Today: Today: Empresa Distribuidora y Comercializadora Norte S.A. (EDN) Upgrade to Hold by The Zacks Investment Research

Today: Empresa Distribuidora y Comercializadora Norte S.A. (EDN) Upgrade to Hold by The Zacks Investment Research

Zacks Investment Research upgraded shares of Empresa Distribuidora y Comercializadora Norte S.A. (NYSE:EDN) from a sell rating to a hold rating in a research report released on Friday.

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 began coverage on Empresa Distribuidora y Comercializadora Norte in a research note on Wednesday, October 5th. They issued an overweight rating and a $26.50 price objective on the stock.

Empresa Distribuidora y Comercializadora Norte (NYSE:EDN) opened at 27.63 on Friday. Empresa Distribuidora y Comercializadora Norte has a 12 month low of $13.25 and a 12 month high of $28.39. The firm’s market capitalization is $1.24 billion. The company has a 50 day moving average price of $24.61 and a 200 day moving average price of $18.73.

Hedge funds have recently made changes to their positions in the stock. Prince Street Capital Management LLC raised its stake in shares of Empresa Distribuidora y Comercializadora Norte by 9.3% in the third quarter. Prince Street Capital Management LLC now owns 164,300 shares of the company’s stock worth $3,253,000 after buying an additional 14,000 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new stake in shares of Empresa Distribuidora y Comercializadora Norte during the third quarter worth approximately $153,000. Wells Fargo & Company MN purchased a new stake in shares of Empresa Distribuidora y Comercializadora Norte during the third quarter worth approximately $1,959,000. Dorsey Wright & Associates raised its stake in shares of Empresa Distribuidora y Comercializadora Norte by 39.4% in the third quarter. Dorsey Wright & Associates now owns 62,853 shares of the company’s stock worth $1,244,000 after buying an additional 17,756 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Empresa Distribuidora y Comercializadora Norte by 1.9% in the third quarter. Northern Trust Corp now owns 15,926 shares of the company’s stock worth $316,000 after buying an additional 300 shares during the last quarter. 4.84% of the stock is currently owned by hedge funds and other 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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