Poor Wind Resources Continue to Drag on Avangrid's Results; Guidance Lowered
We are reaffirming our $51 fair value estimate and stable, narrow moat rating after Avangrid reported second-quarter operating earnings per share of $0.33, down from $0.41 in the same year-ago period. Management revised its 2019 operating EPS guidance to $2.25-$2.35 from $2.25-$2.40. We don't expect to change our $2.28 estimate.Avangrid's disappointing wind resources continued into the second quarter. We recently cut our long-term expectations for wind resources, resulting in a $2 per share cut...
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.
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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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