National Grid plc (NYSE:NGG) Sees Large Decline in Short Interest

National Grid plc (NYSE:NGG - Get Free Report) saw a large decline in short interest in the month of May. As of May 15th, there was short interest totalling 2,010,000 shares, a decline of 13.0% from the April 30th total of 2,310,000 shares. Based on an average trading volume of 917,400 shares, the short-interest ratio is presently 2.2 days. Approximately 0.2% of the company's stock are sold short.

National Grid Stock Performance

National Grid stock traded down $0.27 during trading on Friday, hitting $70.76. The stock had a trading volume of 370,420 shares, compared to its average volume of 740,418. 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 stock's 50 day moving average is $70.44 and its two-hundred day moving average is $64.35. National Grid has a 1 year low of $54.24 and a 1 year high of $74.82. The stock has a market cap of $69.24 billion, a price-to-earnings ratio of 13.61, a price-to-earnings-growth 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. Stockholders of record on Friday, May 30th will be given a dividend of $2.0345 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a dividend yield of 4.7%. National Grid's dividend payout ratio is presently 78.08%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of National Grid in a research report on Wednesday, May 21st. Royal Bank of Canada lowered shares of National Grid from an "outperform" rating to a "sector perform" rating in a research note on Wednesday, May 28th. BNP Paribas raised National Grid from an "outperform" rating to a "strong-buy" rating in a research report on Thursday, May 29th. Citigroup reissued a "neutral" rating on shares of National Grid in a research report on Tuesday, May 6th. Finally, Barclays restated an "overweight" rating on shares of National Grid in a research note on Friday, May 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $80.40.

Institutional Investors Weigh In On National Grid

Several large investors have recently added to or reduced their stakes in NGG. Raymond James Financial Inc. purchased a new stake in National Grid during the fourth quarter valued at about $67,324,000. Federated Hermes Inc. raised its position in shares of 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 purchased a new stake in shares of National Grid during the 1st quarter valued at approximately $32,015,000. FMR LLC boosted its holdings in National Grid by 11.9% in the 4th 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 purchased a new position in National Grid in the 4th quarter valued at approximately $21,706,000. Hedge funds and other institutional investors own 4.68% of the company's stock.

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.