Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) Trading Up 10.6% - Here's What Happened

Key Points

• Edenor's stock price increased by 10.6% on Thursday, reaching a high of $17.90 and closing at $18.16, with trading volume up 72% compared to its average.
• Analysts have downgraded Edenor's stock rating, with Wall Street Zen lowering it to "hold" and Weiss Ratings maintaining a "sell" rating, while Morgan Stanley set a target price of $36.00.
• The company reported earnings of $1.85 per share for the last quarter and had a net margin of 11.55% and return on equity of 18.04%.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN - Get Free Report)'s share price was up 10.6% on Thursday . The stock traded as high as $17.90 and last traded at $18.16. Approximately 269,641 shares were traded during trading, an increase of 72% from the average daily volume of 156,334 shares. The stock had previously closed at $16.42.

Analysts Set New Price Targets

Several analysts have recently weighed in on EDN shares. Wall Street Zen lowered shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) from a "buy" rating to a "hold" rating in a research report on Saturday, August 16th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in a research report on Wednesday. Finally, Morgan Stanley reiterated an "equal weight" rating and set a $36.00 target price on shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in a research report on Wednesday, August 20th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Reduce" and an average price target of $36.00.

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

The stock has a market capitalization of $824.82 million, a price-to-earnings ratio of 2.91 and a beta of 1.53. The company has a quick ratio of 0.82, a current ratio of 0.99 and a debt-to-equity ratio of 0.22. The stock's 50-day simple moving average is $21.24 and its 200 day simple moving average is $26.91.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN - Get Free Report) last announced its earnings results on Monday, August 11th. The utilities provider reported $1.85 earnings per share (EPS) for the quarter. Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) had a net margin of 11.55% and a return on equity of 18.04%. The company had revenue of $543.69 million for the quarter. Analysts expect that Empresa Distribuidora Y Comercializadora Norte S.A. will post 1.38 earnings per share for the current fiscal year.

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

A number of institutional investors and hedge funds have recently modified their holdings of EDN. Advisors Preferred LLC bought a new stake in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) during the first quarter worth approximately $103,000. Jump Financial LLC bought a new stake in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) during the second quarter worth approximately $320,000. Bank of America Corp DE raised its stake in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 135.4% during the fourth quarter. Bank of America Corp DE now owns 7,481 shares of the utilities provider's stock worth $321,000 after buying an additional 4,303 shares during the last quarter. Walleye Capital LLC bought a new stake in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) during the first quarter worth approximately $373,000. Finally, Two Sigma Investments LP bought a new stake in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) during the fourth quarter worth approximately $386,000. 1.64% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.