Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) Sees Significant Decline in Short Interest

Key Points

• Short interest in Edenor fell 44.4% to 383,164 shares as of October 15, representing 0.8% of shares outstanding and 1.6 days to cover.
• Analyst sentiment remains cautious: Weiss Ratings downgraded the stock to “sell,” while the two-analyst consensus rating is “Reduce.”
• EDN shares traded at $15.67, near their 52-week low of $15.55 and well below the 50-day and 200-day moving averages, despite the company reporting quarterly earnings of $0.64 per share versus a $0.17 loss estimate.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN - Get Free Report) was the recipient of a large decline in short interest during the month of October. As of October 15th, there was short interest totaling 383,164 shares, a decline of 44.4% from the September 30th total of 689,099 shares. Currently, 0.8% of the company's stock are short sold. Based on an average daily volume of 233,213 shares, the days-to-cover ratio is currently 1.6 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, August 14th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) currently has a consensus rating of "Reduce".

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) stock. Militia Capital Management LLC purchased a new position in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,902 shares of the utilities provider's stock, valued at approximately $447,000. 1.64% of the stock is currently owned by institutional investors.

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

Shares of NYSE:EDN traded down $0.99 during trading on Friday, reaching $15.67. 118,472 shares of the company traded hands, compared to its average volume of 193,135. The company's 50 day moving average is $21.59 and its two-hundred day moving average is $25.38. Empresa Distribuidora Y Comercializadora Norte S.A. has a 52 week low of $15.55 and a 52 week high of $36.70. The company has a quick ratio of 1.28, a current ratio of 1.46 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $709.05 million, a PE ratio of 3.74 and a beta of 1.35.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The utilities provider reported $0.64 earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.81. The business had revenue of $618.97 million for the quarter, compared to analyst estimates of $217.79 million. Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) had a return on equity of 10.31% and a net margin of 7.46%. As a group, sell-side analysts predict that Empresa Distribuidora Y Comercializadora Norte S.A. will post 0.17 earnings per share for the current year.

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

Empresa Distribuidora y Comercializadora Norte SA, commonly known as Edenor, is an Argentine electric utility that distributes electricity to residential, commercial and industrial customers. The company operates and maintains the low-, medium- and high-voltage distribution network, manages customer connections and metering, and provides related billing and customer-support services.

Edenor serves the northern and northwestern areas of the Buenos Aires metropolitan region, including portions of the Autonomous City of Buenos Aires and surrounding municipalities in Buenos Aires Province.

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