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National Grid

National Grid owns and operates the electric transmission system in England and Wales. It sold the bulk of its UK gas transmission business in fiscal 2023 to fund the acquisition of PPL's UK power distribution assets. In the Northeastern United States, it serves electricity and gas customers combined in three states. It also owns regulated transmission and electricity generation in the United States, metering services, merchant transmission lines in the UK, and the Grain (UK) liquefied natural gas facility.

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Citigroup analyst Jenny Ping downgrades National Grid (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGG#NYSE">NGG</a>) from Buy to Neutral.

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Citigroup Downgrades National Grid to Neutral

National Grid Renewables is pleased to announce the execution of a power purchase agreement (PPA) with Microsoft for its Portage Solar Project, a 250-megawatt (MW) development located in Portage County, Wisconsin.
"It's exciting to see business development and economic growth in our neighboring state of Wisconsin," said Blake Nixon, President of National Grid Renewables. "Through our contract with Microsoft, we are providing Wisconsin residents direct and indirect revenue streams from Portage Solar. The project will not only benefit the local communities through the production of new tax revenue and job creation, but it also contributes a clean, sustainable energy solution for years to come."

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National Grid Renewables Signs Power Purchase Agreement with Microsoft For Its Portage Solar Project, A 250-Megawatt Development Located In Portage County, Wisconsin

The most oversold stocks in the utilities sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the <a href="https://www.benzinga.com/topic/rsi">RSI is below 30</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
<h3 class="wp-block-heading">National Grid plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGG#NYSE">NGG</a>)</h3>
<ul>
<li>On May 23, National Grid reported an equity raise of £7 billion and a year-over-year decrease in full-year revenue results. John Pettigrew, Chief Executive, said, "Alongside our new five-year financial framework, we are also today further evolving our strategy to focus on networks and will therefore be streamlining our business as we announce our intention to sell Grain LNG, our UK LNG asset, and National Grid Renewables, our US onshore renewables business." The company's stock fell around 22% over the past month and has a <a href="https://www.benzinga.com/quote/NGG">52-week low of $55.13</a>.</li>
<li>RSI Value: 28.78</li>
<li>NGG Price Action: Shares of National Grid fell 1.8% to close at $55.50 on Tuesday.</li>
<li><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent061224&amp;t=be2bearmibe3na1">Benzinga Pro's real-time newsfeed</a> alerted to latest National Grid&#8217;s news.</li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent061224&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="682" height="733" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/12042512/Screenshot-2024-06-12-at-1.55.06-PM.png" alt="" class="wp-image-383783" style="width:433px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/12042512/Screenshot-2024-06-12-at-1.55.06-PM.png 682w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/12042512/Screenshot-2024-06-12-at-1.55.06-PM-279x300.png 279w" sizes="(max-width: 682px) 100vw, 682px" /></a></figure>
<h3 class="wp-block-heading">Pure Cycle Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PCYO#NASDAQ">PCYO</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</h3>
<ul>
<li>On April 10, Pure Cycle posted an increase in quarterly sales. &#8220;Due to the continued success of our Sky Ranch Master Planned community, we have three phases of lot development now under construction accelerating the timing of delivering our lots to our home builder customers as well as lots for our single-family rental segment. As we complete final landscaping in Phase 2A, lot production through our seasonally slow winter months will see accelerated deliveries in the remaining half of our fiscal year with completion of approximately 211 lots in Phase 2B and substantial progress on our overlapping production of 228 lots in Phase 2C&#8221; commented Mark Harding, CEO of Pure Cycle. The company's stock fell around 4% over the past month. It <a href="https://www.benzinga.com/quote/PCYO">has a 52-week low</a> of $9.00.</li>
<li>RSI Value: 21.49</li>
<li>PCYO Price Action: Shares of Pure Cycle rose 0.9% to close at $9.23 on Tuesday.</li>
<li>Benzinga Pro's charting tool helped identify the <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent061224&amp;t=be2bearmibe3na1">trend in Pure Cycle's stock</a>.</li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent061224&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="686" height="747" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/12042722/Screenshot-2024-06-12-at-1.57.17-PM.png" alt="" class="wp-image-383785" style="width:490px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/12042722/Screenshot-2024-06-12-at-1.57.17-PM.png 686w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/12042722/Screenshot-2024-06-12-at-1.57.17-PM-276x300.png 276w" sizes="(max-width: 686px) 100vw, 686px" /></a></figure>
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Citigroup analyst Jenny Ping upgrades National Grid (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGG#NYSE">NGG</a>) from Neutral to Buy.

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Citigroup Upgrades National Grid to Buy

UK Prime Minister Rishi Sunak has called a general election <a href="https://www.benzinga.com/general/politics/24/05/38972328/uk-to-hold-snap-election-on-july-4-rishi-sunak-announces-surprising-decision">to be held on July 4.</a> If the polls are correct and recent council elections are anything to go by, the election could deliver a landslide victory to the Labour Party, currently the main opposition against Sunak&#8217;s Conservative Party.
How Does The UK Election System Work?
Unlike the college votes system in the U.S., the UK operates a more simple version of the first-past-the-post system.
The UK is politically divided into 650 constituencies, each represented by a member of parliament (MP) in Westminster, London.
On polling day, each person casts a single vote for one candidate on the ballot card. The candidate with the most votes wins that constituency. The political party that wins the most constituencies becomes the new ruling party, and its leader is sworn in by the King as prime minister.
Why Has An Election Been Called Now?
It&#8217;s a constitutional obligation to hold a general election in the U.K. every five years. Sunak could have waited until December to call the election for January 2025, but &#8211; in a surprise announcement on May 22 &#8211; he set the date for July 4.
Why didn&#8217;t he wait? He likely considered the benefits of hanging around were too few. The Conservatives have held power since David Cameron led the party to victory in the 2010 general election. Things were looking pretty stable for a while &#8211; there was cohesion in the party, the economy was on the up and the Conservative &#8211; and Cameron&#8217;s &#8211; mandate was renewed at the 2015 election.
However, a string of devisive events, including the Brexit referendum in 2016, the Conservative party&#8217;s difficulties in adopting Brexit-related policies and new trade terms, and the mishandling of the COVID-19 crisis, have resulted in the resignation of four prime ministers over the past six years.
And Sunak&#8217;s own position has been built on a less-than-stable foundation since he took the helm following Liz Truss&#8216; record short tenure as PM. The Conservative Party leadership has lost the trust of many of its MPs, with several now declaring they will not contest their seats on July 4.
He&#8217;s now throwing the dice, gambling that the Labour Party and its leader Keir Starmer are unprepared for a snap election.
What Happens In The Coming Weeks?
As the Electoral Commission springs into action to get polling cards sent to all registered voters and prepare voting locations and official vote counters, the political parties are putting the final details to their election manifestos.
In recent days Sunak&#8217;s team has unveiled its list of priority policies, including bringing back national service, reducing public health waiting lists and reduced taxation and spending &#8211; all aimed at its key 60+ demographic.
Starmer has hit the campaign trail with pledges to reform the health service, grow the economy and tighten up on border security. On taxation, Labour plans to crack down on tax-avoiders, but plans no rises in corporation or personal taxes.
Among the main differentiating factors is environmental&nbsp;policy. The Conservative Party has, over the past several months, backtracked on some of its environmental commitments.
Labour, however, remains committed to its green pledges, including clean power by 2030, the establishment of a new publicly-owned energy company and to increase windfall taxes on oil and gas producers.
Also Read: <a href="https://www.benzinga.com/news/24/05/38753595/uks-economy-exits-recession-with-0-6-gdp-growth-el-erian-calls-for-sustainable-growth">UK&#8217;s Economy Exits Recession With 0.6% GDP Growth: El-Erian Calls For Sustainable Growth</a>
How Have Markets Reacted?
And it&#8217;s these green energy pledges that have had the biggest impact on UK markets in the past few sessions.
Shares in National Grid Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGG#NYSE">NGG</a>), the UK energy distribution giant, have fallen 15% in two days after announcing a £7 billion ($8.94 billion) rights issue to help fund its green investment up to March 2029.
Meanwhile, fears that Labour could wholly or partially re-nationalize swathes of the utilities sector following its announcement of plans to create a new publicly-owned energy company sent shivers through water and energy stocks.
&#8220;Overall, we see most risk at the water companies, where we expect most rhetoric and a key political battle ground ahead of next election,&#8221; said Citi analysts in a note last week.
Water companies United Utilities (OTC:<a class="ticker" href="https://www.benzinga.com/stock/UUGRY#OTC">UUGRY</a>) and Severn Trent (OTC:<a class="ticker" href="https://www.benzinga.com/stock/STRNY#OTC">STRNY</a>) were down 7.9% and 7% respectively last week.
Since the May 22 announcement, the FTSE 100 index is down nearly 1%.
Among the U.S. stocks exposed to UK risk is Walgreens Boots Alliance (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>), whose shares have fallen 13% over the past week.
Boots is one of the biggest high street retailers in the UK and, although no specific policies have been announced that might affect the stock, investors appear cautious.
Since the announcement, the yield on the benchmark 10-year Gilt has risen 127 basis points, pushing prices lower, over concerns of increased government borrowing under a potential new Labour government.
Now Read: <a href="https://www.benzinga.com/markets/equities/24/05/39040957/us-home-prices-hit-all-time-highs-fastest-growth-rate-in-a-year-weve-witnessed-records-repeatedl">US Home Prices Hit All-Time Highs, Fastest Growth Rate In A Year: &#8216;We&#8217;ve Witnessed Records Repeatedly Break&#8217;</a>
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UK Election: How It Works And Which Markets Could Be Affected

These&nbsp;10&nbsp;large-cap stocks were the worst performers last week. Are they in your portfolio?
<ol>
<li>National Grid Transco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGG#NYSE">NGG</a>) decreased 17.1% after the company reported an equity raise of £7 billion and a year-over-year <a href="https://www.benzinga.com//node/38991860" target="_blank" rel="noreferrer noopener">decrease in full-year revenue results</a>. </li>
<li>James Hardie Industries Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JHX#NYSE">JHX</a>) shares declined 14.4% after the company reported <a href="https://www.benzinga.com//node/38929144" target="_blank" rel="noreferrer noopener">worse-than-expected Q4 financial results</a>.</li>
<li>KE Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEKE#NYSE">BEKE</a>) shares lost 14% in the last week after the company <a href="https://www.benzinga.com//node/38981059" target="_blank" rel="noreferrer noopener">reported Q1 financial results</a>.</li>
<li>JD.Com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) stock tumbled 13.70% after the company announced interim Q1 results and proposed an offering <a href="https://www.benzinga.com//node/38944001" target="_blank" rel="noreferrer noopener">of $1.5 billion convertible senior notes</a>.</li>
<li>XP Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XP#NASDAQ">XP</a>) shares dived 13.3% after the company reported <a href="https://www.benzinga.com//node/38950599" target="_blank" rel="noreferrer noopener">worse-than-expected Q1 EPS results</a>.</li>
<li>Nordson Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDSN#NASDAQ">NDSN</a>) stock decreased 12.3%  following mixed Q2 earnings and soft Q3 revenue guidance, and several <a href="https://www.benzinga.com//node/38966867" target="_blank" rel="noreferrer noopener">analysts slashed their forecasts</a>. </li>
<li>BeiGene, Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGNE#NASDAQ">BGNE</a>) shares were down 11.6%.</li>
<li>Lululemon Athletica Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NYSE">LULU</a>) shares lost 11.3% in the last week following the <a href="https://www.benzinga.com//node/38962335">announcement of chief product officer</a> Sun Choe resigning from his role. The company said it plans to implement organizational changes.</li>
<li>Walgreens Boots Alliance, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) stock dropped 10.80% following the <a href="https://www.benzinga.com//node/38975615">disclosure of its sale</a> of Cencora, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COR#NYSE">COR</a>) shares for $400 million and reduced its ownership stake from 13% to 12%.</li>
<li>Li Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) shares tumbled 10.40% after the company reported <a href="https://www.benzinga.com//node/38915754">worse-than-expected Q1 results</a> on Monday and issued Q2 outlook.</li>
</ol>
Also Read: <a href="https://www.benzinga.com/news/large-cap/24/05/39022913/moderna-was-among-the-best-performing-large-cap-stocks-last-week-may-20-may-26-2024-are-they-in-yo">Moderna Was Among The Best Performing Large-Cap Stocks Last Week: Are They In Your Portfolio?</a>
Image: Pedro Alvarez from Pixabay

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Lululemon Athletica Was Among The Worst-Performing Stocks Last Week (May 19-May 26, 2024): Are These 10 Large-Cap Stock Losers In Your Portfolio?

National Grid plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGG#NYSE">NGG</a>) shares are trading lower after the company reported an equity raise of&nbsp;£7 billion and a year-over-year decrease in full-year revenue&nbsp;<a target="_blank" href="https://otp.tools.investis.com/clients/uk/national_grid2/rns/regulatory-story.aspx?cid=374&amp;newsid=1823644" rel="noreferrer noopener">results</a>.&nbsp;
In its 2023/24 full-year, adjusted EPS increased 32%&nbsp;year over year&nbsp;to £0.84, and gross revenue declined 8%&nbsp;year over year&nbsp;to £19.850 billion.
Underlying operating profit rose 4% Y/Y to&nbsp;£4.8 billion&nbsp;(+6% Y/Y at constant currency), aided by growth in revenues in&nbsp;UK&nbsp;Electricity Transmission through the RIIO-T2 price control, non-recurrence of Western Link liquidated damages, and higher rates in&nbsp;New York&nbsp;and New England.
Dividend: The company disclosed a final dividend of&nbsp;39.12 pence, bringing the full-year dividend to&nbsp;58.52 pence, up&nbsp;5.55%&nbsp;and in line with policy.
Outlook: For 2024/25, the company expects underlying EPS to be broadly in line with 2023/24 EPS once this has&nbsp;been adjusted&nbsp;by the number of bonus shares&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">issued as part of the rights issue</a>.
Investment: The company plans to invest&nbsp;£60 billion (around $75 billion) in the U.S. and U.K. over the next five&nbsp;<a target="_blank" href="https://otp.tools.investis.com/clients/uk/national_grid2/rns/regulatory-story.aspx?cid=374&amp;newsid=1823644" rel="noreferrer noopener">years</a>.
In New York, National Grid is investing around $21 billion between now and 2029, <a href="https://www.benzinga.com//node/38981778">per the company&#8217;s statement.</a>
The investment&nbsp;is expected&nbsp;to deliver annual group asset growth of around 10%,&nbsp;and 6%-8% underlying EPS CAGR from a 2024/25 baseline to 2028/29, assuming an exchange rate of £1:$1.25.&nbsp;&nbsp;
This&nbsp;is projected&nbsp;to be led by a comprehensive financing plan that includes a&nbsp;£7 billion&nbsp;equity raise.
John Pettigrew, Chief Executive, said, &#8220;Alongside our new five-year financial framework, we are also today further evolving our strategy to focus on networks and will therefore be streamlining our business as we announce our intention to sell Grain LNG, our&nbsp;UK&nbsp;LNG asset, and National Grid Renewables, our US onshore renewables business.&#8221;
Investors can gain exposure to the stock via&nbsp;Invesco International&nbsp;Dividend Achievers ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PID#NASDAQ">PID</a>) and&nbsp;Trust For&nbsp;Professional Managers ActivePassive International Equity ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APIE#NYSE">APIE</a>).
Price Action: NGG shares are down 14.11% at $61.83 at the last check Thursday.
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Why UK's National Grid Shares Are Diving Today

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National Grid shares are trading lower after the company reported a year-over-year decrease in FY24 revenue results. The company plans to invest an estimated $75 billion in the US and UK over the next five years.

National Grid Transco Expects EPS CAGR 6%-8% From 2024/25 Baseline Through 2028/29 Assuming Exchange Rate Of  £1:$1.25

National Grid Transco Expects 2024/25 Underlying EPS Broadly In Line With 2023/24 EPS One This Has Been Adjusted By Number Of Bonus Shares Issued As Part Of Rights Issue

National Grid Transco FY24 Adj. EPS £0.84 Up From £0.638 YoY; Revenue £19.850M Down From £21.69M YoY

General

National Grid shares are trading lower. The company announced it plans to invest an estimated $75 billion in the US and UK over the next five years.

U.S. stock futures were higher this morning, with the Nasdaq futures gaining around 150 points on Thursday.
Shares of V.F. Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>) fell sharply in today's pre-market trading following worse-than-expected <a href="https://www.benzinga.com/news/earnings/24/05/38974358/vans-the-north-face-parent-v-f-corporation-shares-drop-after-worse-than-expected-q4-results">fourth-quarter financial results.</a>
VF Corp. reported quarterly losses of 32 cents per share which missed the analyst consensus estimate of earnings of 1 cent per share. Quarterly sales came in at $2.37 billion which missed the analyst consensus estimate of $2.41 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
The company appointed Paul Vogel as CFO, effective July 8, 2024.
V.F. Corporation shares tumbled 15.2% to $10.46 in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
<ul>
<li>Cytokinetics, Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYTK#NASDAQ">CYTK</a>) shares dipped 14.7% to $50.55 in pre-market trading. Cytokinetics priced its public offering of 9,803,922 common stock at $51 per share.</li>
<li>Solowin Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWIN#NASDAQ">SWIN</a>) shares fell 8.7% to $36.01 in pre-market trading after gaining around 5% on Wednesday.</li>
<li>National Grid plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGG#NYSE">NGG</a>) shares fell 8.3% to $66.05 in pre-market trading.</li>
<li>Live Nation Entertainment, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYV#NYSE">LYV</a>) shares declined 6.3% to $95.01 in pre-market trading. The U.S. Department of Justice will announce antitrust action against Live Nation as soon as Thursday, according to Washington Post.</li>
<li>GLOBALFOUNDRIES Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GFS#NASDAQ">GFS</a>) shares fell 6.3% to $51.75 in pre-market trading. GlobalFoundries announced pricing of $950 million secondary offering of ordinary shares, including concurrent $200 million share repurchase.</li>
<li>Bloom Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BE#NYSE">BE</a>) shares fell 5.8% to $16.00 in pre-market trading after the company announced a private offering of $250 million green convertible senior notes due 2029 to qualified institutional buyers.</li>
<li>NetEase, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTES#NASDAQ">NTES</a>) shares fell 4.6% to $93.85 in pre-market trading after the company reported worse-than-expected first-quarter revenue.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/earnings/24/05/38978558/bjs-wholesale-club-likely-to-report-lower-q1-earnings-here-are-the-recent-forecast-changes-from-wal">BJ&#8217;s Wholesale Club Likely To Report Lower Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street&#8217;s Most Accurate Analysts</a>
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>

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VF Corp Posts Weak Q4 Results, Joins NetEase, Cytokinetics And Other Big Stocks Moving Lower In Thursday's Pre-Market Session

Exane BNP Paribas analyst Harry Wyburd upgrades National Grid (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGG#NYSE">NGG</a>) from Underperform to Outperform.

Exane BNP Paribas Upgrades National Grid to Outperform

On Friday, the&nbsp;New York State Energy Research and Development Authority&nbsp;(NYSERDA)&nbsp;reportedly disclosed receiving bids from several energy companies, such as&nbsp;Equinor ASA&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQNR#NYSE">EQNR</a>) and&nbsp;National Grid PLC&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGG#NYSE">NGG</a>), for supplying power from three offshore wind projects in its expedited fourth solicitation.
The bid will allow developers to exit old contracts and re-offer projects at higher prices, reported Reuters.
Equinor&#8217;s spokesperson told Reuters, if the contract is awarded, &#8220;construction at South Brooklyn Marine Terminal is expected to begin in the first half of this year, first power is expected in 2026.&#8221;&nbsp;
The company projects the commercial operation date to be in 2027.
As per the report, the New York solicitation came after a difficult phase in 2023 when several developers canceled old contracts to sell offshore wind power in states such as Massachusetts, Connecticut, and New Jersey due to escalating inflation, mounting interest rates, and supply chain challenges.
As offshore wind development is crucial for meeting national and state clean energy targets, New York and other states allowed developers to cancel old contracts and rebid at higher levels.
Last Thursday, Equinor secured full ownership of Empire Wind and South Brooklyn Marine Terminal lease, aligning with New York&#8217;s clean energy goals. The cash-neutral deal with&nbsp;BP PLC&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) allowed Equinor to pursue NY&#8217;s offshore ambitions while&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/01/36799247/wind-of-change-energy-giants-equinor-bp-give-offshore-wind-power-project-deal-a-second-chance" rel="noreferrer noopener">BP took charge of Beacon Wind projects</a>.
Following the deal signing, Equinor submitted a bid for the Empire Wind 1 project in New York&#8217;s fourth offshore wind solicitation round and said that it has also been agreed with the NYSERDA to terminate the Offshore Wind Renewable Energy Certificate (OREC) Purchase and Sale Agreement for the Beacon Wind 1 project.&nbsp;
Price Action: EQNR shares are trading lower by 0.34% at $29.08 premarket on the last check Monday.&nbsp;&nbsp;
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Equinor And National Grid Compete For Offshore Wind Dominance In NY's Clean Energy Drive: Report

As of Dec. 12, 2023, five stocks in the utilities sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#39;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#39;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi"> RSI is above 70</a>, according to <a href="https://pro.benzinga.com/"> Benzinga Pro</a>.
Here&rsquo;s the latest list of major overbought players in this sector.
<h3>Genie Energy Ltd. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gne#NYSE">GNE</a>)</h3>
<ul>
<li>On Nov. 6, Genie Energy reported a year-over-year increase in third-quarter revenue results and raised FY23 adjusted EBITDA guidance. Michael Stein, chief executive officer of Genie Energy, commented, &quot;Our third quarter results were highlighted by record quarterly revenue and the strong bottom-line performance of our domestic energy supply business.&quot; The company&rsquo;s stock jumped around 14% over the past month and has a <a href="https://www.benzinga.com/quote/GNE">52-week high of $27.33 </a>.</li>
<li>RSI Value: 74.02</li>
<li>GNE Price Action: Shares of Genie Energy gained 3.1% to close at $27.32 on Monday.</li>
</ul>
<h3>DTE Energy Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dte#NYSE">DTE</a>)</h3>
<ul>
<li>On Nov. 1, DTE Energy reported worse-than-expected Q3 earnings results and lowered FY23 operating EPS guidance below estimates. &ldquo;This year we were faced with unprecedented headwinds which impacted our 2023 operating EPS guidance, but through the incredible work of our highly engaged team, DTE continues to be in a good position to offset the majority of the challenges and continue to deliver for our customers, our community and our investors,&rdquo; Jerry Norcia, DTE Energy Chairman and CEO, said. The company&rsquo;s stock gained around 13% over the past month and <a href="https://www.benzinga.com/quote/DTE"> has a 52-week high </a> of $122.41.</li>
<li>RSI Value: 75.23</li>
<li>DTE Price Action: Shares of DTE Energy gained 1.4% to close at $110.09 on Monday.</li>
</ul>
<h3>ALLETE, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ale#NYSE">ALE</a>)</h3>
<ul>
<li>Allete is reportedly exploring selling the company after registering a 2% year-over-year decline in sales in the last reported quarter. The company&rsquo;s stock jumped around 9% over the past five days and has a <a href="https://www.benzinga.com/quote/ALE"> 52-week high </a> of $66.93.</li>
<li>RSI Value: 73.46</li>
<li>ALE Price Action: Shares of ALLETE fell 0.2% to close at $61.20 on Monday.</li>
</ul>
<h3>National Grid plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ngg#NYSE">NGG</a>)</h3>
<ul>
<li>On Nov. 9, National Grid posted a decline in H1 EPS. The company&rsquo;s stock gained around 11% over the past month and has a 52-week high is $74.48.</li>
<li>RSI Value: 72.24</li>
<li>NGG Price Action: Shares of National Grid gained 0.4% to close at $67.77 on Monday.</li>
</ul>
<h3>Duke Energy Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/duk#NYSE">DUK</a>)</h3>
<ul>
<li>On Nov. 2, Duke Energy posted upbeat third-quarter earnings. The company&rsquo;s stock jumped around 10% over the past month and <a href="https://www.benzinga.com/quote/DUK"> has a 52-week high </a> of $106.43.</li>
<li>RSI Value: 76.18</li>
<li>DUK Price Action: Shares of Duke Energy gained 1% to close at $95.36 on Monday.</li>
</ul>
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Read More: <a href="https://www.benzinga.com/news/earnings/23/12/36171134/how-to-earn-500-a-month-from-vail-resorts-stock-after-q1-earnings-report"> How To Earn $500 A Month From Vail Resorts Stock After Q1 Earnings Report </a>

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National Grid (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGG#NYSE">NGG</a>) reported quarterly earnings of $0.33 per share. This is a 13.16 percent decrease over earnings of $0.38 per share from the same period last year. The company reported $7.02 billion in sales this quarter. This is a 36.88 percent decrease over sales of $11.12 billion the same period last year.

National Grid H1 Adj. EPS $0.33 Down From $0.38 YoY, Underlying Sales $7.02B Down From $11.12B YoY

In the current market session, National Grid Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGG#NYSE">NGG</a>) stock price is at $59.83, after a 0.08% drop. However, over the past month, the company's stock increased by 3.96%, and in the past year, by 8.78%. Shareholders might be interested in knowing whether the stock is overvalued, even if the company is not performing up to par in the current session. 

<img src="https://www.benzinga.com/files/images/story/2023/1698686116_0.png" alt="Past Year Chart" />

<h3>Comparing National Grid P/E Against Its Peers</h3>
The P/E ratio measures the current share price to the company's EPS. It is used by long-term investors to analyze the company's current performance against it's past earnings, historical data and aggregate market data for the industry or the indices, such as S&amp;P 500. A higher P/E indicates that investors expect the company to perform better in the future, and the stock is probably overvalued, but not necessarily. It also could indicate that investors are willing to pay a higher share price currently, because they expect the company to perform better in the upcoming quarters. This leads investors to also remain optimistic about rising dividends in the future. 
Compared to the aggregate P/E ratio of the 19.84 in the Multi-Utilities industry, National Grid Inc. has a lower P/E ratio of 13.41. Shareholders might be inclined to think that the stock might perform worse than it's industry peers. It's also possible that the stock is undervalued. 

<img src="https://www.benzinga.com/files/images/story/2023/1698686116_1.png" alt="Guage" />

In conclusion, the price-to-earnings ratio is a useful metric for analyzing a company's market performance, but it has its limitations. While a lower P/E can indicate that a company is undervalued, it can also suggest that shareholders do not expect future growth. Additionally, the P/E ratio should not be used in isolation, as other factors such as industry trends and business cycles can also impact a company's stock price. Therefore, investors should use the P/E ratio in conjunction with other financial metrics and qualitative analysis to make informed investment decisions.

Intraday Update

P/E Ratio Insights for National Grid

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In a report released today, Jenny Ping from Citi maintained a Buy rating on National Grid (NG – Research Report). The company's shares closed yeste...

National Grid (NG) Gets a Buy from Citi

RBC Capital analyst Alexander Wheeler maintained a Buy rating on National Grid (NG – Research Report) today and set a price target of £11.25. The c...

RBC Capital Keeps Their Buy Rating on National Grid (NG)

J.P. Morgan analyst Pavan Mahbubani maintained a Buy rating on National Grid (NG – Research Report) today and set a price target of £12.00. The com...

National Grid (NG) Receives a Buy from J.P. Morgan

In a report released today, Robert Pulleyn from Morgan Stanley maintained a Buy rating on National Grid (NG – Research Report), with a price target...

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Commodities

Press Releases

National Grid Hosts Student "Takeover" Ahead of International Day of the Girl

National Grid Submits Comprehensive Performance Investment Plan as Part of Rate Review to Build a Smarter, Stronger, Cleaner, and More Equitable Energy Future

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National Grid Earns Top Score on 2023-2024 Corporate Equality Index for Commitment to LGBTQ+ Inclusion

National Grid Announces the Upstate Upgrade; Multi-year Initiative Will Improve Grid Resilience, Deliver Significant Benefits for Customers, Local Economies

National Grid Opens Applications for DEI Engineering Scholarship and Internship Program

National Grid Commits to Investing $35 Billion in New York & Massachusetts to Meet Decarbonization Goals and Build a Stronger, Cleaner Grid

Fourth Annual National Grid Project C Week of Service Celebrates Company's Commitment to Its Communities

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