National Grid plc (NGG) Short Interest Update

National Grid plc (NYSE:NGG) was the target of a significant decline in short interest in April. As of April 30th, there was short interest totalling 409,572 shares, a decline of 50.2% from the April 13th total of 822,723 shares. Based on an average daily trading volume, of 554,949 shares, the days-to-cover ratio is presently 0.7 days.

Institutional investors have recently added to or reduced their stakes in the stock. Private Capital Group LLC grew its holdings in National Grid by 6,803.7% in the first quarter. Private Capital Group LLC now owns 1,864 shares of the utilities provider’s stock valued at $105,000 after purchasing an additional 1,837 shares during the period. Bollard Group LLC purchased a new stake in National Grid in the first quarter valued at approximately $113,000. Delpha Capital Management LLC purchased a new stake in National Grid in the fourth quarter valued at approximately $129,000. Barclays PLC purchased a new stake in National Grid in the first quarter valued at approximately $125,000. Finally, Aevitas Wealth Management Inc. purchased a new stake in National Grid in the fourth quarter valued at approximately $154,000. Hedge funds and other institutional investors own 5.36% of the company’s stock.

National Grid opened at $58.25 on Friday, Marketbeat Ratings reports. National Grid has a 1 year low of $56.26 and a 1 year high of $56.48. The company has a market capitalization of $38.26 billion, a P/E ratio of 11.82, a P/E/G ratio of 4.19 and a beta of 0.42. The company has a quick ratio of 0.71, a current ratio of 0.77 and a debt-to-equity ratio of 1.32.

NGG has been the subject of a number of recent research reports. Goldman Sachs upgraded shares of National Grid from a “sell” rating to a “neutral” rating in a report on Thursday, January 25th. BNP Paribas upgraded shares of National Grid from a “neutral” rating to an “outperform” rating in a report on Monday, January 29th. Zacks Investment Research downgraded shares of National Grid from a “buy” rating to a “hold” rating in a report on Friday, January 19th. Societe Generale assumed coverage on shares of National Grid in a report on Monday, March 19th. They issued a “buy” rating for the company. Finally, ValuEngine downgraded shares of National Grid from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. National Grid has a consensus rating of “Hold” and an average target price of $65.00.

National Grid Company Profile

National Grid plc transmits and distributes electricity and natural gas. It operates through UK Electricity Transmission, UK Gas Transmission, and US Regulated segments. The UK Electricity Transmission segment owns and operates electricity transmission networks, which comprise approximately 7,200 kilometers of overhead line; 1,500 kilometers of underground cable; and 342 substations located in England and Wales.

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