National Grid PLC (NGG) Sees Large Decline in Short Interest
National Grid PLC (NYSE:NGG) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 309,095 shares, a decline of 59.9% from the October 14th total of 771,623 shares. Based on an average daily volume of 538,392 shares, the days-to-cover ratio is currently 0.6 days.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NGG. The Manufacturers Life Insurance Company purchased a new position in National Grid PLC during the third quarter valued at approximately $34,878,000. Emerald Acquisition Ltd. purchased a new position in National Grid PLC during the second quarter valued at approximately $29,063,000. Ameriprise Financial Inc. increased its position in National Grid PLC by 22.0% in the third quarter. Ameriprise Financial Inc. now owns 2,091,464 shares of the company’s stock valued at $148,989,000 after buying an additional 377,684 shares during the last quarter. Bank of Montreal Can purchased a new position in National Grid PLC during the second quarter valued at approximately $21,380,000. Finally, Energy Income Partners LLC increased its position in National Grid PLC by 30.8% in the first quarter. Energy Income Partners LLC now owns 861,468 shares of the company’s stock valued at $61,526,000 after buying an additional 202,927 shares during the last quarter. Institutional investors own 5.87% of the company’s stock.
Several research analysts have recently weighed in on the company. Zacks Investment Research cut National Grid PLC from a “hold” rating to a “sell” rating in a research note on Tuesday. Citigroup Inc. restated a “neutral” rating on shares of National Grid PLC in a research note on Wednesday, August 3rd. Royal Bank Of Canada cut National Grid PLC from an “outperform” rating to a “sector perform” rating in a research note on Friday, July 29th. Beaufort Securities restated a “buy” rating on shares of National Grid PLC in a research note on Sunday, August 21st. Finally, RBC Capital Markets cut National Grid PLC from an “outperform” rating to a “sector perform” rating in a research note on Friday, July 29th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $76.50.
Shares of National Grid PLC (NYSE:NGG) opened at 58.86 on Wednesday. The stock has a market cap of $44.30 billion, a PE ratio of 17.49 and a beta of 0.50. National Grid PLC has a 52-week low of $58.07 and a 52-week high of $74.97. The company’s 50-day moving average price is $66.06 and its 200-day moving average price is $70.37.
The company also recently disclosed a dividend, which will be paid on Wednesday, January 11th. Shareholders of record on Friday, November 25th will be issued a dividend of $0.933 per share. The ex-dividend date is Tuesday, November 22nd.
About National Grid PLC
National Grid Plc is an electricity and gas utility company. The UK Electricity Transmission includes high voltage electricity transmission networks in Great Britain. Its UK Gas Transmission provides the gas transmission network in Great Britain and UK liquefied natural gas (LNG) storage activities. The Company’s UK Gas Distribution includes four of the eight regional networks of Great Britain’s gas distribution system.
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