Enel Chile (NYSE:ENIC) Stock Price Crosses Below 200-Day Moving Average – Here’s Why

Enel Chile S.A. (NYSE:ENIC)’s share price passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $4.33 and traded as low as $4.22. Enel Chile shares last traded at $4.2650, with a volume of 508,467 shares.

Wall Street Analysts Forecast Growth

ENIC has been the subject of a number of recent analyst reports. Bank of America assumed coverage on Enel Chile in a research report on Thursday, October 15th. They set a “neutral” rating for the company. Itau BBA Securities cut Enel Chile to a “market perform” rating in a research report on Friday, July 10th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Enel Chile in a research note on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Enel Chile currently has an average rating of “Hold” and a consensus price target of $4.65.

Enel Chile Stock Performance

The firm has a market cap of $5.73 billion, a P/E ratio of 9.84 and a beta of 1.02. The company’s 50 day moving average is $4.36 and its 200 day moving average is $4.33.

Enel Chile (NYSE:ENIC) last posted its earnings results on Wednesday, October 28th. The utilities provider reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. Enel Chile had a net margin of 12.52% and a return on equity of 10.33%. The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $1.12 billion. On average, equities research analysts anticipate that Enel Chile S.A. will post 0.48 EPS for the current year.

Institutional Trading of Enel Chile

A number of hedge funds have recently made changes to their positions in ENIC. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Enel Chile in the third quarter valued at $31,000. Profund Advisors LLC bought a new position in Enel Chile during the 3rd quarter worth $64,000. Vise Technologies Inc. acquired a new position in Enel Chile during the 3rd quarter worth about $58,000. Robeco Institutional Asset Management B.V. lifted its holdings in Enel Chile by 9.4% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 312,407 shares of the utilities provider’s stock worth $1,321,000 after buying an additional 26,765 shares during the period. Finally, CWA Asset Management Group LLC grew its position in shares of Enel Chile by 15.5% in the 3rd quarter. CWA Asset Management Group LLC now owns 415,631 shares of the utilities provider’s stock valued at $1,758,000 after buying an additional 55,780 shares during the last quarter. 3.20% of the stock is owned by institutional investors and hedge funds.

Enel Chile Company Profile

Enel Chile SA is a Chilean electricity company and part of the global Enel Group. The company operates across the power sector, with activities that include electricity generation, distribution and the development of renewable-energy projects.

Through its generation businesses, including Enel Generación Chile and Enel Green Power Chile, Enel Chile produces electricity from a diversified mix of sources such as hydropower, solar, wind and thermal generation. Its renewable-energy operations support the development and operation of utility-scale clean-energy facilities in Chile.

Enel Chile also provides electricity distribution services through Enel Distribución Chile, serving residential, commercial and industrial customers in the Santiago metropolitan area and surrounding locations.