ABC Arbitrage SA Acquires 42,912 Shares of National Grid Transco, PLC $NGG

Key Points

• ABC Arbitrage SA increased its stake in National Grid Transco by 13.7% in the first quarter, buying 42,912 additional shares and bringing its total to 355,114 shares worth about $30.0 million.
• Institutional ownership activity was mixed but notable, with several funds adding to positions in NGG while hedge funds and institutional investors overall hold 4.68% of the company’s stock.
• Analysts remain cautious on the stock, with a consensus rating of “Reduce” and a consensus price target of $85.50 after multiple firms reiterated hold/neutral views or downgraded the shares.

ABC Arbitrage SA grew its holdings in National Grid Transco, PLC (NYSE:NGG - Free Report) by 13.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 355,114 shares of the utilities provider's stock after purchasing an additional 42,912 shares during the quarter. National Grid Transco makes up approximately 4.0% of ABC Arbitrage SA's holdings, making the stock its 5th biggest holding. ABC Arbitrage SA's holdings in National Grid Transco were worth $30,043,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. First Pacific Financial increased its position in shares of National Grid Transco by 194,350.0% in the 4th quarter. First Pacific Financial now owns 11,667 shares of the utilities provider's stock valued at $902,000 after buying an additional 11,661 shares in the last quarter. SG Americas Securities LLC raised its stake in National Grid Transco by 47,478.9% during the 4th quarter. SG Americas Securities LLC now owns 892,580 shares of the utilities provider's stock worth $69,041,000 after buying an additional 890,704 shares during the period. Perpetual Ltd bought a new position in National Grid Transco during the fourth quarter worth about $2,347,000. Miller Howard Investments Inc. NY lifted its holdings in National Grid Transco by 23.5% during the first quarter. Miller Howard Investments Inc. NY now owns 120,490 shares of the utilities provider's stock worth $10,193,000 after acquiring an additional 22,898 shares in the last quarter. Finally, Perigon Wealth Management LLC bought a new stake in shares of National Grid Transco in the fourth quarter worth about $464,000. Institutional investors and hedge funds own 4.68% of the company's stock.

National Grid Transco Price Performance

Shares of NGG opened at $83.32 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.71 and a current ratio of 0.76. The company's fifty day simple moving average is $83.29 and its 200 day simple moving average is $84.95. National Grid Transco, PLC has a 1-year low of $67.51 and a 1-year high of $94.64.

National Grid Transco Announces Dividend

The firm also recently declared a dividend, which will be paid on Thursday, July 23rd. Shareholders of record on Friday, May 29th will be given a dividend of $2.1738 per share. This represents a yield of 533.0%. The ex-dividend date of this dividend is Friday, May 29th.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group reissued a "neutral" rating on shares of National Grid Transco in a research report on Monday, March 23rd. Jefferies Financial Group reiterated a "hold" rating on shares of National Grid Transco in a report on Wednesday, March 18th. Deutsche Bank Aktiengesellschaft lowered National Grid Transco from a "buy" rating to a "hold" rating in a research report on Monday, June 8th. Citigroup reissued a "neutral" rating on shares of National Grid Transco in a research report on Tuesday, April 28th. Finally, Royal Bank Of Canada restated a "sector perform" rating on shares of National Grid Transco in a research note on Monday, June 1st. 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 MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus price target of $85.50.

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.

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