National Grid (NYSE:NGG) Downgraded by Royal Bank of Canada to Sector Perform

National Grid (NYSE:NGG - Get Free Report) was downgraded by stock analysts at Royal Bank of Canada from an "outperform" rating to a "sector perform" rating in a report issued on Wednesday, Marketbeat reports.

NGG has been the subject of a number of other research reports. UBS Group downgraded National Grid from a "buy" rating to a "neutral" rating in a research report on Tuesday, April 29th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of National Grid in a research note on Wednesday, May 21st. Citigroup reaffirmed a "neutral" rating on shares of National Grid in a research note on Tuesday, May 6th. Sanford C. Bernstein raised shares of National Grid from a "market perform" rating to an "outperform" rating in a research report on Monday, March 17th. Finally, Wall Street Zen downgraded shares of National Grid from a "hold" rating to a "sell" rating in a report on Friday, May 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $80.40.

National Grid Trading Down 1.6%

NYSE NGG traded down $1.17 during mid-day trading on Wednesday, reaching $71.40. 785,260 shares of the stock were exchanged, compared to its average volume of 733,191. The stock has a market capitalization of $69.86 billion, a PE ratio of 13.73, a PEG ratio of 5.64 and a beta of 0.63. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.54 and a current ratio of 1.61. National Grid has a 1-year low of $54.24 and a 1-year high of $74.82. The business's fifty day simple moving average is $69.91 and its 200 day simple moving average is $64.12.

Hedge Funds Weigh In On National Grid

Several hedge funds and other institutional investors have recently modified their holdings of NGG. Raymond James Financial Inc. acquired a new position in shares of National Grid during the 4th quarter valued at $67,324,000. Federated Hermes Inc. raised its position in National Grid by 49.8% in the first quarter. Federated Hermes Inc. now owns 3,133,548 shares of the utilities provider's stock valued at $205,592,000 after purchasing an additional 1,041,918 shares during the period. Nuveen LLC acquired a new position in shares of National Grid during the first quarter worth about $32,015,000. FMR LLC boosted its position in shares of National Grid by 11.9% in the fourth quarter. FMR LLC now owns 4,462,898 shares of the utilities provider's stock worth $265,185,000 after buying an additional 473,172 shares during the period. Finally, ABC Arbitrage SA acquired a new stake in shares of National Grid in the fourth quarter valued at about $21,706,000. 4.68% of the stock is owned by institutional investors and hedge funds.

About National Grid

National Grid plc transmits and distributes electricity and gas. It operates through UK Electricity Transmission, UK Electricity Distribution, UK Electricity System Operator, New England, New York, National Grid Ventures, and Other segments. The UK Electricity Transmission segment provides electricity transmission and construction work services in England and Wales.