National Grid (NYSE:NGG) Shares Gap Up – Should You Buy?

National Grid plc (NYSE:NGG) gapped up before the market opened on Friday . The stock had previously closed at $63.93, but opened at $65.63. National Grid shares last traded at $65.84, with a volume of 231,983 shares traded.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on NGG. Citigroup upgraded shares of National Grid from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 21st. Sanford C. Bernstein raised shares of National Grid from a “market perform” rating to an “outperform” rating in a research note on Monday, March 17th. Finally, StockNews.com upgraded National Grid from a “sell” rating to a “hold” rating in a research report on Friday, March 7th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, National Grid presently has an average rating of “Moderate Buy”.

National Grid Trading Up 2.7 %

The company has a 50 day moving average price of $61.80 and a two-hundred day moving average price of $63.09. The firm has a market capitalization of $64.24 billion, a price-to-earnings ratio of 12.62, a P/E/G ratio of 5.64 and a beta of 0.63. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.54 and a current ratio of 1.61.

Hedge Funds Weigh In On National Grid

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its stake in National Grid by 77.3% in the 3rd quarter. FMR LLC now owns 3,989,726 shares of the utilities provider’s stock valued at $277,964,000 after buying an additional 1,739,566 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of National Grid during the fourth quarter valued at approximately $67,324,000. Merewether Investment Management LP purchased a new position in shares of National Grid in the third quarter valued at approximately $66,535,000. ABC Arbitrage SA acquired a new stake in shares of National Grid in the fourth quarter worth approximately $21,706,000. Finally, D. E. Shaw & Co. Inc. increased its position in shares of 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 worth $19,651,000 after purchasing an additional 324,388 shares in the last quarter. 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.