Enel Chile (NYSE:ENIC) Stock Price Crosses Below 50-Day Moving Average – Here’s Why

Enel Chile S.A. (NYSE:ENIC) passed below its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $4.42 and traded as low as $4.23. Enel Chile shares last traded at $4.2950, with a volume of 472,774 shares changing hands.

Analyst Upgrades and Downgrades

ENIC has been the subject of several research reports. Itau BBA Securities cut shares of Enel Chile to a “market perform” rating in a research note on Friday, July 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Enel Chile in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $4.65.

Enel Chile Stock Up 1.3%

The firm has a 50-day moving average of $4.42 and a two-hundred day moving average of $4.35. The company has a market capitalization of $5.94 billion, a PE ratio of 10.23 and a beta of 1.04.

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

Institutional Investors Weigh In On Enel Chile

Several hedge funds have recently modified their holdings of ENIC. QRG Capital Management Inc. boosted its position in Enel Chile by 12.1% during the second quarter. QRG Capital Management Inc. now owns 38,367 shares of the utilities provider’s stock worth $173,000 after purchasing an additional 4,128 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in Enel Chile by 48.8% during the second quarter. Sequoia Financial Advisors LLC now owns 89,652 shares of the utilities provider’s stock worth $403,000 after acquiring an additional 29,405 shares during the period. Raiffeisen Bank International AG increased its stake in shares of Enel Chile by 14.5% during the second quarter. Raiffeisen Bank International AG now owns 523,800 shares of the utilities provider’s stock worth $2,326,000 after purchasing an additional 66,300 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Enel Chile in the 2nd quarter worth about $886,000. Finally, OneAscent Investment Solutions LLC acquired a new stake in shares of Enel Chile in the second quarter worth approximately $65,000. 3.20% of the stock is owned by hedge funds and other institutional investors.

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.