Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) Sees Large Volume Increase – Here’s Why

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) shares saw unusually-high trading volume on Wednesday . Approximately 564,786 shares were traded during mid-day trading, an increase of 323% from the previous session’s volume of 133,484 shares.The stock last traded at $25.1070 and had previously closed at $24.46.

Analyst Upgrades and Downgrades

EDN has been the topic of a number of research reports. Wall Street Zen upgraded Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) from a “sell” rating to a “hold” rating in a research note on Sunday, March 22nd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in a research note on Friday, March 27th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $36.00.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) Trading Down 4.0%

The company has a debt-to-equity ratio of 0.32, a current ratio of 1.07 and a quick ratio of 0.91. The firm has a market cap of $1.06 billion, a PE ratio of 5.49 and a beta of 1.45. The company’s 50 day moving average price is $27.43 and its 200 day moving average price is $29.02.

Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (NYSE:EDN) last announced its earnings results on Sunday, February 15th. The utilities provider reported $0.80 earnings per share for the quarter. The firm had revenue of $525.20 million for the quarter. Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) had a net margin of 8.10% and a return on equity of 11.40%.

Institutional Trading of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor)

Hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp boosted its holdings in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 54.8% in the fourth quarter. Van ECK Associates Corp now owns 1,037 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 367 shares during the period. Wells Fargo & Company MN grew its stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) by 55.6% during the 4th quarter. Wells Fargo & Company MN now owns 1,556 shares of the utilities provider’s stock worth $47,000 after purchasing an additional 556 shares in the last quarter. Jump Financial LLC purchased a new stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) during the 2nd quarter worth about $320,000. Millennium Management LLC acquired a new stake in Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in the 4th quarter valued at about $366,000. Finally, Jane Street Group LLC purchased a new position in shares of Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) in the 4th quarter valued at about $468,000. 1.64% of the stock is currently owned by institutional investors and hedge funds.

About Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor)

Empresa Distribuidora y Comercializadora Norte SA (Edenor) is Argentina’s largest electricity distribution company by customer base and network extension. Established in 1992 as part of the country’s energy sector privatization, Edenor holds the exclusive concession to distribute and sell electricity in the northern and northwestern areas of Greater Buenos Aires. The company’s shares are listed on the New York Stock Exchange under the ticker symbol EDN, reflecting its role as a key participant in Argentina’s regulated power market.

Edenor’s primary business activity is the purchase of high-voltage electricity from generators and its subsequent transformation, distribution and retail sale to end users.