings per share through 2028.
AVANGRID, Inc. (AGR) shareholders overwhelmingly approved all presented proposals at its 2019 annual meeting today in Boston, Massachusetts. At the annual meeting, the AVANGRID shareholders voted to elect each of the 14 nominees to the Board of Directors to serve one-year terms expiring at the Company’s 2020 annual meeting.
Today we'll look at Avangrid, Inc. (NYSE:AGR) and reflect on its potential as an investment. Specifically, we'll...
Today AVANGRID, Inc. (AGR), a diversified clean energy company, announced the appointment of Robert Kump, currently President & CEO of Avangrid Networks, to the newly created role of Deputy CEO & President. James P. Torgerson, who became CEO of AVANGRID when the company was created by the merger of UIL and Iberdrola in 2015, will remain CEO.
Company Announces Expansion of Nissan Electric Vehicle Discount Program to 3.2 Million Customers; Commits to Increasing EV Fleet by 75%; Funds $34 Million Expansion of Charging Inf
Tatanka Ridge proposed in South Dakota LA CROSSE, Wis. , May 23, 2019 /PRNewswire/ -- Dairyland Power Cooperative has finalized a power purchase agreement with Avangrid Renewables, LLC, a subsidiary of ...
AVANGRID, Inc. (AGR), today announced that its Board of Directors has nominated four new director candidates for election at its 2019 Annual Meeting, which will be held on June 27, 2019 at 8:30 a.m. EDT at WilmerHale in Boston, Massachusetts. “I am pleased to announce the nominations of Robert, Teresa, Patricia and Sonsoles to the AVANGRID Board,” said Ignacio Sanchez Galán, Chairman of the Board.
AVANGRID, Inc. will participate in the AGA Financial Forum beginning on Tuesday, May 21, 2019. Investors and other interested parties will be able to access a copy of the presentation materials after the market closes today on the Investors section of AVANGRID’s website at http://www.avangrid.com.
Dividend paying stocks like Avangrid, Inc. (NYSE:AGR) tend to be popular with investors, and for good reason - some...