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

National Grid Transco, PLC (NYSE:NGG) was the target of a significant drop in short interest in March. As of March 13th, there was short interest totaling 1,661,641 shares, a drop of 18.4% from the February 26th total of 2,037,417 shares. Approximately 0.2% of the company’s stock are sold short. Based on an average trading volume of 1,281,154 shares, the days-to-cover ratio is currently 1.3 days.

Institutional Trading of National Grid Transco

Several large investors have recently made changes to their positions in the business. AQR Capital Management LLC purchased a new position in shares of National Grid Transco during the first quarter worth $490,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in National Grid Transco by 79.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,966 shares of the utilities provider’s stock valued at $2,360,000 after purchasing an additional 15,873 shares during the last quarter. NewEdge Advisors LLC grew its position in National Grid Transco by 12.5% during the 1st quarter. NewEdge Advisors LLC now owns 8,767 shares of the utilities provider’s stock worth $575,000 after purchasing an additional 971 shares during the period. Focus Partners Wealth raised its stake in shares of National Grid Transco by 11.1% during the 1st quarter. Focus Partners Wealth now owns 10,375 shares of the utilities provider’s stock valued at $681,000 after buying an additional 1,036 shares during the last quarter. Finally, Sivia Capital Partners LLC purchased a new position in shares of National Grid Transco during the 2nd quarter valued at about $221,000. 4.68% of the stock is owned by hedge funds and other institutional investors.

National Grid Transco Price Performance

NYSE NGG traded up $1.97 during trading hours on Monday, reaching $83.89. The stock had a trading volume of 529,537 shares, compared to its average volume of 1,130,428. National Grid Transco has a 52-week low of $62.13 and a 52-week high of $94.64. The stock has a fifty day moving average of $87.73 and a 200 day moving average of $79.85. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.97 and a quick ratio of 0.90.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on NGG shares. Morgan Stanley restated an “overweight” rating on shares of National Grid Transco in a report on Thursday, February 5th. Jefferies Financial Group reissued a “hold” rating on shares of National Grid Transco in a research report on Wednesday, March 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of National Grid Transco in a report on Thursday, January 22nd. The Goldman Sachs Group reiterated a “neutral” rating on shares of National Grid Transco in a research note on Monday, March 23rd. Finally, Zacks Research lowered shares of National Grid Transco from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 10th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $83.80.

National Grid Transco Company Profile

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.