National Grid (NYSE:NGG) Shares Gap Down – What’s Next?

Shares of National Grid plc (NYSE:NGG) gapped down prior to trading on Wednesday . The stock had previously closed at $62.37, but opened at $60.59. National Grid shares last traded at $60.94, with a volume of 87,292 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. StockNews.com upgraded National Grid from a “sell” rating to a “hold” rating in a research report on Tuesday, February 25th. Citigroup upgraded National Grid from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 21st. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

National Grid Stock Down 2.6 %

The stock has a fifty day moving average of $60.31 and a 200-day moving average of $63.48. The firm has a market capitalization of $59.46 billion, a price-to-earnings ratio of 11.69, a PEG ratio of 5.64 and a beta of 0.63. The company has a current ratio of 1.61, a quick ratio of 1.54 and a debt-to-equity ratio of 1.18.

Institutional Investors Weigh In On National Grid

Several hedge funds have recently bought and sold shares of NGG. FMR LLC boosted its holdings in National Grid by 77.3% in the third quarter. FMR LLC now owns 3,989,726 shares of the utilities provider’s stock worth $277,964,000 after purchasing an additional 1,739,566 shares in the last quarter. Raymond James Financial Inc. bought a new stake in National Grid during the 4th quarter worth approximately $67,324,000. Merewether Investment Management LP acquired a new position in National Grid in the third quarter valued at approximately $66,535,000. ABC Arbitrage SA acquired a new stake in shares of National Grid during the fourth quarter worth $21,706,000. Finally, D. E. Shaw & Co. Inc. grew its holdings in National Grid by 5,134.3% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 330,706 shares of the utilities provider’s stock valued at $19,651,000 after purchasing an additional 324,388 shares during the period. 4.68% of the stock is owned by hedge funds and other institutional investors.

National Grid 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.