Empresa Distribuidora y Cmrz Nrt (EDN) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research downgraded shares of Empresa Distribuidora y Cmrz Nrt (NYSE:EDN) from a hold rating to a sell rating in a research report sent to investors on Friday.

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. “

A number of other analysts have also weighed in on the company. TheStreet upgraded Empresa Distribuidora y Cmrz Nrt from a d+ rating to a c rating in a report on Tuesday, November 13th. ValuEngine upgraded Empresa Distribuidora y Cmrz Nrt from a sell rating to a hold rating in a report on Thursday, November 15th. Finally, Bank of America lowered Empresa Distribuidora y Cmrz Nrt from a neutral rating to an underperform rating in a report on Friday, September 14th. Two analysts have rated the stock with a sell rating and two have given a hold rating to the stock. The company currently has an average rating of Hold and an average target price of $36.75.

Empresa Distribuidora y Cmrz Nrt stock traded down $0.25 during mid-day trading on Friday, reaching $26.75. 84,884 shares of the company were exchanged, compared to its average volume of 77,885. The company has a debt-to-equity ratio of 3.90, a quick ratio of 0.88 and a current ratio of 0.92. Empresa Distribuidora y Cmrz Nrt has a 12-month low of $19.05 and a 12-month high of $63.29.

Empresa Distribuidora y Cmrz Nrt (NYSE:EDN) last posted its earnings results on Tuesday, November 13th. The utilities provider reported $0.64 earnings per share for the quarter. The company had revenue of $450.14 million during the quarter. Empresa Distribuidora y Cmrz Nrt had a return on equity of 112.26% and a net margin of 5.09%. On average, equities analysts forecast that Empresa Distribuidora y Cmrz Nrt will post 1.86 EPS for the current fiscal year.

Several hedge funds have recently modified their holdings of EDN. Newfoundland Capital Management increased its position in shares of Empresa Distribuidora y Cmrz Nrt by 45.6% during the third quarter. Newfoundland Capital Management now owns 1,888,336 shares of the utilities provider’s stock worth $47,208,000 after purchasing an additional 591,065 shares in the last quarter. Sagil Capital LLP acquired a new position in shares of Empresa Distribuidora y Cmrz Nrt during the third quarter worth $2,268,000. Millennium Management LLC increased its position in shares of Empresa Distribuidora y Cmrz Nrt by 198.1% during the second quarter. Millennium Management LLC now owns 102,133 shares of the utilities provider’s stock worth $3,318,000 after purchasing an additional 67,871 shares in the last quarter. Man Group plc acquired a new position in shares of Empresa Distribuidora y Cmrz Nrt during the third quarter worth $1,190,000. Finally, Credit Suisse AG increased its position in shares of Empresa Distribuidora y Cmrz Nrt by 86.3% during the third quarter. Credit Suisse AG now owns 54,172 shares of the utilities provider’s stock worth $1,354,000 after purchasing an additional 25,094 shares in the last quarter. 7.30% of the stock is currently owned by institutional investors and hedge funds.

Empresa Distribuidora y Cmrz Nrt Company Profile

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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