Sustainable energy company Avangrid, Inc. (NYSE: AGR) has appointed Pedro Azagra Blázquez as CEO. Blázquez, who has been on the company’s Board since 2019, will also join the Special Committee as well as the Executive Committee of the Board.
Blázquez will succeed Dennis Arriola, who will leave on May 28, as Avangrid’s CEO. Blázquez will join Avangrid from Spanish electric utility company Iberdrola, where he is currently the Chief Development Officer.
Commenting on the appointment, Ignacio Galán, the Chairman of Avangrid, said, “I am very confident that under his (Blázquez) leadership, we will continue on the path of performance based on ESG+F and a focus on being the leading sustainable energy company in the U.S.”
Headquartered in Connecticut, Avangrid operates regulated utilities and electricity generation assets through two lines of business: Avangrid Networks and Avangrid Renewables. It has operations in 24 states across the U.S., assets worth around $40 billion, and a customer base of 3.3 million people in New York and New England.
AGR stock gained 3% on Thursday to close at $45.42.
Last week, Mizuho Securities analyst Paul Fremont assigned a Sell rating to the stock and lowered the price target from $47 to $42 (7.5% downside potential).
Additionally, Neil Kalton of Wells Fargo (NYSE: WFC) downgraded the rating on Avangrid to Hold from Buy and reduced the price target to $48 from $60 (5.7% upside potential).
Based on 2 Holds and 1 Sell, Avangrid has a Moderate Sell consensus rating. The average AGR price target of $45 implies 0.9% downside potential from current levels. Shares have lost 9.7% over the past six months.
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