Empresa Distribuidora y Cmrz Nrt (EDN) Upgraded at Zacks Investment Research

Empresa Distribuidora y Cmrz Nrt (NYSE:EDN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Zacks.com reports. The firm presently has a $19.00 price target on the utilities provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 9.26% from the company’s current price.

According to Zacks, “EMPRESA DISTRIBUIDORA Y COMERCIALIZADORA NORTE S.A. (Edenor) is the largest electricity distribution company in Argentina in terms of number of customers and electricity sold (both in GWh and Pesos). Through a concession, Edenor distributes electricity exclusively to the northwestern zone of the greater Buenos Aires metropolitan area and the northern part of the city of Buenos Aires, which has a population of approximately 7 million people and an area of 4,637 sq. km. “

Several other analysts have also recently weighed in on EDN. ValuEngine cut Empresa Distribuidora y Cmrz Nrt from a “hold” rating to a “sell” rating in a report on Tuesday, February 19th. Santander cut Empresa Distribuidora y Cmrz Nrt from a “hold” rating to an “underperform” rating in a report on Tuesday, February 26th. Three equities research analysts have rated the stock with a sell rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $22.75.

NYSE:EDN traded up $0.39 during mid-day trading on Thursday, hitting $17.39. 210,461 shares of the stock were exchanged, compared to its average volume of 64,839. The stock has a market cap of $815.36 million, a P/E ratio of 5.07 and a beta of 0.68. The company has a current ratio of 0.30, a quick ratio of 0.27 and a debt-to-equity ratio of 0.23. Empresa Distribuidora y Cmrz Nrt has a fifty-two week low of $15.37 and a fifty-two week high of $57.00.

Empresa Distribuidora y Cmrz Nrt (NYSE:EDN) last released its quarterly earnings results on Friday, March 22nd. The utilities provider reported $1.34 earnings per share for the quarter. The business had revenue of $572.60 million during the quarter. Empresa Distribuidora y Cmrz Nrt had a return on equity of 44.37% and a net margin of 7.51%. As a group, sell-side analysts forecast that Empresa Distribuidora y Cmrz Nrt will post 3.41 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in EDN. Credit Suisse AG raised its holdings in Empresa Distribuidora y Cmrz Nrt by 86.3% in the 3rd quarter. Credit Suisse AG now owns 54,172 shares of the utilities provider’s stock valued at $1,354,000 after acquiring an additional 25,094 shares in the last quarter. Man Group plc acquired a new position in Empresa Distribuidora y Cmrz Nrt in the 3rd quarter valued at $1,190,000. Legal & General Group Plc acquired a new position in Empresa Distribuidora y Cmrz Nrt in the 3rd quarter valued at $129,000. Marshall Wace LLP acquired a new position in Empresa Distribuidora y Cmrz Nrt in the 3rd quarter valued at $507,000. Finally, Eaton Vance Management raised its holdings in Empresa Distribuidora y Cmrz Nrt by 33.7% in the 4th quarter. Eaton Vance Management now owns 16,275 shares of the utilities provider’s stock valued at $440,000 after acquiring an additional 4,100 shares in the last quarter. 7.39% of the stock is owned by institutional investors and hedge funds.

About Empresa Distribuidora y Cmrz Nrt

Empresa Distribuidora y Comercializadora Norte Sociedad Anónima, a public service company, engages in the distribution and sale of electricity in Argentina. It serves approximately 8.5 million people in the northwestern part of the greater Buenos Aires metropolitan area and the northern part of the City of Buenos Aires through the concession of 4,637 square kilometers.

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