Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) Stock Price Up 5.3% – Still a Buy?

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

Wall Street Analysts Forecast Growth

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

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

The stock has a market capitalization of $1.28 billion, a PE ratio of 6.61 and a beta of 1.77. The business’s 50-day moving average price is $28.06 and its 200 day moving average price is $26.55. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.91 and a current ratio of 1.07.

Hedge Funds Weigh In On Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor)

A number of institutional investors have recently added to or reduced their stakes in EDN. BNP Paribas Financial Markets raised its holdings in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 634.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 277,104 shares of the utilities provider’s stock valued at $7,340,000 after acquiring an additional 239,379 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of 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. increased its position in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 83.9% in the third 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 during the last quarter. Jane Street Group LLC purchased a new stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in the second quarter valued at approximately $455,000. Finally, State of Wisconsin Investment Board bought a new stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) during the fourth quarter valued at approximately $473,000. 1.64% of the stock is currently owned by institutional investors.

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.