Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) Trading 9.9% Higher – Here’s Why

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) shares were up 9.9% on Thursday . The company traded as high as $28.27 and last traded at $28.4960. Approximately 24,196 shares traded hands during trading, a decline of 83% from the average daily volume of 142,661 shares. The stock had previously closed at $25.93.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on EDN shares. Wall Street Zen raised shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) from a “sell” rating to a “hold” rating in a research note on Sunday, March 22nd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in a research note on Friday, March 27th. Finally, Zacks Research raised shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) to a “hold” rating in a research note on Thursday, May 14th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $36.00.

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

The company has a quick ratio of 1.00, a current ratio of 1.19 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $1.28 billion, a PE ratio of 5.24 and a beta of 1.44. The firm’s fifty day simple moving average is $26.48 and its 200-day simple moving average is $28.38.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) last issued its earnings results on Sunday, February 15th. The utilities provider reported $0.80 earnings per share (EPS) for the quarter. The business had revenue of $525.20 million during the quarter. Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) had a net margin of 10.25% and a return on equity of 13.79%. On average, research analysts forecast that Empresa Distribuidora Y Comercializadora Norte S.A. will post 0.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of EDN. Jump Financial LLC purchased a new position in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in the second quarter worth about $320,000. Jane Street Group LLC purchased a new position in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in the second quarter worth about $455,000. BNP Paribas Financial Markets raised its holdings in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 634.5% in the second quarter. BNP Paribas Financial Markets now owns 277,104 shares of the utilities provider’s stock worth $7,340,000 after buying an additional 239,379 shares during the last quarter. Tidal Investments LLC raised its holdings in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 28.9% in the second quarter. Tidal Investments LLC now owns 18,496 shares of the utilities provider’s stock worth $490,000 after buying an additional 4,152 shares during the last quarter. Finally, Ping Capital Management Inc. raised its holdings in shares of 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 purchasing an additional 2,000 shares during the last quarter. 1.64% of the stock is owned by hedge funds and other institutional investors.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) Company Profile

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.