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

National Grid Transco, PLC (NYSE:NGG) was the recipient of a large decrease in short interest during the month of 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. Based on an average trading volume of 864,534 shares, the days-to-cover ratio is currently 0.9 days. Approximately 0.1% of the shares of the stock are short sold.

Hedge Funds Weigh In On National Grid Transco

Several institutional investors have recently modified their holdings of the stock. Milford Funds Ltd. bought a new stake in shares of National Grid Transco in the 4th quarter valued at about $183,208,000. Bank of America Corp DE increased its stake in National Grid Transco by 21.5% in the second 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 in the last quarter. Brandes Investment Partners LP acquired a new stake in National Grid Transco in the fourth quarter worth $60,372,000. Raymond James Financial Inc. raised its holdings 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 during the period. Finally, Ferguson Wellman Capital Management Inc. bought a new position in shares of National Grid Transco during the first quarter worth $21,277,000. 4.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on NGG shares. Citigroup restated a “neutral” rating on shares of National Grid Transco in a research report on Tuesday, April 28th. Weiss Ratings reissued a “hold (c)” rating on shares of National Grid Transco in a research note on Friday, July 17th. Royal Bank Of Canada reissued a “sector perform” rating on shares of National Grid Transco in a report on Monday, June 1st. Morgan Stanley restated an “overweight” rating on shares of National Grid Transco in a research report on Friday, May 29th. Finally, Deutsche Bank Aktiengesellschaft downgraded National Grid Transco from a “buy” rating to a “hold” rating in a report on Monday, June 8th. One 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.com, the stock has an average rating of “Reduce” and an average target price of $85.50.

National Grid Transco Trading Down 2.5%

Shares of NYSE NGG traded down $1.99 during mid-day trading on Wednesday, hitting $78.87. The company’s stock had a trading volume of 948,775 shares, compared to its average volume of 1,154,579. The company has a quick ratio of 0.71, a current ratio of 0.76 and a debt-to-equity ratio of 1.09. The company’s fifty day simple moving average is $82.42 and its 200-day simple moving average is $85.29. National Grid Transco has a one year low of $67.51 and a one year high of $94.64.

National Grid Transco Announces Dividend

The firm also recently announced a dividend, which was paid on Thursday, July 23rd. Shareholders of record on Friday, May 29th were issued 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.

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.