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

Zacks Investment Research cut shares of Empresa Distribuidora y Cmrz Nrt (NYSE:EDN) from a buy rating to a hold rating in a research note published on Tuesday morning, Zacks.com reports.

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 issued reports on EDN. ValuEngine lowered Empresa Distribuidora y Cmrz Nrt from a hold rating to a sell rating in a report on Tuesday, February 19th. Santander lowered Empresa Distribuidora y Cmrz Nrt from a hold rating to an underperform rating in a report on Tuesday, February 26th. Three research analysts have rated the stock with a sell rating and one has assigned a buy rating to the stock. Empresa Distribuidora y Cmrz Nrt presently has an average rating of Hold and an average price target of $22.75.

Shares of NYSE:EDN opened at $18.07 on Tuesday. The firm has a market cap of $818.99 million, a PE ratio of 5.27 and a beta of 0.60. Empresa Distribuidora y Cmrz Nrt has a one year low of $15.37 and a one year high of $52.83. 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 (NYSE:EDN) last released its 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 return on equity of 44.37% and a net margin of 7.51%. On average, equities research analysts expect that Empresa Distribuidora y Cmrz Nrt will post 3.41 EPS for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in EDN. Credit Suisse AG increased its stake in shares of 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 acquiring an additional 25,094 shares during the last quarter. Man Group plc acquired a new position in shares of Empresa Distribuidora y Cmrz Nrt in the third quarter worth $1,190,000. Marshall Wace LLP acquired a new position in shares of Empresa Distribuidora y Cmrz Nrt in the third quarter worth $507,000. Eaton Vance Management increased its stake in shares of Empresa Distribuidora y Cmrz Nrt by 33.7% in the fourth quarter. Eaton Vance Management now owns 16,275 shares of the utilities provider’s stock worth $440,000 after acquiring an additional 4,100 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in shares of 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 acquiring an additional 10,984 shares during the last quarter. Institutional investors own 7.39% 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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