National Grid plc (NYSE:NGG) Given Average Recommendation of “Buy” by Brokerages
Shares of National Grid plc (NYSE:NGG) have earned a consensus rating of “Buy” from the seven brokerages that are currently covering the stock, Marketbeat.com reports. Seven investment analysts have rated the stock with a buy rating. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $65.00.
NGG has been the subject of a number of recent analyst reports. Credit Suisse Group upgraded shares of National Grid from a “neutral” rating to an “outperform” rating in a research report on Thursday, October 17th. Zacks Investment Research upgraded shares of National Grid from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a report on Wednesday, November 20th.
A number of hedge funds and other institutional investors have recently modified their holdings of NGG. Gabelli Funds LLC lifted its holdings in shares of National Grid by 0.6% in the second quarter. Gabelli Funds LLC now owns 164,016 shares of the utilities provider’s stock valued at $8,722,000 after buying an additional 1,000 shares during the period. Commerce Bank raised its position in National Grid by 13.5% in the second quarter. Commerce Bank now owns 6,929 shares of the utilities provider’s stock worth $368,000 after acquiring an additional 822 shares in the last quarter. Brandywine Oak Private Wealth LLC acquired a new stake in National Grid in the 3rd quarter valued at about $217,000. Janney Montgomery Scott LLC lifted its holdings in National Grid by 35.0% in the 2nd quarter. Janney Montgomery Scott LLC now owns 33,303 shares of the utilities provider’s stock valued at $1,771,000 after acquiring an additional 8,633 shares during the last quarter. Finally, Ballentine Partners LLC boosted its position in shares of National Grid by 21.0% during the 3rd quarter. Ballentine Partners LLC now owns 4,964 shares of the utilities provider’s stock valued at $269,000 after purchasing an additional 860 shares in the last quarter. 5.15% of the stock is owned by hedge funds and other institutional investors.
National Grid Company Profile
National Grid plc transmits and distributes electricity and natural gas. It operates through UK Electricity Transmission, UK Gas Transmission, US Regulated, and National Grid Ventures and Other Activities segments. The UK Electricity Transmission segment owns and operates electricity transmission networks, which comprise approximately 7,200 kilometers of overhead lines; 1,560 kilometers of underground cables; and 346 substations in England and Wales, as well as Scottish electricity transmission systems.
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