National Grid plc (NYSE:NGG) Sees Significant Decrease in Short Interest

National Grid plc (NYSE:NGG - Get Free Report) was the recipient of a significant decrease in short interest during the month of September. As of September 30th, there was short interest totalling 899,700 shares, a decrease of 25.6% from the September 15th total of 1,210,000 shares. Based on an average daily volume of 561,600 shares, the days-to-cover ratio is presently 1.6 days.

National Grid Price Performance

National Grid stock traded up $0.56 during midday trading on Friday, reaching $66.24. 296,708 shares of the stock traded hands, compared to its average volume of 538,673. The firm has a fifty day moving average price of $66.96 and a two-hundred day moving average price of $64.62. The company has a current ratio of 0.91, a quick ratio of 0.84 and a debt-to-equity ratio of 1.41. National Grid has a fifty-two week low of $55.13 and a fifty-two week high of $73.40.

Hedge Funds Weigh In On National Grid

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. RFP Financial Group LLC raised its position in shares of National Grid by 119.8% in the first quarter. RFP Financial Group LLC now owns 367 shares of the utilities provider's stock valued at $25,000 after purchasing an additional 200 shares during the period. Headlands Technologies LLC acquired a new position in National Grid during the 1st quarter worth $27,000. Richardson Financial Services Inc. bought a new stake in National Grid during the first quarter valued at about $28,000. Creekmur Asset Management LLC acquired a new stake in shares of National Grid in the fourth quarter valued at about $29,000. Finally, Bessemer Group Inc. bought a new position in shares of National Grid in the first quarter worth about $29,000. Institutional investors and hedge funds own 4.68% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on NGG. Deutsche Bank Aktiengesellschaft began coverage on National Grid in a report on Wednesday, October 2nd. They issued a "buy" rating for the company. Citigroup downgraded National Grid from a "buy" rating to a "neutral" rating in a report on Thursday, October 3rd. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy".

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.