Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) Sees Large Volume Increase - Still a Buy?

Key Points

• Shares of Edenor (NYSE:EDN) experienced a large intraday volume spike of 323% to 564,786 shares, last trading at $25.11 versus a prior close of $24.46.
• Analyst sentiment is a consensus Hold with an average price target of $36.00 after recent ratings changes.
• Edenor has a market cap of $1.16 billion, a low P/E of 5.98 and reported quarterly EPS of $0.80 on $525.2 million in revenue, though its 50- and 200-day moving averages ($27.52 and $28.93) sit above the current share price and institutional ownership is just 1.64%.

Shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN - Get Free Report) saw strong trading volume on Wednesday . 564,786 shares traded hands during mid-day trading, an increase of 323% from the previous session's volume of 133,484 shares.The stock last traded at $25.1070 and had previously closed at $24.46.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Wall Street Zen raised Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) from a "sell" rating to a "hold" rating in a research report on Sunday, March 22nd. Weiss Ratings reissued a "hold (c-)" rating on shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in a report on Friday, March 27th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock 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 firm has a fifty day moving average price of $27.52 and a two-hundred day moving average price of $28.93. The stock has a market capitalization of $1.16 billion, a P/E ratio of 5.98 and a beta of 1.45. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.91 and a current ratio of 1.07.

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

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

Several large investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp boosted its position in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 54.8% in the fourth quarter. Van ECK Associates Corp now owns 1,037 shares of the utilities provider's stock worth $31,000 after purchasing an additional 367 shares during the period. Wells Fargo & Company MN increased its stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 55.6% in the 4th quarter. Wells Fargo & Company MN now owns 1,556 shares of the utilities provider's stock worth $47,000 after buying an additional 556 shares in the last quarter. Jump Financial LLC purchased a new stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in the 2nd quarter worth $320,000. Millennium Management LLC purchased a new stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in the 4th quarter worth $366,000. Finally, Jane Street Group LLC purchased a new stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in the 2nd quarter worth $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.

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