5 Most Undervalued Utility Stocks To Buy According To Hedge Funds

4. Avangrid, Inc. (NYSE:AGR)

PE Ratio as of January 26: 18.13

Avangrid, Inc. (NYSE:AGR) is a Connecticut-based utility company that is powering millions of homes in the US. Avangrid, Inc. (NYSE:AGR)’s dividend yield stands at over 4% as of January 26. In October 2022, Mizuho analyst Paul Fremont upped his price target for Avangrid, Inc. (NYSE:AGR) to $41 from $ and kept a Neutral rating on Avangrid, Inc. (NYSE:AGR). The analyst set a Neutral rating on the shares. The analyst at the time said that he is hopeful that Avangrid, Inc. (NYSE:AGR)’s negotiations with Connecticut and Massachusetts for higher prices for its Commonwealth and Park City offshore wind projects will be successful.

As of the end of the third quarter, 16 hedge funds tracked by Insider Monkey reported having stakes in Avangrid, Inc. (NYSE:AGR), compared to 17 funds in the previous quarter. The total value of these stakes was about $96 million. The biggest stakeholder in Avangrid, Inc. (NYSE:AGR) as of the end of the September quarter of 2022 was Paul Marshall and Ian Wace’s Marshall Wace LLP, which had a $22 million stake in Avangrid, Inc. (NYSE:AGR).

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