Short Interest in National Grid Transco, PLC (NYSE:NGG) Grows By 64.2%

Key Points

• Short interest in National Grid Transco rose 64.2% to 1.24 million shares as of August 14, representing 0.1% of shares outstanding and a days-to-cover ratio of 1.8.
• Analyst sentiment is largely cautious: seven analysts rate the stock “Hold,” while the consensus rating is “Reduce” with an average price target of $85.50.
• NGG shares recently traded at $79.16, below both their 50-day and 200-day moving averages, while institutional investors and hedge funds own 4.68% of the company.

National Grid Transco, PLC (NYSE:NGG - Get Free Report) was the target of a significant increase in short interest in the month of August. As of August 14th, there was short interest totaling 1,236,153 shares, an increase of 64.2% from the July 30th total of 752,736 shares. Currently, 0.1% of the shares of the stock are short sold. Based on an average daily volume of 678,380 shares, the days-to-cover ratio is currently 1.8 days.

Analyst Upgrades and Downgrades

NGG has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft lowered shares of National Grid Transco from a "buy" rating to a "hold" rating in a report on Monday, June 8th. Royal Bank Of Canada reiterated a "sector perform" rating on shares of National Grid Transco in a research report on Monday, June 1st. Wall Street Zen lowered shares of National Grid Transco from a "buy" rating to a "hold" rating in a report on Sunday, August 2nd. Weiss Ratings restated a "hold (c)" rating on shares of National Grid Transco in a research report on Friday, July 17th. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of National Grid Transco in a research note on Friday, May 29th. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $85.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. AQR Capital Management LLC acquired a new stake in National Grid Transco during the first quarter worth about $490,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in National Grid Transco by 79.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,966 shares of the utilities provider's stock worth $2,360,000 after purchasing an additional 15,873 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of National Grid Transco by 12.5% during the 1st quarter. NewEdge Advisors LLC now owns 8,767 shares of the utilities provider's stock worth $575,000 after purchasing an additional 971 shares during the period. Focus Partners Wealth increased its holdings in shares of National Grid Transco by 11.1% during the 1st quarter. Focus Partners Wealth now owns 10,375 shares of the utilities provider's stock valued at $681,000 after purchasing an additional 1,036 shares in the last quarter. Finally, Sivia Capital Partners LLC acquired a new position in shares of National Grid Transco in the 2nd quarter valued at $221,000. Hedge funds and other institutional investors own 4.68% of the company's stock.

National Grid Transco Stock Performance

Shares of NGG traded down $0.19 during trading hours on Monday, reaching $79.16. 356,622 shares of the company traded hands, compared to its average volume of 1,095,212. National Grid Transco has a 12-month low of $67.51 and a 12-month high of $94.64. The company has a quick ratio of 0.71, a current ratio of 0.76 and a debt-to-equity ratio of 1.09. The stock's fifty day moving average price is $81.58 and its 200 day moving average price is $84.91.

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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