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 share price gapped up prior to trading on Friday . The stock had previously closed at $34.20, but opened at $35.59. Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) shares last traded at $35.1450, with a volume of 18,851 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on EDN. Morgan Stanley restated an “equal weight” rating and issued a $36.00 price objective on shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in a research report on Wednesday, August 20th. Wall Street Zen downgraded shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) from a “buy” rating to a “hold” rating in a report on Saturday, August 16th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in a report on Monday. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $36.00.

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

The firm has a market capitalization of $1.57 billion, a PE ratio of 8.30 and a beta of 1.81. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.04 and a quick ratio of 0.86. The business’s 50 day moving average is $26.05 and its two-hundred day moving average is $26.22.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) last issued its quarterly earnings results on Friday, November 7th. The utilities provider reported $0.67 EPS for the quarter. The firm had revenue of $536.96 million for the quarter. Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) had a net margin of 7.82% and a return on equity of 11.33%. As a group, research analysts anticipate that Empresa Distribuidora Y Comercializadora Norte S.A. will post 1.38 EPS for the current year.

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

Hedge funds have recently added to or reduced their stakes in the company. Ping Capital Management Inc. raised its holdings in shares of 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 valued at $784,000 after buying an additional 23,000 shares in the last quarter. Tidal Investments LLC boosted its stake 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 in the last quarter. BNP Paribas Financial Markets grew its position in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 634.5% during the second 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 during the last quarter. Jane Street Group LLC purchased a new position in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) during the second quarter worth approximately $455,000. Finally, Jump Financial LLC bought a new stake in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in the 2nd quarter worth approximately $320,000. Institutional investors own 1.64% of the company’s stock.

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

Empresa Distribuidora y Comercializadora Norte Sociedad Anónima is involved in the distribution and sale of electricity in Argentina. The company was incorporated in 1992 and is based in Buenos Aires, Argentina. Empresa Distribuidora y Comercializadora Norte Sociedad Anónima operates as a subsidiary of Empresa de Energía del Cono Sur SA.