Enel Chile (NYSE:ENIC) Shares Pass Below 50 Day Moving Average – Here’s What Happened

Enel Chile S.A. (NYSE:ENIC)’s stock price passed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $4.43 and traded as low as $4.29. Enel Chile shares last traded at $4.3250, with a volume of 569,263 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ENIC. Itau BBA Securities lowered Enel Chile to a “market perform” rating in a research note on Friday, July 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Enel Chile in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $4.65.

Enel Chile Price Performance

The business’s 50-day simple moving average is $4.43 and its two-hundred day simple moving average is $4.34. The stock has a market cap of $5.82 billion, a price-to-earnings ratio of 10.01 and a beta of 1.04.

Enel Chile (NYSE:ENIC) last announced its quarterly earnings results on Tuesday, June 30th. The utilities provider reported $0.08 EPS for the quarter. Enel Chile had a return on equity of 10.20% and a net margin of 12.30%.The company had revenue of $1.07 billion during the quarter. Equities research analysts forecast that Enel Chile S.A. will post 0.47 earnings per share for the current year.

Institutional Investors Weigh In On Enel Chile

Hedge funds have recently added to or reduced their stakes in the business. Brandes Investment Partners LP increased its position in Enel Chile by 2.3% in the 4th quarter. Brandes Investment Partners LP now owns 5,270,748 shares of the utilities provider’s stock valued at $21,188,000 after acquiring an additional 120,905 shares during the period. Banco BTG Pactual S.A. bought a new stake in shares of Enel Chile in the fourth quarter worth $2,774,000. Royal Bank of Canada increased its holdings in Enel Chile by 12.0% in the first quarter. Royal Bank of Canada now owns 654,043 shares of the utilities provider’s stock valued at $2,577,000 after purchasing an additional 70,000 shares during the period. Raiffeisen Bank International AG lifted its holdings in Enel Chile by 14.5% during the 2nd quarter. Raiffeisen Bank International AG now owns 523,800 shares of the utilities provider’s stock worth $2,326,000 after buying an additional 66,300 shares during the period. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Enel Chile in the 2nd quarter valued at about $886,000. 3.20% of the stock is currently owned by institutional investors and hedge funds.

About Enel Chile

Enel Chile SA is a Chilean energy company engaged in the generation, distribution and sale of electricity. It serves residential, commercial and industrial customers in Chile through a portfolio that includes renewable and conventional power-generation assets, as well as electricity distribution networks.

The company’s generation activities include hydroelectric, solar, wind, geothermal and thermal power projects. Through its distribution business, Enel Chile delivers electricity to customers in the Santiago metropolitan area and other parts of Chile, while also developing solutions related to electrification, energy efficiency and distributed energy resources.

Enel Chile is part of the Enel Group, a global energy company headquartered in Italy.