Empresa Distribuidora y Cmrz Nrt (NYSE:EDN) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Empresa Distribuidora y Cmrz Nrt (NYSE:EDN) from a hold rating to a buy rating in a report issued on Monday, Zacks.com reports. The firm currently has $6.75 price target on the utilities provider’s stock.

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. “

Separately, ValuEngine upgraded shares of Empresa Distribuidora y Cmrz Nrt from a hold rating to a buy rating in a research note on Wednesday, October 2nd.

Shares of EDN stock traded up $0.13 during trading on Monday, reaching $5.55. 71 shares of the company’s stock traded hands, compared to its average volume of 105,029. The company has a market capitalization of $257.87 million, a P/E ratio of 1.62 and a beta of 0.92. The company has a current ratio of 0.88, a quick ratio of 0.80 and a debt-to-equity ratio of 0.19. The firm’s 50-day moving average is $5.72 and its 200 day moving average is $9.00. Empresa Distribuidora y Cmrz Nrt has a 1 year low of $4.16 and a 1 year high of $30.03.

Empresa Distribuidora y Cmrz Nrt (NYSE:EDN) last announced its quarterly earnings results on Wednesday, November 13th. The utilities provider reported $0.12 EPS for the quarter. The company had revenue of $489.69 million for the quarter. Empresa Distribuidora y Cmrz Nrt had a net margin of 16.49% and a return on equity of 29.74%. As a group, sell-side analysts predict that Empresa Distribuidora y Cmrz Nrt will post 4.93 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio purchased a new stake in Empresa Distribuidora y Cmrz Nrt in the 2nd quarter worth approximately $104,000. Morgan Stanley boosted its holdings in Empresa Distribuidora y Cmrz Nrt by 264.3% in the 2nd quarter. Morgan Stanley now owns 23,585 shares of the utilities provider’s stock valued at $428,000 after purchasing an additional 17,111 shares during the period. Banco Santander S.A. purchased a new position in shares of Empresa Distribuidora y Cmrz Nrt during the 3rd quarter valued at $194,000. Northern Trust Corp purchased a new position in shares of Empresa Distribuidora y Cmrz Nrt during the 2nd quarter valued at $574,000. Finally, State Street Corp increased its holdings in shares of Empresa Distribuidora y Cmrz Nrt by 11.7% in the third quarter. State Street Corp now owns 56,300 shares of the utilities provider’s stock worth $396,000 after purchasing an additional 5,900 shares during the period. Institutional investors own 6.23% of the company’s stock.

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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