National Grid Transco, PLC (NYSE:NGG – Get Free Report) was the recipient of a large decline in short interest during the month of June. As of June 15th, there was short interest totaling 1,301,198 shares, a decline of 43.7% from the May 31st total of 2,312,476 shares. Based on an average daily trading volume, of 966,873 shares, the days-to-cover ratio is currently 1.3 days. Currently, 0.1% of the company’s stock are sold short.
Analysts Set New Price Targets
NGG has been the subject of a number of recent analyst reports. Zacks Research cut shares of National Grid Transco from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 10th. Jefferies Financial Group reaffirmed a “hold” rating on shares of National Grid Transco in a report on Wednesday, March 18th. Morgan Stanley reissued an “overweight” rating on shares of National Grid Transco in a report on Friday, May 29th. Weiss Ratings reissued a “hold (c)” rating on shares of National Grid Transco in a research report on Tuesday, April 21st. Finally, Deutsche Bank Aktiengesellschaft lowered National Grid Transco from a “buy” rating to a “hold” rating in a research note on Monday, June 8th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, National Grid Transco currently has an average rating of “Reduce” and a consensus price target of $85.50.
View Our Latest Stock Analysis on National Grid Transco
National Grid Transco Price Performance
National Grid Transco Announces Dividend
The business also recently announced a dividend, which will be paid on Thursday, July 23rd. Stockholders of record on Friday, May 29th will be paid a $2.1738 dividend. The ex-dividend date is Friday, May 29th. This represents a dividend yield of 533.0%.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the stock. Root Financial Partners LLC grew its stake in shares of National Grid Transco by 88.2% during the 4th quarter. Root Financial Partners LLC now owns 318 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 149 shares during the period. Johnson Financial Group Inc. purchased a new stake in National Grid Transco during the third quarter worth $25,000. Cullen Frost Bankers Inc. boosted its holdings in National Grid Transco by 88.0% during the fourth quarter. Cullen Frost Bankers Inc. now owns 346 shares of the utilities provider’s stock worth $27,000 after buying an additional 162 shares in the last quarter. Measured Wealth Private Client Group LLC acquired a new stake in National Grid Transco during the third quarter valued at $28,000. Finally, Hilton Head Capital Partners LLC purchased a new position in National Grid Transco in the fourth quarter valued at $34,000. 4.68% of the stock is currently owned by hedge funds and other institutional investors.
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.
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