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

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $26.99, but opened at $28.16. Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) shares last traded at $28.1650, with a volume of 6,276 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have recently commented on EDN. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in a research report on Friday, March 27th. Wall Street Zen upgraded shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) from a “sell” rating to a “hold” rating in a report on Sunday, March 22nd. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $36.00.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) Stock Down 3.8%

The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.91 and a current ratio of 1.07. The stock’s 50-day moving average price is $27.95 and its two-hundred day moving average price is $28.49. The stock has a market capitalization of $1.19 billion, a PE ratio of 6.16 and a beta of 1.71.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) last posted its quarterly earnings data on Sunday, February 15th. The utilities provider reported $0.80 EPS for the quarter. Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) had a net margin of 8.10% and a return on equity of 11.40%. The business had revenue of $525.20 million for the quarter.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in EDN. BNP Paribas Financial Markets grew its stake in shares of 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 acquiring an additional 239,379 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 51.9% in the 4th 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 stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 83.9% in 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. Jane Street Group LLC purchased a new stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) during the 2nd quarter valued at about $455,000. Finally, State of Wisconsin Investment Board bought a new stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) during the 4th quarter valued at about $473,000. 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.