Short Interest in National Grid Transco, PLC (NYSE:NGG) Drops By 18.4%

National Grid Transco, PLC (NYSE:NGG) was the target of a large drop in short interest during the month of March. As of March 13th, there was short interest totaling 1,661,641 shares, a drop of 18.4% from the February 26th total of 2,037,417 shares. Currently, 0.2% of the shares of the company are sold short. Based on an average daily trading volume, of 1,281,154 shares, the short-interest ratio is currently 1.3 days.

Analysts Set New Price Targets

A number of analysts have recently commented on NGG shares. The Goldman Sachs Group restated a “neutral” rating on shares of National Grid Transco in a research note on Monday, March 23rd. National Bank Financial set a $85.50 price target on National Grid Transco in a research report on Friday, December 12th. Citigroup reissued a “neutral” rating on shares of National Grid Transco in a report on Monday, January 26th. Morgan Stanley restated an “overweight” rating on shares of National Grid Transco in a research report on Thursday, February 5th. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of National Grid Transco in a research note on Wednesday, March 18th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, National Grid Transco presently has a consensus rating of “Hold” and a consensus price target of $83.80.

Hedge Funds Weigh In On National Grid Transco

Institutional investors and hedge funds have recently modified their holdings of the business. Root Financial Partners LLC boosted its position in National Grid Transco by 88.2% during the fourth quarter. Root Financial Partners LLC now owns 318 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 149 shares in the last quarter. Johnson Financial Group Inc. purchased a new stake in shares of National Grid Transco in the third quarter valued at approximately $25,000. Cullen Frost Bankers Inc. raised its stake in shares of National Grid Transco by 88.0% during the 4th quarter. Cullen Frost Bankers Inc. now owns 346 shares of the utilities provider’s stock worth $27,000 after buying an additional 162 shares during the period. Measured Wealth Private Client Group LLC purchased a new position in shares of National Grid Transco during the 3rd quarter valued at approximately $28,000. Finally, Hilton Head Capital Partners LLC purchased a new position in shares of National Grid Transco during the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 4.68% of the company’s stock.

National Grid Transco Stock Up 1.0%

NGG traded up $0.81 on Tuesday, reaching $84.50. The stock had a trading volume of 1,498,249 shares, compared to its average volume of 1,352,680. The business’s 50-day moving average price is $87.87 and its two-hundred day moving average price is $80.03. National Grid Transco has a 12-month low of $62.13 and a 12-month high of $94.64. The company has a quick ratio of 0.90, a current ratio of 0.97 and a debt-to-equity ratio of 1.14.

National Grid Transco Company Profile

National Grid Transco (NYSE: NGG) is a utility company focused on the transmission and distribution of electricity and natural gas. The company builds, owns, operates and maintains large-scale energy infrastructure, including high-voltage electricity transmission lines, electricity distribution networks and high-pressure gas pipelines. Its core activities center on providing safe, reliable delivery of energy to residential, commercial and industrial customers while meeting regulatory requirements across its service territories.

Services provided by National Grid Transco encompass network operation and maintenance, system balancing and control, metering and connections, and capital investment in grid modernization and reliability projects.