National Grid Transco (NYSE:NGG) Sets New 12-Month High – Here’s What Happened

National Grid Transco, PLC (NYSE:NGG)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $85.73 and last traded at $84.57, with a volume of 1076616 shares. The stock had previously closed at $85.27.

Analysts Set New Price Targets

A number of analysts have commented on NGG shares. BNP Paribas Exane cut National Grid Transco from an “outperform” rating to an “underperform” rating in a research report on Monday, November 24th. Citigroup reiterated a “neutral” rating on shares of National Grid Transco in a research note on Monday, January 26th. Weiss Ratings restated a “hold (c)” rating on shares of National Grid Transco in a research note on Thursday, January 22nd. National Bankshares set a $85.50 price target on shares of National Grid Transco in a research report on Friday, December 12th. Finally, Morgan Stanley initiated coverage on shares of National Grid Transco in a research report on Friday, December 12th. They set an “overweight” rating and a $85.50 price objective on the stock. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, National Grid Transco currently has an average rating of “Hold” and an average price target of $83.80.

National Grid Transco Stock Up 1.9%

The firm’s fifty day simple moving average is $78.78 and its 200 day simple moving average is $75.09. The company has a current ratio of 0.97, a quick ratio of 0.90 and a debt-to-equity ratio of 1.14.

National Grid Transco Announces Dividend

The company also recently declared a dividend, which was paid on Tuesday, January 13th. Shareholders of record on Friday, November 21st were issued a dividend of $1.0657 per share. This represents a yield of 284.0%. The ex-dividend date was Friday, November 21st.

Institutional Trading of National Grid Transco

Several hedge funds have recently modified their holdings of NGG. SG Americas Securities LLC grew its holdings in shares of National Grid Transco by 47,478.9% in the fourth quarter. SG Americas Securities LLC now owns 892,580 shares of the utilities provider’s stock valued at $69,041,000 after purchasing an additional 890,704 shares in the last quarter. Bank of America Corp DE lifted its position in National Grid Transco by 21.5% during the second quarter. Bank of America Corp DE now owns 4,596,387 shares of the utilities provider’s stock valued at $342,017,000 after purchasing an additional 814,248 shares during the last quarter. Cullen Capital Management LLC purchased a new position in shares of National Grid Transco in the 2nd quarter worth $56,462,000. Bank of Montreal Can increased its holdings in shares of National Grid Transco by 67.4% in the 3rd quarter. Bank of Montreal Can now owns 1,669,191 shares of the utilities provider’s stock worth $121,300,000 after buying an additional 672,050 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of National Grid Transco by 29.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 1,774,746 shares of the utilities provider’s stock valued at $132,059,000 after buying an additional 402,329 shares in the last quarter. 4.68% of the stock is owned by hedge funds and other institutional investors.

About National Grid Transco

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.