Short Interest in National Grid Transco, PLC (NYSE:NGG) Decreases By 40.1%

Key Points

• Short interest in National Grid fell by 40.1% in March to 994,540 shares, equal to about 0.1% of the company's shares and a short-interest ratio of 0.7 days.
• Several institutions boosted or initiated stakes — notably Rockefeller Capital (+67%) — and hedge funds/institutional investors now own 4.68% of the stock.
• Analysts' consensus is a Hold with a consensus target price of $83.80, below the stock's recent open around $90.35.

National Grid Transco, PLC (NYSE:NGG - Get Free Report) was the recipient of a significant decline in short interest in the month of March. As of March 31st, there was short interest totaling 994,540 shares, a decline of 40.1% from the March 15th total of 1,661,641 shares. Based on an average daily trading volume, of 1,395,171 shares, the short-interest ratio is presently 0.7 days. Approximately 0.1% of the company's shares are sold short.

Hedge Funds Weigh In On National Grid Transco

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Rockefeller Capital Management L.P. increased its position in shares of National Grid Transco by 67.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 16,166 shares of the utilities provider's stock valued at $1,251,000 after buying an additional 6,486 shares during the period. World Investment Advisors increased its position in shares of National Grid Transco by 7.7% during the fourth quarter. World Investment Advisors now owns 9,952 shares of the utilities provider's stock valued at $770,000 after buying an additional 708 shares during the period. Bayban purchased a new position in shares of National Grid Transco during the fourth quarter valued at about $137,000. Pure Financial Advisors LLC purchased a new stake in National Grid Transco in the fourth quarter worth about $296,000. Finally, Rehmann Capital Advisory Group grew its holdings in National Grid Transco by 54.4% in the fourth quarter. Rehmann Capital Advisory Group now owns 10,960 shares of the utilities provider's stock worth $848,000 after purchasing an additional 3,861 shares during the period. Hedge funds and other institutional investors own 4.68% of the company's stock.

National Grid Transco Stock Performance

Shares of NYSE NGG opened at $90.35 on Monday. National Grid Transco has a 1 year low of $66.26 and a 1 year high of $94.64. The company has a current ratio of 0.97, a quick ratio of 0.90 and a debt-to-equity ratio of 1.14. The company's 50-day moving average is $88.75 and its 200 day moving average is $81.02.

Analyst Upgrades and Downgrades

NGG has been the topic of several research analyst reports. UBS Group reissued a "sell" rating on shares of National Grid Transco in a research note on Monday, March 16th. Morgan Stanley reissued an "overweight" rating on shares of National Grid Transco in a research note on Thursday, February 5th. Zacks Research cut National Grid Transco from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, March 10th. Citigroup reissued a "neutral" rating on shares of National Grid Transco in a research note on Monday, January 26th. Finally, The Goldman Sachs Group reiterated a "neutral" rating on shares of National Grid Transco in a research report on Monday, March 23rd. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, National Grid Transco currently has an average rating of "Hold" and a consensus target price of $83.80.

National Grid Transco Company Profile

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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