Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) Shares Gap Up - Here's What Happened

Key Points

• Shares of Empresa Distribuidora y Comercializadora Norte (NYSE:EDN) gapped up, opening at $28.16 versus a $26.99 close with about 6,276 shares traded and trading roughly in line with its 50- and 200-day moving averages (~$28.05 and $28.42).
• Analyst sentiment has improved recently—Wall Street Zen upgraded EDN from "sell" to "hold" and the consensus price target is $36.00, implying notable upside from current levels.
• Edenor has a market cap of $1.26 billion and a PE ratio of 6.50; last quarter it reported $0.80 EPS on $525.2 million revenue with an 11.4% ROE and an 8.1% net margin.

Shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN - Get Free Report) 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 trading hands.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on EDN shares. Wall Street Zen raised Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) from a "sell" rating to a "hold" rating in a report on Sunday, March 22nd. Weiss Ratings reiterated a "hold (c-)" rating on shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in a research report on Friday, March 27th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $36.00.

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

The firm has a market cap of $1.26 billion, a PE ratio of 6.50 and a beta of 1.71. The company has a quick ratio of 0.91, a current ratio of 1.07 and a debt-to-equity ratio of 0.32. The firm has a 50-day moving average price of $28.05 and a two-hundred day moving average price of $28.42.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN - Get Free Report) last posted its earnings results on Sunday, February 15th. The utilities provider reported $0.80 earnings per share (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 during the quarter.

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

Several hedge funds have recently bought and sold shares of EDN. BNP Paribas Financial Markets grew its stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 634.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 277,104 shares of the utilities provider's stock worth $7,340,000 after purchasing an additional 239,379 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 51.9% during 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 in the last quarter. Ping Capital Management Inc. grew its stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 4.0% during the 4th quarter. Ping Capital Management Inc. now owns 52,400 shares of the utilities provider's stock worth $1,570,000 after purchasing an additional 2,000 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 28.9% during the 2nd quarter. Tidal Investments LLC now owns 18,496 shares of the utilities provider's stock worth $490,000 after acquiring an additional 4,152 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) during the 2nd quarter worth about $455,000. Institutional investors and hedge funds 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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