National Grid Transco, PLC (NYSE:NGG) Short Interest Update

National Grid Transco, PLC (NYSE:NGG) was the recipient of a significant decline in short interest in the month of February. As of February 27th, there was short interest totaling 2,037,417 shares, a decline of 12.9% from the February 12th total of 2,340,175 shares. Approximately 0.2% of the company’s shares are short sold. Based on an average daily volume of 1,355,424 shares, the days-to-cover ratio is currently 1.5 days. Based on an average daily volume of 1,355,424 shares, the days-to-cover ratio is currently 1.5 days. Approximately 0.2% of the company’s shares are short sold.

Institutional Investors Weigh In On National Grid Transco

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE grew its stake in shares of National Grid Transco by 3.4% during the 3rd quarter. Bank of America Corp DE now owns 4,751,505 shares of the utilities provider’s stock worth $345,292,000 after acquiring an additional 155,118 shares in the last quarter. Federated Hermes Inc. grew its position in National Grid Transco by 2.1% in the second quarter. Federated Hermes Inc. now owns 3,200,004 shares of the utilities provider’s stock valued at $238,112,000 after purchasing an additional 66,456 shares in the last quarter. Milford Funds Ltd. acquired a new stake in National Grid Transco in the 4th quarter valued at $183,208,000. Royal Bank of Canada lifted its position in National Grid Transco by 8.3% during the 4th quarter. Royal Bank of Canada now owns 2,313,445 shares of the utilities provider’s stock worth $178,945,000 after buying an additional 176,840 shares in the last quarter. Finally, Morgan Stanley boosted its stake in shares of National Grid Transco by 1.4% during the 4th quarter. Morgan Stanley now owns 2,199,519 shares of the utilities provider’s stock worth $170,133,000 after buying an additional 29,832 shares during the last quarter. Institutional investors and hedge funds own 4.68% of the company’s stock.

National Grid Transco Stock Down 2.3%

Shares of NYSE:NGG traded down $2.11 during midday trading on Wednesday, reaching $88.31. 598,240 shares of the company were exchanged, compared to its average volume of 1,077,211. National Grid Transco has a fifty-two week low of $62.13 and a fifty-two week high of $94.64. The stock has a fifty day simple moving average of $87.10 and a two-hundred day simple moving average of $79.08. The company has a current ratio of 0.97, a quick ratio of 0.90 and a debt-to-equity ratio of 1.14.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. BNP Paribas Exane cut shares of National Grid Transco from an “outperform” rating to an “underperform” rating in a research report on Monday, November 24th. Citigroup restated a “neutral” rating on shares of National Grid Transco in a research report on Monday, January 26th. Morgan Stanley reiterated an “overweight” rating on shares of National Grid Transco in a report on Thursday, February 5th. National Bank Financial set a $85.50 target price on National Grid Transco in a research note on Friday, December 12th. Finally, UBS Group restated a “sell” rating on shares of National Grid Transco in a report on Monday. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $83.80.

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.