National Grid (NYSE:NGG) Shares Gap Down - What's Next?

National Grid plc (NYSE:NGG - Get Free Report) gapped down before the market opened 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 traded.

Analyst Upgrades and Downgrades

NGG has been the subject of a number of analyst reports. Royal Bank of Canada cut shares of National Grid from an "outperform" rating to a "sector perform" rating in a research report on Wednesday. Citigroup reiterated a "neutral" rating on shares of National Grid in a report on Tuesday, May 6th. BNP Paribas raised National Grid from an "outperform" rating to a "strong-buy" rating in a research report on Thursday. BNP Paribas Exane started coverage on National Grid in a research report on Thursday. They set an "outperform" rating and a $80.40 target price on the stock. Finally, Wall Street Zen cut National Grid from a "hold" rating to a "sell" rating in a research note on Friday, May 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $80.40.

National Grid Stock Down 1.6%

The company's 50 day moving average price is $69.91 and its 200 day moving average price is $64.12. The company has a quick ratio of 1.54, a current ratio of 1.61 and a debt-to-equity ratio of 1.18. The firm has a market capitalization of $69.86 billion, a price-to-earnings ratio of 13.73, a P/E/G ratio of 5.64 and a beta of 0.63.

National Grid Cuts Dividend

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

Institutional Trading of National Grid

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mayflower Financial Advisors LLC raised its stake in shares of National Grid by 4.0% during the 1st quarter. Mayflower Financial Advisors LLC now owns 3,649 shares of the utilities provider's stock valued at $239,000 after buying an additional 140 shares during the last quarter. First Horizon Advisors Inc. raised its position in National Grid by 13.9% during the first quarter. First Horizon Advisors Inc. now owns 1,227 shares of the utilities provider's stock valued at $81,000 after acquiring an additional 150 shares in the last quarter. Sage Rhino Capital LLC lifted its holdings in National Grid by 3.6% in the first quarter. Sage Rhino Capital LLC now owns 4,524 shares of the utilities provider's stock valued at $297,000 after acquiring an additional 156 shares during the period. Capital Analysts LLC boosted its position in National Grid by 33.6% in the 1st quarter. Capital Analysts LLC now owns 640 shares of the utilities provider's stock worth $42,000 after purchasing an additional 161 shares in the last quarter. Finally, Gradient Investments LLC grew its stake in shares of National Grid by 2.0% during the 1st quarter. Gradient Investments LLC now owns 8,156 shares of the utilities provider's stock worth $535,000 after purchasing an additional 163 shares during the period. Institutional investors and hedge funds own 4.68% of the company's stock.

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.