ORANGE, Conn. - Avangrid Inc . (NYSE: NYSE:AGR), a significant player in the sustainable energy sector, has expressed support for the construction of Array Technologies' new manufacturing facility in Albuquerque, New Mexico. This development follows Avangrid's $30 million contract with Array Technologies to supply solar trackers for the True North solar project in Falls County, Texas.
Avangrid CEO Pedro Azagra lauded Array Technologies for their expansion, which is expected to bolster the New Mexico economy by creating local green energy jobs. Azagra emphasized the importance of collaborating with industry leaders like Array Technologies to achieve Avangrid's clean energy objectives. The True North solar farm, where Array's solar trackers will be utilized, is currently being built and is set to be Avangrid's largest solar initiative.
Array Technologies' groundbreaking ceremony marks a step forward in Avangrid's renewable energy ventures. Avangrid, which operates in 24 U.S. states and manages assets worth approximately $45 billion, is striving to be the premier sustainable energy company in the U.S. The company has been recognized for its corporate citizenship and ethical practices, ranking first among utilities in the JUST 100 list and being named one of the World's Most Ethical Companies in 2024.
The collaboration between Avangrid and Array Technologies is part of a broader strategy to enhance Avangrid's renewable energy portfolio, which includes a variety of generation facilities across the country. The company's growth and partnerships are aligned with its commitment to the U.N.'s Sustainable Development Goals.
InvestingPro Insights
Avangrid Inc. (NYSE: AGR) is making strides in the renewable energy sector, not only through its support for Array Technologies' new manufacturing facility but also in its financial performance and market valuation. The company's commitment to sustainable energy is mirrored in its market presence, with a Market Cap of $14.16B and a robust Gross Profit Margin of 35.64% over the last twelve months as of Q1 2024. These figures highlight Avangrid's solid financial foundation in a competitive industry.
Investors looking at Avangrid's stock performance will note a strong return over the last three months, with a 19.99% price total return, and an even more impressive 28.73% over the last six months. This reflects a significant uptick in the company's share price, signaling a positive market sentiment. Additionally, the company's P/E Ratio stands at 15.82, which, when paired with its near-term earnings growth, suggests that the stock is trading at a low P/E ratio relative to its earnings potential—an InvestingPro Tip to consider for value-oriented investors.
While Avangrid operates with a significant debt burden and has short term obligations that exceed its liquid assets, analysts predict the company will be profitable this year, which is an encouraging sign for potential investors. For more in-depth analysis and additional InvestingPro Tips, investors can visit Investing.com, where there are 5 additional tips available for Avangrid. To access these insights, use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription.
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