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NGG · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is National Grid PLC (NGG) stock moving?
National Grid reported a strong first half on Nov 5, with adjusted EPS of $2.45 against $2.00 a year earlier and sales of $10.941B against $9.499B. Management said capital investment rose by about one-third and committed £70 billion over five years to UK and US Northeast networks. JPMorgan lifted its target to 1380p and BofA reiterated Buy with an improved FY27 outlook. The stock spiked to an intraday high of 87.39 on Nov 5 on heavy volume of about 1.82M shares, then reversed to 83.15 on Nov 6 despite the upgrades. Since then it has traded in a tight 83–84.5 band on falling volume, with about 0.97M shares on Nov 10. The 82.5–83 area has held as support, and 85–87 is the resistance zone tested after results. The dividend, Teesside substation and interconnector news add supportive asset-specific detail but no new price catalyst.
News behind the analysis
- National Grid H1 Adj. EPS $2.45 Up From $2.00 YoY, Sales $10.941B Up From $9.499B YoYHalf-year adjusted EPS rose to $2.45 from $2.00 and sales rose to $10.941B from $9.499B year over year.
- National Grid Reports Fiscal H1 Earnings and Revenue GrowthNational Grid reported higher underlying earnings and revenue for the first half of the fiscal year, and shares rose before the bell.
- JPMorgan Chase Raises National Grid Price Target Following H1 ResultsJPMorgan raised its price target to 1380 pence from 1310 pence and kept an 'Overweight' rating.
- BofA Maintains 'Buy' Rating on National Grid Following Fiscal H1 Performance and Outlook UpgradeBank of America reiterated its 'Buy' rating, citing strong first-half execution and an improved outlook for fiscal 2027.
- National Grid Declares 2026/27 Interim DividendThe board declared an interim dividend of 16.97p per ordinary share for the 2026/27 fiscal year.
- National Grid Acquires Land in Teesside for New SubstationNational Grid bought over 70 acres in Teesside to build a substation intended to power a planned AI data center.
- National Grid plc Plans Up to £400 Million Investment in UK-France Electricity InterconnectorNational Grid plans to invest up to £400 million in a UK-France electricity interconnector project.
- National Grid Named Winner of 2026 Fortnightly Top Innovators AwardsNational Grid was recognized as a winner of the 2026 Fortnightly Top Innovators Awards for utility industry innovation.
About National Grid PLC
National Grid is a British energy-infrastructure company that owns and runs electricity and gas transmission and distribution networks in the UK and the US Northeast (New York and New England); NGG is its US-listed ADR. Unlike most utilities, it mostly moves power and gas rather than generating them. It is in the middle of a very large build-out, with plans to invest at least £70 billion over the five years from 2026/27 to expand and modernise its grids.
How it makes money
Most of its money comes from regulated fees that it charges for using its networks. UK regulator Ofgem and US state and federal regulators set the returns it can earn on its asset base. In the half-year to September 2026, total revenue was roughly £8.1 billion. About two-thirds came from distribution (mainly its New York and New England utilities and UK electricity distribution) and about a third from transmission (mainly UK electricity transmission). A smaller unit, National Grid Ventures, owns interconnectors and other businesses. The company has sold its Grain LNG and National Grid Renewables businesses to focus on its core networks. For the year to March 2026, underlying earnings per share were about 78p and the dividend was about 48.5p, a rise roughly in line with UK inflation.
What usually moves NGG
- UK and US regulatory rate decisions and allowed returns
- Interest rates and bond yields
- Capital spending plans, rising debt and funding needs
- Dividend policy and UK inflation
- British pound vs US dollar exchange rate