Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) Shares Gap Up – Still a Buy?

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) gapped up before the market opened on Wednesday . The stock had previously closed at $27.17, but opened at $28.10. Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) shares last traded at $27.2340, with a volume of 25,649 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “hold (c-)” rating on shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in a report on Monday, December 29th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $36.00.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) Trading Down 3.6%

The business has a fifty day moving average of $28.30 and a 200-day moving average of $26.39. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.86 and a current ratio of 1.04. The company has a market capitalization of $1.19 billion, a P/E ratio of 6.14 and a beta of 1.77.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Jump Financial LLC bought a new stake in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) during the second quarter worth about $320,000. Jane Street Group LLC bought a new position in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in the 2nd quarter valued at about $455,000. BNP Paribas Financial Markets boosted its stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 634.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 277,104 shares of the utilities provider’s stock valued at $7,340,000 after purchasing an additional 239,379 shares during the last quarter. Tidal Investments LLC increased its holdings in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 28.9% during the 2nd quarter. Tidal Investments LLC now owns 18,496 shares of the utilities provider’s stock worth $490,000 after purchasing an additional 4,152 shares in the last quarter. Finally, Ping Capital Management Inc. increased its holdings in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 83.9% during the 3rd quarter. Ping Capital Management Inc. now owns 50,400 shares of the utilities provider’s stock worth $784,000 after purchasing an additional 23,000 shares in the last quarter. 1.64% of the stock is currently owned by institutional investors and hedge funds.

About Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor)

Empresa Distribuidora y Comercializadora Norte SA (Edenor) is Argentina’s largest electricity distribution company by customer base and network extension. Established in 1992 as part of the country’s energy sector privatization, Edenor holds the exclusive concession to distribute and sell electricity in the northern and northwestern areas of Greater Buenos Aires. The company’s shares are listed on the New York Stock Exchange under the ticker symbol EDN, reflecting its role as a key participant in Argentina’s regulated power market.

Edenor’s primary business activity is the purchase of high-voltage electricity from generators and its subsequent transformation, distribution and retail sale to end users.