National Grid (NYSE:NGG) Shares Gap Down – Here’s What Happened

National Grid plc (NYSE:NGG)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $66.97, but opened at $65.58. National Grid shares last traded at $66.02, with a volume of 95,449 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on NGG shares. The Goldman Sachs Group upgraded National Grid from a “neutral” rating to a “buy” rating in a research note on Wednesday, June 12th. Citigroup cut National Grid from a “buy” rating to a “neutral” rating in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on National Grid in a research report on Wednesday. They issued a “buy” rating on the stock. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy”.

National Grid Stock Performance

The business’s 50-day simple moving average is $66.81 and its two-hundred day simple moving average is $64.70. The company has a quick ratio of 0.84, a current ratio of 0.91 and a debt-to-equity ratio of 1.41. The firm has a market cap of $52.76 billion, a price-to-earnings ratio of 13.57, a P/E/G ratio of 4.89 and a beta of 0.61.

Hedge Funds Weigh In On National Grid

A number of large investors have recently bought and sold shares of the business. Mayflower Financial Advisors LLC increased its position in shares of National Grid by 4.5% in the first quarter. Mayflower Financial Advisors LLC now owns 3,681 shares of the utilities provider’s stock valued at $251,000 after buying an additional 160 shares in the last quarter. RFP Financial Group LLC raised its position in National Grid by 119.8% during the first quarter. RFP Financial Group LLC now owns 367 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 200 shares during the period. Profund Advisors LLC lifted its holdings in National Grid by 3.0% during the second quarter. Profund Advisors LLC now owns 7,003 shares of the utilities provider’s stock valued at $398,000 after purchasing an additional 203 shares in the last quarter. Dearborn Partners LLC grew its position in shares of National Grid by 5.5% in the first quarter. Dearborn Partners LLC now owns 4,120 shares of the utilities provider’s stock valued at $281,000 after purchasing an additional 213 shares during the period. Finally, Bailard Inc. increased its stake in shares of National Grid by 4.4% during the second quarter. Bailard Inc. now owns 5,116 shares of the utilities provider’s stock worth $291,000 after purchasing an additional 217 shares in the last quarter. Institutional investors and hedge funds own 4.68% of the company’s stock.

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.