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

National Grid Transco, PLC (NYSE:NGG) was the target of a large 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. Based on an average trading volume of 1,355,424 shares, the days-to-cover ratio is presently 1.5 days. Currently, 0.2% of the shares of the company are sold short. Currently, 0.2% of the shares of the company are sold short. Based on an average trading volume of 1,355,424 shares, the days-to-cover ratio is presently 1.5 days.

National Grid Transco Price Performance

Shares of NYSE NGG traded up $0.15 during trading hours on Tuesday, reaching $91.04. 830,714 shares of the stock traded hands, compared to its average volume of 1,071,779. The company’s 50-day simple moving average is $86.88 and its two-hundred day simple moving average is $78.94. National Grid Transco has a 52-week low of $62.13 and a 52-week high of $94.64. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.90 and a current ratio of 0.97.

Institutional Investors Weigh In On National Grid Transco

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NGG. Bank of America Corp DE boosted its position in 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 valued at $345,292,000 after buying an additional 155,118 shares during the period. Federated Hermes Inc. increased its position in shares of 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 acquiring an additional 66,456 shares during the period. Milford Funds Ltd. bought a new position in shares of National Grid Transco during the fourth quarter valued at about $183,208,000. Royal Bank of Canada raised its stake in shares of National Grid Transco by 8.3% during the fourth quarter. Royal Bank of Canada now owns 2,313,445 shares of the utilities provider’s stock valued at $178,945,000 after acquiring an additional 176,840 shares during the last quarter. Finally, Morgan Stanley boosted its holdings in shares of National Grid Transco by 1.4% during the fourth quarter. Morgan Stanley now owns 2,199,519 shares of the utilities provider’s stock worth $170,133,000 after purchasing an additional 29,832 shares during the period. 4.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on NGG shares. Weiss Ratings restated a “hold (c)” rating on shares of National Grid Transco in a research report on Thursday, January 22nd. UBS Group reiterated a “sell” rating on shares of National Grid Transco in a research report on Monday. 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. Zacks Research lowered shares of National Grid Transco from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 10th. Finally, National Bank Financial set a $85.50 price target on shares of National Grid Transco in a report on Friday, December 12th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target 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.