National Grid (NYSE:NGG) Shares Gap Down to $71.99

National Grid plc (NYSE:NGG) gapped down before the market opened on Thursday . The stock had previously closed at $71.99, but opened at $65.48. National Grid shares last traded at $64.27, with a volume of 260,300 shares.

Analyst Upgrades and Downgrades

NGG has been the subject of a number of recent research reports. Jefferies Financial Group raised National Grid from a “hold” rating to a “buy” rating in a research report on Monday, February 5th. BNP Paribas raised shares of National Grid from an “underperform” rating to an “outperform” rating in a research note on Tuesday, April 2nd. Finally, StockNews.com upgraded shares of National Grid from a “sell” rating to a “hold” rating in a research note on Wednesday, April 3rd. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $1,165.00.

National Grid Stock Performance

The firm’s 50-day simple moving average is $68.03 and its 200 day simple moving average is $67.01. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.82 and a current ratio of 0.93.

Hedge Funds Weigh In On National Grid

Several hedge funds and other institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC bought a new position in shares of National Grid in the 4th quarter worth about $11,446,000. Intrust Bank NA raised its position in shares of National Grid by 1.8% during the 4th quarter. Intrust Bank NA now owns 16,654 shares of the utilities provider’s stock worth $1,132,000 after purchasing an additional 288 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of National Grid by 383.6% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 14,446 shares of the utilities provider’s stock worth $982,000 after purchasing an additional 11,459 shares during the last quarter. Wellington Management Group LLP boosted its position in National Grid by 3.9% during the 3rd quarter. Wellington Management Group LLP now owns 53,984 shares of the utilities provider’s stock valued at $3,273,000 after purchasing an additional 2,049 shares during the period. Finally, DAVENPORT & Co LLC grew its position in shares of National Grid by 6.3% during the fourth quarter. DAVENPORT & Co LLC now owns 70,514 shares of the utilities provider’s stock worth $4,794,000 after acquiring an additional 4,162 shares during the last quarter. 4.68% of the stock is owned by institutional investors and hedge funds.

About National Grid

National Grid plc transmits and distributes electricity and gas. The company operates through UK Electricity Transmission, UK Electricity Distribution, UK Electricity System Operator, New England, New York, National Grid Ventures, and Other segments. The UK Electricity Transmission segment provides electricity transmission and construction work services in England and Wales.