National Grid plc to Issue Semi-annual Dividend of $2.49 (NYSE:NGG)

National Grid plc (NYSE:NGG) declared a semi-annual dividend on Thursday, November 7th,Wall Street Journal reports. Stockholders of record on Friday, November 22nd will be given a dividend of 2.4939 per share by the utilities provider on Tuesday, January 14th. This represents a dividend yield of 4%. The ex-dividend date of this dividend is Friday, November 22nd.

National Grid has increased its dividend payment by an average of 4.0% annually over the last three years. National Grid has a payout ratio of 102.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect National Grid to earn $4.93 per share next year, which means the company may not be able to cover its $4.99 annual dividend with an expected future payout ratio of 101.2%.

National Grid Stock Down 0.6 %

Shares of NGG opened at $63.94 on Friday. The firm has a 50 day moving average price of $67.34 and a 200-day moving average price of $64.56. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.84 and a current ratio of 0.91. National Grid has a fifty-two week low of $55.13 and a fifty-two week high of $73.40.

Analysts Set New Price Targets

NGG has been the topic of a number of analyst reports. Citigroup cut National Grid from a “buy” rating to a “neutral” rating in a research note on Thursday, October 3rd. Deutsche Bank Aktiengesellschaft started coverage on shares of National Grid in a report on Wednesday, October 2nd. They set a “buy” rating for the company. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

About National Grid

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.