Short Interest in National Grid Transco, PLC (NYSE:NGG) Expands By 58.9%

National Grid Transco, PLC (NYSE:NGG) saw a large increase in short interest in May. As of May 29th, there was short interest totaling 2,312,476 shares, an increase of 58.9% from the May 14th total of 1,455,548 shares. Based on an average daily volume of 1,379,311 shares, the short-interest ratio is currently 1.7 days. Approximately 0.2% of the company’s stock are short sold.

Analyst Ratings Changes

NGG has been the subject of several recent research reports. Morgan Stanley reiterated an “overweight” rating on shares of National Grid Transco in a research note on Friday, May 29th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of National Grid Transco in a research note on Monday, June 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of National Grid Transco in a research note on Tuesday, April 21st. Zacks Research lowered shares of National Grid Transco from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 10th. Finally, Deutsche Bank Aktiengesellschaft lowered National Grid Transco from a “buy” rating to a “hold” rating in a research report on Monday, June 8th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $85.50.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NGG. AQR Capital Management LLC acquired a new stake in shares of National Grid Transco in the 1st quarter worth approximately $490,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of National Grid Transco by 79.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,966 shares of the utilities provider’s stock worth $2,360,000 after acquiring an additional 15,873 shares during the period. NewEdge Advisors LLC increased its position in shares of National Grid Transco by 12.5% during the 1st quarter. NewEdge Advisors LLC now owns 8,767 shares of the utilities provider’s stock valued at $575,000 after purchasing an additional 971 shares during the period. Focus Partners Wealth increased its position in shares of National Grid Transco by 11.1% during the 1st quarter. Focus Partners Wealth now owns 10,375 shares of the utilities provider’s stock valued at $681,000 after purchasing an additional 1,036 shares during the period. Finally, Sivia Capital Partners LLC acquired a new position in shares of National Grid Transco during the 2nd quarter valued at $221,000. 4.68% of the stock is owned by institutional investors and hedge funds.

National Grid Transco Stock Performance

Shares of NYSE NGG traded down $0.83 during midday trading on Wednesday, hitting $81.45. 281,100 shares of the company’s stock were exchanged, compared to its average volume of 1,176,664. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.71 and a current ratio of 0.76. The stock’s 50 day moving average price is $85.38 and its 200-day moving average price is $84.10. National Grid Transco has a twelve month low of $67.51 and a twelve month high of $94.64.

National Grid Transco Dividend Announcement

The firm also recently disclosed a dividend, which will be paid on Thursday, July 23rd. Stockholders of record on Friday, May 29th will be given a dividend of $2.1738 per share. The ex-dividend date is Friday, May 29th. This represents a dividend yield of 533.0%.

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.