National Grid Transco (NYSE:NGG) Stock Rating Lowered 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 cut shares of National Grid Transco (NYSE:NGG - Free Report) from a strong-buy rating to a hold rating in a research note published on Monday morning,Zacks.com reports.

NGG has been the topic of a number of other reports. Barclays reaffirmed an "overweight" rating on shares of National Grid Transco in a research report on Friday, May 16th. Royal Bank Of Canada lowered National Grid Transco from an "outperform" rating to a "sector perform" rating in a research report on Wednesday, May 28th. BNP Paribas Exane began coverage on National Grid Transco in a research report on Thursday, May 29th. They set an "outperform" rating and a $80.40 target price on the stock. Wall Street Zen lowered National Grid Transco from a "hold" rating to a "sell" rating in a research report on Friday, May 16th. Finally, Citigroup reaffirmed a "neutral" rating on shares of National Grid Transco in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $80.40.

National Grid Transco Price Performance

Shares of NGG traded up $1.18 during midday trading on Monday, reaching $70.10. The stock had a trading volume of 570,025 shares, compared to its average volume of 504,119. The firm's 50 day moving average price is $71.23 and its 200-day moving average price is $69.40. The company has a market capitalization of $69.56 billion, a P/E ratio of 13.48, a P/E/G ratio of 1.59 and a beta of 0.68. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.35 and a quick ratio of 1.30. National Grid Transco has a 52 week low of $55.82 and a 52 week high of $74.82.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NGG. Federated Hermes Inc. raised its position 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 during the period. Bank of America Corp DE grew its stake in National Grid Transco by 21.5% in 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 purchasing an additional 814,248 shares in the last quarter. Nuveen LLC purchased a new position in National Grid Transco in the first quarter valued at about $32,015,000. Envestnet Asset Management Inc. grew its stake in National Grid Transco by 29.3% in 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 purchasing an additional 402,329 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in National Grid Transco by 23.0% in the second quarter. JPMorgan Chase & Co. now owns 2,041,602 shares of the utilities provider's stock valued at $151,916,000 after purchasing an additional 382,392 shares in the last quarter. 4.68% of the stock is owned by institutional investors and hedge funds.

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.