National Grid [LSE: NG / NYSE: NGG] Share Price Gains 1.33% Ahead of Full Year Results as Analysts Back the Stock

National Grid plc [LSE: NG / NYSE: NGG] climbed 1.33% during Tuesday’s session, with the utility giant trading at a price-to-earnings ratio of approximately 15.6 times as investors positioned themselves ahead of the company’s full year fiscal 2026 results, scheduled for release on May 14.

The move came as broader market attention returned to utility stocks amid elevated energy prices driven by the ongoing closure of the Strait of Hormuz, which has kept oil above $100 per barrel and reinforced the strategic importance of regulated energy infrastructure.

National Grid issued a pre-close update in recent weeks confirming that its full year performance is in line with management expectations and consistent with guidance provided at the half-year results in November 2025.

The only notable deviation from prior guidance was a small one-off impact: a net effect of approximately 1 penny per share on underlying earnings per share, reflecting customer refund charges tied to a March 19 FERC judgment on New England Transmission, slightly higher than expected US storm costs, and a partial offset from lower finance charges.

The company delivered a strong first-half performance, with underlying operating profit rising 13% to £2.3 billion and underlying earnings per share growing 6% to 29.8 pence, alongside a record £5.1 billion of capital investment in the six-month period, up 12% year-on-year.

National Grid’s £60 billion five-year capital investment plan remains on track, with all six Wave 1 Accelerated Strategic Transmission Investment projects under construction in the UK and significant supply chain contracting secured to support the next phase of deployment.

Analyst sentiment is broadly positive but nuanced, with JPMorgan maintaining a Buy rating at a price target of 1,440 pence on the London-listed shares, Deutsche Bank maintaining a Buy rating, and Bernstein also holding a Buy, while UBS remains an outlier with a Sell rating and Citi recently raised its target to 1,253 pence from 1,149 pence.

Goldman Sachs downgraded the stock to Neutral in March, citing valuation concerns after a strong run, and Morningstar’s analysts have noted the company is trading at a meaningful premium to their estimated fair value, though they describe the shares as attractive relative to regulated infrastructure peers.

The stock has risen approximately 12% since the start of 2026, outperforming the broader FTSE 100, as investors have been drawn to the combination of regulated earnings visibility, a substantial infrastructure investment pipeline underpinned by energy transition tailwinds, and a dividend yield of around 4.15% on the ADR.

A full presentation and analyst Q&A with CEO Zoë Yujnovich and CFO Andy Agg is scheduled for 3 p.m. BST on May 14, with investors watching closely for full-year underlying EPS guidance, an updated view on the US regulatory environment following the FERC judgment, and any commentary on the timing and progress of the company’s ambitious UK grid upgrade programme.