National Grid Transco (NYSE:NGG) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen downgraded National Grid Transco from “Buy” to “Hold,” adding to a generally cautious analyst outlook. MarketBeat data shows a consensus “Reduce” rating and an average price target of $85.50.
• NGG shares opened at $79.99, below their 50-day and 200-day moving averages of $82.16 and $85.26, respectively, with a 52-week range of $67.51 to $94.64.
• Several institutional investors increased their holdings during the second quarter, though hedge funds and other institutions collectively own only 4.68% of the company.

National Grid Transco (NYSE:NGG - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Sunday.

NGG has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft cut shares of National Grid Transco from a "buy" rating to a "hold" rating in a research note on Monday, June 8th. Citigroup restated a "neutral" rating on shares of National Grid Transco in a research note on Tuesday, April 28th. Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of National Grid Transco in a report on Monday, June 1st. Weiss Ratings reiterated a "hold (c)" rating on shares of National Grid Transco in a research note on Friday, July 17th. Finally, Morgan Stanley reissued an "overweight" rating on shares of National Grid Transco in a report on Friday, May 29th. One investment analyst has rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average price target of $85.50.

National Grid Transco Stock Performance

Shares of NGG stock opened at $79.99 on Friday. National Grid Transco has a fifty-two week low of $67.51 and a fifty-two week high of $94.64. 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 stock's 50-day simple moving average is $82.16 and its 200-day simple moving average is $85.26.

Hedge Funds Weigh In On National Grid Transco

A number of institutional investors have recently bought and sold shares of the business. Fulton Bank N.A. increased its stake in shares of National Grid Transco by 10.2% in the second quarter. Fulton Bank N.A. now owns 31,544 shares of the utilities provider's stock worth $2,614,000 after acquiring an additional 2,910 shares during the period. Revolve Wealth Partners LLC acquired a new position in National Grid Transco during the second quarter valued at $223,000. Legacy Wealth Asset Management LLC lifted its position in National Grid Transco by 4.8% during the second quarter. Legacy Wealth Asset Management LLC now owns 9,772 shares of the utilities provider's stock valued at $810,000 after purchasing an additional 451 shares during the period. Valeo Financial Advisors LLC boosted its holdings in National Grid Transco by 52.3% in the second quarter. Valeo Financial Advisors LLC now owns 5,274 shares of the utilities provider's stock valued at $437,000 after purchasing an additional 1,811 shares during the last quarter. Finally, Gradient Investments LLC boosted its holdings in National Grid Transco by 6.1% in the second quarter. Gradient Investments LLC now owns 65,039 shares of the utilities provider's stock valued at $5,390,000 after purchasing an additional 3,731 shares during the last quarter. 4.68% of the stock is owned by hedge funds and other institutional investors.

About National Grid Transco

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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