National Grid Transco (NYSE:NGG) Lowered to "Hold" Rating by Zacks Research

Key Points

• Zacks Research downgraded National Grid Transco from a "strong-buy" to a "hold" rating, marking a significant shift in analyst sentiment.
• Despite the downgrade, the company still holds a consensus rating of "Moderate Buy" with a target price of $80.40 from various analysts.
• Shares of National Grid Transco opened at $67.97 and have a market cap of $67.44 billion, reflecting key financial indicators with a price-to-earnings ratio of 13.07.

Zacks Research downgraded shares of National Grid Transco (NYSE:NGG - Free Report) from a strong-buy rating to a hold rating in a research report sent to investors on Monday, September 1st,Zacks.com reports.

NGG has been the subject of several other reports. Citigroup restated a "neutral" rating on shares of National Grid Transco in a research note on Tuesday, May 6th. Barclays reaffirmed an "overweight" rating on shares of National Grid Transco in a report on Friday, May 16th. Royal Bank Of Canada cut shares of National Grid Transco from an "outperform" rating to a "sector perform" rating in a report on Wednesday, May 28th. BNP Paribas Exane began coverage on shares of National Grid Transco in a report on Thursday, May 29th. They set an "outperform" rating and a $80.40 target price on the stock. Finally, BNP Paribas upgraded shares of National Grid Transco from an "outperform" rating to a "strong-buy" rating in a research report on Thursday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $80.40.

National Grid Transco Trading Down 0.1%

NGG traded down $0.09 during trading on Monday, hitting $70.01. 263,116 shares of the company's stock were exchanged, compared to its average volume of 856,560. The company has a current ratio of 1.35, a quick ratio of 1.30 and a debt-to-equity ratio of 1.13. National Grid Transco has a 1 year low of $55.82 and a 1 year high of $74.82. The stock has a 50 day moving average price of $71.23 and a 200 day moving average price of $69.46. The firm has a market cap of $69.47 billion, a P/E ratio of 13.45, a price-to-earnings-growth ratio of 1.59 and a beta of 0.68.

Institutional Trading of National Grid Transco

A number of hedge funds have recently bought and sold shares of NGG. Federated Hermes Inc. lifted its stake in National Grid Transco by 49.8% during the first quarter. Federated Hermes Inc. now owns 3,133,548 shares of the utilities provider's stock valued at $205,592,000 after buying an additional 1,041,918 shares in the last quarter. Bank of America Corp DE raised its position in National Grid Transco by 21.5% during the second quarter. Bank of America Corp DE now owns 4,596,387 shares of the utilities provider's stock valued at $342,017,000 after acquiring an additional 814,248 shares in the last quarter. Nuveen LLC bought a new position in National Grid Transco during the first quarter valued at approximately $32,015,000. Envestnet Asset Management Inc. raised its position in National Grid Transco by 29.3% during the second quarter. Envestnet Asset Management Inc. now owns 1,774,746 shares of the utilities provider's stock valued at $132,059,000 after acquiring an additional 402,329 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in National Grid Transco by 23.0% during the second quarter. JPMorgan Chase & Co. now owns 2,041,602 shares of the utilities provider's stock valued at $151,916,000 after acquiring an additional 382,392 shares in the last quarter. 4.68% of the stock is owned by hedge funds and other institutional investors.

National Grid Transco 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.