National Grid (LON: NG.) Sees BlackRock Lift Stake to 8.17% as Shares Stabilise After BNP Paribas Downgrade

National Grid plc (LON: NG.) is back in focus on 26 November 2025 as BlackRock increases its stake to 8.17%, shares consolidate around £11 after a BNP Paribas Exane downgrade, and the FTSE 100 utility leans into a £60bn investment plan under new CEO Zoë Yujnovich.

BlackRock has increased its total interest in National Grid to 8.17% of voting rights (around 406.6 million voting rights), up from 8.12%. ^[1]
Shares are trading a little above £11 today, roughly 5% below their 52‑week high but still about 13% higher over 12 months. ^[2]
Earlier this week BNP Paribas Exane cut its rating to Underperform and trimmed its ADR price target from $83 to $70, triggering a sharp sell‑off on 24 November. ^[3]
Recent half‑year results showed a 17% jump in statutory operating profit to £1.53bn and a 12% rise in capital investment to £5.05bn, with guidance reaffirmed for 6–8% EPS growth and around £60bn of capex over five years. ^[4]
New CEO Zoë Yujnovich officially took over on 17 November 2025, inheriting a balance of strong regulated growth prospects and elevated capex and debt. ^[5]
National Grid’s dividend yield is about 4.1%, with an interim dividend of 16.35p per share (ex‑dividend 20 November) due to be paid on 13 January 2026. ^[6]

BlackRock quietly tops up its National Grid stake

The headline development investors are digesting today is a fresh “Holding(s) in Company” notice from National Grid confirming that BlackRock, Inc. has increased its position in the FTSE 100 utility.

According to the TR‑1 notification filed with the London Stock Exchange and mirrored in a U.S. Form 6‑K, BlackRock’s total interest in National Grid’s voting ordinary shares rose to 8.17% as of 24 November 2025, equivalent to 406,584,816 voting rights. That breaks down as: ^[7]

7.32% held directly in shares (about 363.4 million voting rights)
0.85% via financial instruments, including American Depositary Receipts, securities lending and cash‑settled CFDs

Previously, BlackRock had disclosed a total interest of 8.12%, with a smaller direct shareholding and a larger derivative component. ^[8]

The change is incremental in percentage terms, but it is still a notable signal from one of the world’s largest asset managers:

It confirms continued institutional demand for National Grid stock even after a strong run over the past year. ^[9]
The shift towards a higher proportion of directly held shares can be read as slightly stronger “ownership conviction” versus exposure held mostly through derivatives.

TipRanks’ automated coverage of the filing highlights the 8.17% stake and notes that the most recent analyst rating on the U.S. ADR (NGG) is Buy with a $84 price target, implying upside from current levels. ^[10] That contrasts with the more cautious stance taken this week by BNP Paribas Exane (see below), underlining the diversity of opinion on valuation.

Share price today: calm after a volatile Monday

London‑listed NG. around £11, off recent highs

As of trading on 26 November 2025, National Grid’s London‑listed shares (ticker NG.) are changing hands a little above 1,120p, only marginally lower on the day and broadly in line with Tuesday’s close. Recent data show: ^[11]

25 Nov 2025 close: 1,123.5p
Today’s intraday range: roughly 1,117.5p–1,124p so far
52‑week range: 909.8p to 1,183.5p
12‑month performance: about +13%

That leaves the stock trading around 5% below its 52‑week high reached on 6 November, shortly after the half‑year numbers were published. ^[12]

Monday’s sell‑off after BNP Paribas Exane downgrade

The relatively muted session today follows a much more dramatic move on Monday 24 November, when BNP Paribas Exane cut its recommendation on National Grid to Underperform from Outperform, slashing its ADR price target from $83 to $70. ^[13]

According to market reports:

London shares fell about 2% on Monday, closing around £11.16, with trading volume around 15.7 million shares, well above the 50‑day average of roughly 9.9 million. ^[14]
The New York‑listed ADR (NGG) dropped by over 6% on 24 November, from $15.56 to $14.57 in one session, according to OTC price data. ^[15]

Sector round‑ups of energy stocks noted National Grid as a notable decliner following the downgrade, contributing to weakness in utilities. ^[16]

Consensus still points to modest upside

Despite the high‑profile downgrade, the broader analyst consensus remains constructive. MarketScreener’s aggregation of 15 analysts shows: ^[17]

Mean consensus: Outperform
Average target price: 1,180p
Last close used in the model: around 1,124p
Implied upside: roughly 5%
Target range from 1,070p (low) to 1,300p (high)

In other words, BNP Paribas Exane is now at the bearish end of the spectrum, but the centre of gravity among brokers still leans towards moderate upside and a supportive income profile.

Fundamentals: strong half‑year, record capex and resilient earnings

The share‑price debate is ultimately anchored in National Grid’s latest half‑year results for the six months to 30 September 2025, released on 6 November.

Profit growth and heavier investment

Across statutory and underlying measures, the company delivered solid growth: ^[18]

Statutory operating profit: up 17% year‑on‑year to £1,526m
Underlying operating profit (constant currency): up 13% to £2,292m
Capital investment: up 12% to £5,052m
Underlying EPS: up 6% to 29.8p
Interim dividend: increased 3% to 16.35p per share

Performance was driven by:

Higher UK electricity transmission revenues, particularly as spending ramps on large infrastructure projects. ^[19]
Stronger contributions from New York and New England, where new rate cases, capital trackers and storm cost recovery helped offset cost pressures. ^[20]
A step‑up in capital investment across UK and U.S. grids, especially on Accelerated Strategic Transmission Investment (ASTI) projects and digital upgrades like smart meters and FLISR automation. ^[21]

National Grid has now clearly entered a “build‑out” phase: £5.05bn invested in just half a year, with management reaffirming plans to invest about £60bn between 2024/25 and 2028/29, implying high‑single‑digit asset base growth over the period. ^[22]

Portfolio reshaping: renewables sale and LNG exit

The half‑year update also underscored a continuing shift towards regulated networks:

Completion of the sale of National Grid Renewables, the U.S. onshore renewables business, to Brookfield and partners for around $2.1bn in cash. ^[23]
Agreement to sell the Grain LNG terminal to a Centrica and Energy Capital Partners consortium for approximately £1.66bn, expected to close later in 2025. ^[24]

Taken together, these moves tilt the portfolio further toward regulated electricity and gas networks, which typically offer more predictable returns but require heavy, ongoing capex.

Operational highlights: from ASTI to drones

On the ground, National Grid is progressing a host of projects:

Construction continues on all six Wave 1 ASTI projects in the UK, including the Eastern Green Links 1 and 2 subsea HVDC links. ^[25]
The company has energised new sections of the London Power Tunnels 2 project, enhancing capacity and resilience around the capital. ^[26]
In the U.S., the Smart Path Connect transmission upgrade in upstate New York is nearing energisation, with hundreds of towers already installed. ^[27]

More recently, Reuters reported that National Grid will shortly begin a series of drone flights along the proposed Norwich–Tilbury route, supporting visual surveys and engagement for a major new transmission corridor in eastern England. ^[28]

This combination of traditional pylons and modern technology – from HVDC links to drones – shows how capital is being deployed to accommodate the UK’s energy transition and surging data‑centre demand.

Dividend profile: ~4.1% yield and an upcoming January payout

For income‑focused investors, National Grid’s dividend remains a key part of the story.

The company has declared an interim dividend of 16.35p per share, consistent with its progressive dividend policy. ^[29]
The ex‑dividend date was 20 November 2025, with payment scheduled for 13 January 2026. ^[30]
Based on the current share price, the trailing dividend yield is around 4.1–4.2% on both the London share and the U.S. ADR. ^[31]

That yield is comfortably above the utilities sector median, and management continues to guide for underlying EPS growth of 6–8% per year, supporting expectations of gradually rising dividends over the medium term as long as regulatory frameworks remain supportive. ^[32]

Leadership transition: Zoë Yujnovich’s first weeks as CEO

A crucial backdrop to today’s news is the leadership change at the top of National Grid.

Former CEO John Pettigrew delivered his final set of results on 6 November and stepped down on 16 November after nearly a decade in the role. ^[33]
Zoë Yujnovich, a former senior Shell executive, joined as Chief Executive Designate on 1 September and became Chief Executive Officer on 17 November 2025. ^[34]

Yujnovich brings deep experience from capital‑intensive, regulated and politically sensitive energy businesses. External commentary has highlighted her background managing large upstream and gas portfolios at Shell and the expectation that she will maintain continuity on the £60bn investment plan while sharpening the focus on execution and stakeholder engagement. ^[35]

With this in mind, BlackRock’s incremental top‑up can also be read as an early sign of confidence in the new leadership team’s ability to deliver that ambitious plan without eroding the balance sheet or dividend story.

How today’s news fits the bigger picture for investors

Putting all of this together, here’s how the 26 November 2025 backdrop looks for National Grid shareholders and watchers:

Ownership support looks strong
- BlackRock’s holding has crept up to 8.17%, reinforcing the presence of a long‑term, global asset manager at the top of the register. ^[36]
Valuation is no longer cheap, but not extreme
- The shares sit near the upper end of their 12‑month range and roughly 5% below all‑time highs, yet consensus target prices still imply modest upside and an attractive 4%+ yield. ^[37]
BNP Paribas Exane’s downgrade has reset expectations
- The cut to Underperform and a $70 ADR target pulls the average opinion slightly more cautious and reminds investors that rising rates, high capex and regulatory risk can all pressure returns if execution slips. ^[38]
Operational performance and guidance remain reassuringly solid
- A double‑digit increase in operating profit, record half‑year investment and reaffirmed medium‑term EPS growth guidance all suggest the infrastructure build‑out is on track and earnings are keeping pace. ^[39]
Strategic and regulatory milestones loom large in 2026
- Key watchpoints include final RIIO‑T3 determinations for UK transmission, completion of the Grain LNG sale, progress on major U.S. grid upgrades and how Yujnovich sets out her strategic priorities once she has a full quarter under her belt. ^[40]

What to watch next

For readers following National Grid into the next few months, here are the main catalysts likely to matter for the share price and the investment case:

Regulatory decisions
- Final RIIO‑T3 outcomes in the UK will crystallise allowed returns and capex envelopes for the next price‑control period and could nudge valuation up or down depending on how generous Ofgem is judged to be. ^[41]
Delivery of the £60bn capex plan
- Any delays, cost overruns or supply‑chain issues on ASTI, interconnectors or U.S. mega‑projects could weigh on sentiment, while smooth execution would strengthen the “regulated growth” story. ^[42]
Balance sheet and credit ratings
- Net debt already sits around £42bn, and management has signalled regulatory gearing drifting towards the mid‑60s before trending back down. Rating‑agency actions will be watched closely as financing needs stay high. ^[43]
Dividend policy through the next cycle
- With yields above 4% and inflation easing, the sustainability of real dividend growth will be a key test of management’s capital allocation discipline. ^[44]
First major strategy statements from Zoë Yujnovich
- Investors will be keen to hear how the new CEO prioritises UK versus U.S. growth, digital and grid‑edge investments, and possible further portfolio simplification.

Important: This article is for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Always do your own research or consult a regulated financial adviser before making investment decisions.