Poor Wind Resource Continues for Avangrid's Renewable Assets
We are reaffirming our $51 per share fair value estimate and stable, narrow moat ratings after Avangrid reported first-quarter operating earnings of $0.71 per share, down from $0.79 per share in the same year-ago period. Management reaffirmed 2019 operating earnings guidance of $2.25-$2.40.Avangrid's disappointing wind resource continued into the first quarter of 2019. Wind resource was down 14% quarter over quarter and down 17% from expectations. The poor wind resource has continued into the ...
Avangrid is an energy services holding company engaged in the regulated energy distribution business through its subsidiary, Avangrid Networks, Inc. (Networks), and in the renewable energy generation business through its subsidiary, Avangrid Renewables Holding, Inc. (ARHI). ARHI in turn holds subsidiaries including Avangrid Renewables, LLC (Renewables). Networks owns and operates its regulated utility businesses through its subsidiaries, including electric transmission and distribution and natural gas distribution, transportation and sales. Renewables operates a portfolio of renewable energy generation facilities primarily using onshore wind power and also solar, biomass and thermal power.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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