Short Interest in National Grid Transco, PLC (NYSE:NGG) Rises By 58.9%

National Grid Transco, PLC (NYSE:NGG) was the target of a large increase in short interest in the month of May. As of May 29th, there was short interest totaling 2,312,476 shares, an increase of 58.9% from the May 14th total of 1,455,548 shares. Approximately 0.2% of the shares of the company are sold short. Based on an average daily volume of 1,379,311 shares, the days-to-cover ratio is presently 1.7 days.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on NGG shares. Jefferies Financial Group reiterated a “hold” rating on shares of National Grid Transco in a research note on Wednesday, March 18th. Deutsche Bank Aktiengesellschaft lowered shares of National Grid Transco from a “buy” rating to a “hold” rating in a research report on Monday, June 8th. Zacks Research cut shares of National Grid Transco from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 10th. The Goldman Sachs Group reiterated a “neutral” rating on shares of National Grid Transco in a research note on Monday, March 23rd. Finally, Citigroup reissued a “neutral” rating on shares of National Grid Transco in a research report on Tuesday, April 28th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, National Grid Transco currently has a consensus rating of “Reduce” and an average price target of $85.50.

National Grid Transco Stock Performance

Shares of NYSE NGG traded up $0.87 during trading on Tuesday, hitting $82.44. The company had a trading volume of 724,037 shares, compared to its average volume of 1,182,386. The stock has a 50 day simple moving average of $85.50 and a 200 day simple moving average of $84.05. 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 12 month low of $67.51 and a 12 month high of $94.64.

National Grid Transco Dividend Announcement

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

Hedge Funds Weigh In On National Grid Transco

Several large investors have recently added to or reduced their stakes in NGG. JPMorgan Chase & Co. boosted its stake in National Grid Transco by 2.4% during the third quarter. JPMorgan Chase & Co. now owns 2,089,650 shares of the utilities provider’s stock worth $151,855,000 after buying an additional 48,048 shares during the period. First Pacific Financial increased its position in National Grid Transco by 194,350.0% during the fourth quarter. First Pacific Financial now owns 11,667 shares of the utilities provider’s stock valued at $902,000 after acquiring an additional 11,661 shares during the last quarter. Factory Mutual Insurance Co. purchased a new stake in shares of National Grid Transco in the third quarter valued at $4,430,000. Causeway Capital Management LLC lifted its holdings in shares of National Grid Transco by 112.4% in the 3rd quarter. Causeway Capital Management LLC now owns 671,143 shares of the utilities provider’s stock worth $48,772,000 after acquiring an additional 355,149 shares during the last quarter. Finally, Natixis Advisors LLC lifted its holdings in shares of National Grid Transco by 1.9% in the 3rd quarter. Natixis Advisors LLC now owns 2,011,143 shares of the utilities provider’s stock worth $146,150,000 after acquiring an additional 36,984 shares during the last quarter. Hedge funds and other institutional investors own 4.68% of the company’s stock.

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.