The Zacks Investment Research Lowers Empresa Distribuidora y Comercializadora Norte S.A. (EDN) to Hold

The Zacks Investment Research Lowers Empresa Distribuidora y Comercializadora Norte S.A. (EDN) to Hold

Zacks Investment Research cut shares of Empresa Distribuidora y Comercializadora Norte S.A. (NYSE:EDN) from a buy rating to a hold rating in a report released on Tuesday.

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, Morgan Stanley initiated coverage on shares of Empresa Distribuidora y Comercializadora Norte in a report on Wednesday, October 5th. They issued an overweight rating and a $26.50 target price for the company.

Empresa Distribuidora y Comercializadora Norte (NYSE:EDN) opened at 21.51 on Tuesday. The firm’s market capitalization is $964.77 million. The company has a 50-day moving average price of $19.07 and a 200-day moving average price of $16.66. Empresa Distribuidora y Comercializadora Norte has a 12-month low of $11.97 and a 12-month high of $21.87.

A hedge fund recently raised its stake in Empresa Distribuidora y Comercializadora Norte stock. Dorsey Wright & Associates increased its position in shares of Empresa Distribuidora y Comercializadora Norte S.A. (NYSE:EDN) by 39.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 62,853 shares of the company’s stock after buying an additional 17,756 shares during the period. Dorsey Wright & Associates owned 0.14% of Empresa Distribuidora y Comercializadora Norte worth $1,244,000 as of its most recent SEC filing. 4.12% of the stock is currently owned by institutional investors.

About Empresa Distribuidora y Comercializadora Norte

Empresa Distribuidora y Comercializadora Norte SA is a public service company. The Company is engaged in electricity distribution in Argentina. It holds a concession to distribute electricity to the northwestern part of the greater Buenos Aires metropolitan area and in the northern part of the City of Buenos Aires.

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