Enel Chile (NYSE:ENIC) Stock Crosses Below 200-Day Moving Average - What's Next?

Key Points

• Enel Chile shares fell below their 200-day moving average of $4.33, trading as low as $4.22 before last changing hands at $4.2650.
• Analyst sentiment is cautious: the stock has an average “Hold” rating and a consensus price target of $4.65, with five analysts rating it Hold.
• Enel Chile reported quarterly EPS of $0.08 on $1.07 billion in revenue, while institutional investors own 3.20% of the company and several recently increased or initiated positions.

Enel Chile S.A. (NYSE:ENIC - Get Free Report)'s stock price crossed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $4.33 and traded as low as $4.22. Enel Chile shares last traded at $4.2650, with a volume of 508,467 shares changing hands.

Wall Street Analysts Forecast Growth

ENIC has been the topic of a number of recent analyst reports. Itau BBA Securities cut Enel Chile to a "market perform" rating in a research report on Friday, July 10th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Enel Chile in a research report on Thursday, October 15th. Finally, Bank of America started coverage on shares of Enel Chile in a research note on Thursday, October 15th. They set a "neutral" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Enel Chile currently has an average rating of "Hold" and an average target price of $4.65.

Enel Chile Stock Down 1.7%

The business's 50 day moving average is $4.37 and its 200-day moving average is $4.33. The firm has a market capitalization of $5.90 billion, a P/E ratio of 10.16 and a beta of 1.02.

Enel Chile (NYSE:ENIC - Get Free Report) last announced its quarterly earnings data on Tuesday, June 30th. The utilities provider reported $0.08 EPS for the quarter. Enel Chile had a net margin of 12.30% and a return on equity of 10.20%. The business had revenue of $1.07 billion during the quarter. Research analysts forecast that Enel Chile S.A. will post 0.48 EPS for the current fiscal year.

Hedge Funds Weigh In On Enel Chile

Institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio bought a new position in Enel Chile during the second quarter worth $886,000. Amundi bought a new stake in Enel Chile during the first quarter valued at $443,000. Bank of America Corp DE boosted its position in Enel Chile by 872.6% during the first quarter. Bank of America Corp DE now owns 117,225 shares of the utilities provider's stock valued at $462,000 after acquiring an additional 105,172 shares during the last quarter. Royal Bank of Canada boosted its position in Enel Chile by 12.0% during the first quarter. Royal Bank of Canada now owns 654,043 shares of the utilities provider's stock valued at $2,577,000 after acquiring an additional 70,000 shares during the last quarter. Finally, Raiffeisen Bank International AG grew its holdings in Enel Chile by 14.5% during the 2nd quarter. Raiffeisen Bank International AG now owns 523,800 shares of the utilities provider's stock worth $2,326,000 after acquiring an additional 66,300 shares during the period. Institutional investors and hedge funds own 3.20% of the company's stock.

Enel Chile Company Profile

Enel Chile SA is a Chilean electricity company and part of the global Enel Group. The company operates across the power sector, with activities that include electricity generation, distribution and the development of renewable-energy projects.

Through its generation businesses, including Enel Generación Chile and Enel Green Power Chile, Enel Chile produces electricity from a diversified mix of sources such as hydropower, solar, wind and thermal generation. Its renewable-energy operations support the development and operation of utility-scale clean-energy facilities in Chile.

Enel Chile also provides electricity distribution services through Enel Distribución Chile, serving residential, commercial and industrial customers in the Santiago metropolitan area and surrounding locations.

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