Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) Shares Up 5.3% – Here’s Why

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN)’s stock price rose 5.3% during trading on Thursday . The company traded as high as $28.05 and last traded at $28.5490. Approximately 33,053 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 104,202 shares. The stock had previously closed at $27.10.

Analysts Set New Price Targets

A number of research firms have recently issued reports on EDN. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in a report on Monday, December 29th. Wall Street Zen downgraded Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) from a “hold” rating to a “sell” rating in a research report on Saturday, March 14th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $36.00.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) Stock Performance

The company has a debt-to-equity ratio of 0.32, a current ratio of 1.07 and a quick ratio of 0.91. The company has a 50 day simple moving average of $28.06 and a 200-day simple moving average of $26.55. The firm has a market cap of $1.28 billion, a PE ratio of 6.61 and a beta of 1.77.

Institutional Investors Weigh In On Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor)

A number of institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets grew its holdings in shares of 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. Goldman Sachs Group Inc. lifted its stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 51.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 80,414 shares of the utilities provider’s stock worth $2,409,000 after purchasing an additional 27,486 shares during the last quarter. Ping Capital Management Inc. boosted its position in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 4.0% during the fourth quarter. Ping Capital Management Inc. now owns 52,400 shares of the utilities provider’s stock valued at $1,570,000 after buying an additional 2,000 shares during the period. Tidal Investments LLC boosted its position in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 28.9% during the second quarter. Tidal Investments LLC now owns 18,496 shares of the utilities provider’s stock valued at $490,000 after buying an additional 4,152 shares during the period. Finally, Jane Street Group LLC bought a new position in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) during the second quarter valued at about $455,000. Hedge funds and other institutional investors own 1.64% of the company’s stock.

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.