National Grid (NYSE:NGG) Shares Gap Down - Here's What Happened

National Grid plc (NYSE:NGG - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $74.70, but opened at $72.92. National Grid shares last traded at $72.81, with a volume of 213,740 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Barclays reiterated an "overweight" rating on shares of National Grid in a research report on Friday, May 16th. Royal Bank of Canada cut shares of National Grid from an "outperform" rating to a "sector perform" rating in a research report on Wednesday. Sanford C. Bernstein raised shares of National Grid from a "market perform" rating to an "outperform" rating in a research note on Monday, March 17th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of National Grid in a research note on Wednesday, May 21st. Finally, Citigroup reaffirmed a "neutral" rating on shares of National Grid in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, National Grid has a consensus rating of "Hold".

National Grid Stock Down 2.7%

The company has a debt-to-equity ratio of 1.18, a current ratio of 1.61 and a quick ratio of 1.54. The business's 50 day simple moving average is $69.37 and its 200 day simple moving average is $63.93. The company has a market capitalization of $71.09 billion, a PE ratio of 13.96, a P/E/G ratio of 5.64 and a beta of 0.63.

National Grid Cuts Dividend

The business also recently declared a semi-annual dividend, which will be paid on Monday, July 28th. Shareholders of record on Friday, May 30th will be given a dividend of $2.0345 per share. This represents a dividend yield of 4.7%. The ex-dividend date is Friday, May 30th. National Grid's dividend payout ratio is presently 78.08%.

Institutional Investors Weigh In On National Grid

A number of institutional investors have recently made changes to their positions in NGG. SG Americas Securities LLC acquired a new stake in shares of National Grid during the fourth quarter valued at about $166,000. Kingswood Wealth Advisors LLC acquired a new stake in shares of National Grid during the fourth quarter valued at about $287,000. Blue Trust Inc. increased its position in shares of National Grid by 92.9% during the fourth quarter. Blue Trust Inc. now owns 9,774 shares of the utilities provider's stock valued at $581,000 after acquiring an additional 4,707 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of National Grid by 4.1% during the fourth quarter. Pacer Advisors Inc. now owns 8,620 shares of the utilities provider's stock valued at $512,000 after acquiring an additional 340 shares during the last quarter. Finally, Barry Investment Advisors LLC increased its position in shares of National Grid by 21.2% during the fourth quarter. Barry Investment Advisors LLC now owns 9,074 shares of the utilities provider's stock valued at $548,000 after acquiring an additional 1,587 shares during the last quarter. 4.68% of the stock is currently owned by institutional investors and hedge funds.

National Grid Company Profile

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.

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