National Grid (NYSE:NGG) Cut to Neutral at Citigroup

Citigroup cut shares of National Grid (NYSE:NGG) from a buy rating to a neutral rating in a research note published on Thursday, Marketbeat reports.

A number of other research analysts have also weighed in on NGG. Deutsche Bank Aktiengesellschaft assumed coverage on National Grid in a research report on Wednesday. They set a buy rating for the company. The Goldman Sachs Group upgraded National Grid from a neutral rating to a buy rating in a report on Wednesday, June 12th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, National Grid currently has a consensus rating of Moderate Buy.

National Grid Price Performance

Shares of NYSE NGG opened at $66.50 on Thursday. The company has a 50 day simple moving average of $66.81 and a two-hundred day simple moving average of $64.70. National Grid has a fifty-two week low of $55.13 and a fifty-two week high of $73.40. The company has a market capitalization 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. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.84 and a current ratio of 0.91.

Institutional Investors Weigh In On National Grid

Institutional investors have recently made changes to their positions in the company. Envestnet Asset Management Inc. raised its holdings in National Grid by 5.8% in the 4th quarter. Envestnet Asset Management Inc. now owns 1,286,459 shares of the utilities provider’s stock worth $87,466,000 after acquiring an additional 70,730 shares during the last quarter. Capital International Investors bought a new stake in shares of National Grid in the 1st quarter worth $86,218,000. Hsbc Holdings PLC raised its stake in shares of National Grid by 11,704.2% in the second quarter. Hsbc Holdings PLC now owns 650,060 shares of the utilities provider’s stock worth $36,917,000 after purchasing an additional 644,553 shares during the last quarter. Bank of Montreal Can raised its stake in shares of National Grid by 20.3% in the second quarter. Bank of Montreal Can now owns 536,784 shares of the utilities provider’s stock worth $31,005,000 after purchasing an additional 90,722 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in shares of National Grid during the second quarter valued at $29,097,000. Hedge funds and other institutional investors 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.