Zacks Investment Research Upgrades Empresa Distribuidora y Cmrz Nrt (EDN) to “Buy”

Empresa Distribuidora y Cmrz Nrt (NYSE:EDN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research 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 target price points to a potential upside of 12.87% from the company’s previous close.

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. “

Other analysts have also recently issued reports about the company. ValuEngine cut Empresa Distribuidora y Cmrz Nrt from a “hold” rating to a “sell” rating in a report on Tuesday, February 19th. Santander cut Empresa Distribuidora y Cmrz Nrt from a “hold” rating to an “underperform” rating in a report on Tuesday, February 26th. Three equities research analysts have rated the stock with a sell rating and one has assigned a hold rating to the company’s stock. Empresa Distribuidora y Cmrz Nrt has an average rating of “Sell” and an average target price of $23.25.

EDN opened at $17.72 on Tuesday. The company has a quick ratio of 0.27, a current ratio of 0.30 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $785.85 million, a PE ratio of 5.17 and a beta of 0.68. Empresa Distribuidora y Cmrz Nrt has a 12 month low of $17.06 and a 12 month high of $57.91.

Empresa Distribuidora y Cmrz Nrt (NYSE:EDN) last posted its quarterly earnings results on Friday, March 22nd. The utilities provider reported $1.34 EPS for the quarter. The business 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%. As a group, research analysts forecast that Empresa Distribuidora y Cmrz Nrt will post 3.41 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EDN. Man Group plc purchased a new position in Empresa Distribuidora y Cmrz Nrt in the 3rd quarter valued at approximately $1,190,000. Credit Suisse AG increased its stake in Empresa Distribuidora y Cmrz Nrt by 86.3% in the 3rd quarter. Credit Suisse AG now owns 54,172 shares of the utilities provider’s stock valued at $1,354,000 after purchasing an additional 25,094 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Empresa Distribuidora y Cmrz Nrt in the 3rd quarter valued at approximately $580,000. Marshall Wace LLP purchased a new position in Empresa Distribuidora y Cmrz Nrt in the 3rd quarter valued at approximately $507,000. Finally, Legal & General Group Plc increased its stake in Empresa Distribuidora y Cmrz Nrt by 213.2% in the 4th quarter. Legal & General Group Plc now owns 16,136 shares of the utilities provider’s stock valued at $437,000 after purchasing an additional 10,984 shares in the last quarter. 7.39% of the stock is owned by hedge funds and other institutional investors.

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.

Recommended Story: What factors cause inflation to rise?

Get a free copy of the Zacks research report on Empresa Distribuidora y Cmrz Nrt (EDN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Empresa Distribuidora y Cmrz Nrt Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Empresa Distribuidora y Cmrz Nrt and related companies with MarketBeat.com's FREE daily email newsletter.