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 Tuesday, Zacks.com reports. The firm currently has a $20.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 15.34% 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. “

EDN has been the subject of a number of other research reports. Santander lowered shares of Empresa Distribuidora y Cmrz Nrt from a “hold” rating to an “underperform” rating in a research report on Tuesday, February 26th. ValuEngine lowered shares of Empresa Distribuidora y Cmrz Nrt from a “hold” rating to a “sell” rating in a research report on Tuesday, February 19th. Three research analysts have rated the stock with a sell rating and one has given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $23.25.

EDN stock traded down $0.33 during mid-day trading on Tuesday, reaching $17.34. 39,658 shares of the stock traded hands, compared to its average volume of 57,849. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.30 and a quick ratio of 0.27. Empresa Distribuidora y Cmrz Nrt has a 52 week low of $17.06 and a 52 week high of $59.46. The stock has a market capitalization of $788.62 million, a price-to-earnings ratio of 5.06 and a beta of 0.68.

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 (EPS) for the quarter. The company had revenue of $572.60 million during the quarter. Empresa Distribuidora y Cmrz Nrt had a net margin of 7.51% and a return on equity of 44.37%. Equities analysts expect that Empresa Distribuidora y Cmrz Nrt will post 3.41 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in EDN. Man Group plc acquired a new position in shares of Empresa Distribuidora y Cmrz Nrt during the third quarter valued at about $1,190,000. Credit Suisse AG raised its position in Empresa Distribuidora y Cmrz Nrt by 86.3% in 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. Mirae Asset Global Investments Co. Ltd. acquired a new position in Empresa Distribuidora y Cmrz Nrt in the third quarter worth about $580,000. Marshall Wace LLP acquired a new position in Empresa Distribuidora y Cmrz Nrt in the third quarter worth about $507,000. Finally, Legal & General Group Plc raised its position in Empresa Distribuidora y Cmrz Nrt by 213.2% in the fourth quarter. Legal & General Group Plc now owns 16,136 shares of the utilities provider’s stock worth $437,000 after purchasing an additional 10,984 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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