National Grid Transco, PLC (NYSE:NGG) Short Interest Down 43.7% in June

National Grid Transco, PLC (NYSE:NGG) was the recipient of a large decline in short interest in the month of June. As of June 15th, there was short interest totaling 1,301,198 shares, a decline of 43.7% from the May 31st total of 2,312,476 shares. Currently, 0.1% of the shares of the company are sold short. Based on an average daily volume of 966,873 shares, the short-interest ratio is currently 1.3 days.

Institutional Trading of National Grid Transco

Hedge funds and other institutional investors have recently modified their holdings of the company. Eastern Bank grew its stake in National Grid Transco by 162.1% in the second quarter. Eastern Bank now owns 1,119 shares of the utilities provider’s stock valued at $93,000 after purchasing an additional 692 shares in the last quarter. Empowered Funds LLC purchased a new stake in shares of National Grid Transco during the 1st quarter worth about $916,000. Parallel Advisors LLC lifted its holdings in shares of National Grid Transco by 8.4% during the 1st quarter. Parallel Advisors LLC now owns 4,251 shares of the utilities provider’s stock valued at $360,000 after buying an additional 328 shares during the last quarter. Asset Dedication LLC lifted its holdings in shares of National Grid Transco by 245.7% during the 1st quarter. Asset Dedication LLC now owns 1,203 shares of the utilities provider’s stock valued at $102,000 after buying an additional 855 shares during the last quarter. Finally, Glenmede Trust Co. NA grew its stake in shares of National Grid Transco by 3.1% in the 1st quarter. Glenmede Trust Co. NA now owns 8,833 shares of the utilities provider’s stock valued at $747,000 after buying an additional 268 shares in the last quarter. 4.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft lowered shares of National Grid Transco from a “buy” rating to a “hold” rating in a research note on Monday, June 8th. Weiss Ratings reissued a “hold (c)” rating on shares of National Grid Transco in a report on Tuesday, April 21st. The Goldman Sachs Group restated a “neutral” rating on shares of National Grid Transco in a research report on Monday, March 23rd. Morgan Stanley reaffirmed an “overweight” rating on shares of National Grid Transco in a research note on Friday, May 29th. Finally, Jefferies Financial Group reiterated a “hold” rating on shares of National Grid Transco in a research report on Wednesday, March 18th. One equities 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. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $85.50.

National Grid Transco Price Performance

Shares of National Grid Transco stock traded down $2.68 on Wednesday, reaching $80.19. 1,379,647 shares of the company were exchanged, compared to its average volume of 1,142,656. The company has a quick ratio of 0.71, a current ratio of 0.76 and a debt-to-equity ratio of 1.09. National Grid Transco has a fifty-two week low of $67.51 and a fifty-two week high of $94.64. The stock has a fifty day moving average price of $83.92 and a 200-day moving average price of $84.58.

National Grid Transco Announces Dividend

The firm also recently announced a dividend, which will be paid on Thursday, July 23rd. Stockholders of record on Friday, May 29th will be issued a $2.1738 dividend. The ex-dividend date is Friday, May 29th. This represents a dividend yield of 533.0%.

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.