ORANGE, Conn. - Avangrid, Inc. (NYSE: NYSE:AGR), a significant player in the sustainable energy sector in the United States, has declared a quarterly dividend of $0.44 per share on its Common Stock, as announced today. This dividend is slated for disbursement on July 1, 2024, to shareholders who are on the company's books at the close of business on June 3, 2024.
Avangrid, with its headquarters in Orange, Connecticut, boasts a substantial presence in the U.S. energy landscape, with assets totaling approximately $44 billion. The company's operations span 24 states and are divided into two main segments: networks and renewables.
Its networks business includes eight electric and natural gas utilities, providing services to over 3.3 million customers in New York and New England. The renewables sector of Avangrid operates a variety of renewable energy generation facilities across the country.
Employing around 8,000 individuals, Avangrid has been acknowledged for its corporate citizenship and commitment to the environment. The company was listed as one of America's best corporate citizens in the JUST 100 rankings for the fourth consecutive year in 2024 and was also recognized as the top utility for environmental commitment in the same year.
Avangrid aligns with the United Nations Sustainable Development Goals and has been named among the World's Most Ethical Companies by the Ethisphere Institute for five years running, up to 2023.
Avangrid is part of the Iberdrola (OTC:IBDRY), S.A. group of companies, which is known for its influence in the global energy market. The information regarding the dividend is based on a press release statement from Avangrid. Investors holding shares of Avangrid can anticipate the upcoming dividend, which reflects the company's financial distributions to its shareholders.
InvestingPro Insights
Avangrid, Inc. (NYSE: AGR) continues to make headlines with its recent dividend announcement, reflecting its steady performance and commitment to shareholder returns. According to real-time data from InvestingPro, Avangrid has a market capitalization of $13.84 billion and maintains a Price/Earnings (P/E) ratio of 17.64, closely aligned with the adjusted P/E ratio for the last twelve months as of Q4 2023, which stands at 17.57. These metrics underscore the company's valuation in the current market.
The company's revenue growth also appears stable, with a 4.87% increase over the last twelve months as of Q4 2023. This is complemented by a solid gross profit margin of 33.35% for the same period, indicating efficient management and a strong market position. Investors may also take note of Avangrid's dividend yield, which is notably high at 4.92%, as of the latest data available.
Two InvestingPro Tips for Avangrid highlight some areas of caution and optimism for investors. Firstly, Avangrid operates with a significant debt burden, which could impact financial flexibility. Secondly, analysts predict the company will be profitable this year, which could be a positive signal for potential investors.
These insights, along with an additional 12 tips, are available on InvestingPro, and interested individuals can explore further using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
As Avangrid continues to navigate the sustainable energy sector, these financial metrics and expert insights from InvestingPro provide a clearer picture of the company's current standing and future potential for investors as they anticipate the upcoming dividend.
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