Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) Sees Large Volume Increase - What's Next?

Key Points

• EDN trading volume rose 45% to approximately 176,413 shares, while the stock traded near $20.70, up 0.4% from its prior close.
• Weiss Ratings downgraded Edenor from “hold” to “sell”; with one Hold and one Sell rating, analysts’ consensus view is “Reduce.”
• Edenor significantly exceeded quarterly expectations, reporting $0.64 in EPS versus a projected $0.17 loss and revenue of $618.97 million versus estimates of $217.79 million. Engineers Gate Manager LP also initiated a roughly $265,000 position, though institutional ownership remains low at 1.64%.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN - Get Free Report) shares saw unusually-strong trading volume on Tuesday. Approximately 176,413 shares were traded during mid-day trading, an increase of 45% from the previous session's volume of 121,820 shares. The stock last traded at $20.7040 and had previously closed at $20.47.

Wall Street Analysts Forecast Growth

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

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) Trading Up 0.4%

The firm's 50-day simple moving average is $22.99 and its 200 day simple moving average is $25.14. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.46 and a quick ratio of 1.28. The firm has a market capitalization of $929.70 million, a price-to-earnings ratio of 4.90 and a beta of 1.35.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The utilities provider reported $0.64 EPS for the quarter, topping analysts' consensus estimates of ($0.17) by $0.81. Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) had a net margin of 7.46% and a return on equity of 10.31%. The company had revenue of $618.97 million for the quarter, compared to analyst estimates of $217.79 million. Equities analysts expect that Empresa Distribuidora Y Comercializadora Norte S.A. will post 0.17 earnings per share for the current year.

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

A hedge fund recently bought a new stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) stock. Engineers Gate Manager LP purchased a new position in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,620 shares of the utilities provider's stock, valued at approximately $265,000. Hedge funds and other institutional investors own 1.64% of the company's stock.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) Company Profile

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 the distribution network serving the northern and northwestern areas of the Buenos Aires metropolitan region, including parts of the City of Buenos Aires and surrounding municipalities in Buenos Aires Province.

Edenor's activities include receiving electricity from the transmission system, delivering it through medium- and low-voltage networks, and providing related services such as customer connections, metering, billing, network maintenance and outage response.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.