National Grid Transco, PLC (NYSE:NGG) Sees Significant Decline in Short Interest

National Grid Transco, PLC (NYSE:NGG) saw a large decrease in short interest in July. As of July 15th, there was short interest totaling 792,811 shares, a decrease of 47.7% from the June 30th total of 1,516,917 shares. Currently, 0.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 864,534 shares, the days-to-cover ratio is currently 0.9 days.

National Grid Transco Stock Down 2.5%

Shares of National Grid Transco stock traded down $1.99 during mid-day trading on Wednesday, reaching $78.87. 948,775 shares of the stock were exchanged, compared to its average volume of 1,154,579. National Grid Transco has a fifty-two week low of $67.51 and a fifty-two week high of $94.64. The firm has a 50-day simple moving average of $82.42 and a 200 day simple moving average of $85.29. The company has a current ratio of 0.76, a quick ratio of 0.71 and a debt-to-equity ratio of 1.09.

National Grid Transco Announces Dividend

The company also recently disclosed a dividend, which was paid on Thursday, July 23rd. Shareholders of record on Friday, May 29th were paid a dividend of $2.1738 per share. This represents a yield of 533.0%. The ex-dividend date of this dividend was Friday, May 29th.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Milford Funds Ltd. bought a new stake in National Grid Transco during the 4th quarter worth approximately $183,208,000. Bank of America Corp DE raised its position in National Grid Transco by 21.5% in the 2nd 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. Brandes Investment Partners LP acquired a new position in National Grid Transco in the fourth quarter worth $60,372,000. Raymond James Financial Inc. boosted its stake in National Grid Transco by 20.3% in the second quarter. Raymond James Financial Inc. now owns 1,671,746 shares of the utilities provider’s stock worth $124,395,000 after purchasing an additional 282,085 shares in the last quarter. Finally, Ferguson Wellman Capital Management Inc. bought a new stake in shares of National Grid Transco during the first quarter worth $21,277,000. Institutional investors own 4.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Royal Bank Of Canada reiterated a “sector perform” rating on shares of National Grid Transco in a research report on Monday, June 1st. Deutsche Bank Aktiengesellschaft cut shares of National Grid Transco from a “buy” rating to a “hold” rating in a research note on Monday, June 8th. Wall Street Zen raised National Grid Transco from a “hold” rating to a “buy” rating in a report on Saturday. Morgan Stanley reiterated an “overweight” rating on shares of National Grid Transco in a research note on Friday, May 29th. Finally, Citigroup reissued a “neutral” rating on shares of National Grid Transco in a report on Tuesday, April 28th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $85.50.

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.