El Paso Electric Co. (EE) Upgraded to Hold by Zacks Investment Research
El Paso Electric Co. (NYSE:EE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “El Paso Electric Co is a public utility engaged in the generation, transmission & distribution of electricity in an area of west Texas & southern New Mexico. El Paso also serves wholesale customers in Texas, New Mexico, California & Mexico. El Paso owns or has significant ownership interests in five electrical generating facilities providing it with a total capacity of approximately 1,500 MW. El Paso serves residential, commercial, industrial & wholesale customers. El Paso distributes electricity to retail customers principally in El Paso, Texas & the City of Las Cruces, New Mexico “
A number of other analysts have also recently weighed in on EE. Jefferies Group reaffirmed a “buy” rating on shares of El Paso Electric in a research note on Thursday, August 4th. Argus reaffirmed a “hold” rating on shares of El Paso Electric in a research note on Wednesday, October 5th.
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Shares of El Paso Electric (NYSE:EE) traded down 2.36% during mid-day trading on Tuesday, hitting $42.57. The stock had a trading volume of 286,918 shares. The company has a market cap of $1.72 billion, a PE ratio of 23.31 and a beta of 0.33. The stock has a 50 day moving average price of $45.94 and a 200-day moving average price of $45.85. El Paso Electric has a 52-week low of $35.32 and a 52-week high of $48.75.
El Paso Electric (NYSE:EE) last announced its earnings results on Wednesday, August 3rd. The company reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.80 by $0.25. The firm earned $217.87 million during the quarter, compared to analyst estimates of $219.50 million. El Paso Electric had a net margin of 8.77% and a return on equity of 7.30%. During the same period last year, the company earned $0.52 earnings per share. On average, equities analysts expect that El Paso Electric will post $2.38 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Wednesday, September 14th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend was Monday, September 12th. El Paso Electric’s payout ratio is currently 67.76%.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its position in shares of El Paso Electric by 70.9% in the first quarter. Renaissance Technologies LLC now owns 256,000 shares of the company’s stock worth $11,745,000 after buying an additional 106,200 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of El Paso Electric by 7.0% in the first quarter. Geode Capital Management LLC now owns 281,305 shares of the company’s stock worth $12,905,000 after buying an additional 18,481 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of El Paso Electric by 440.4% in the first quarter. Goldman Sachs Group Inc. now owns 219,200 shares of the company’s stock worth $10,057,000 after buying an additional 178,638 shares during the last quarter. State Street Corp boosted its position in shares of El Paso Electric by 1.7% in the first quarter. State Street Corp now owns 908,937 shares of the company’s stock worth $41,706,000 after buying an additional 15,596 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of El Paso Electric by 1.9% in the first quarter. JPMorgan Chase & Co. now owns 812,993 shares of the company’s stock worth $37,301,000 after buying an additional 15,058 shares during the last quarter. Hedge funds and other institutional investors own 96.20% of the company’s stock.
About El Paso Electric
El Paso Electric Company is engaged in the generation, transmission and distribution of electricity in an area of approximately 10,000 square miles in west Texas and southern New Mexico. The Company owns or has ownership interests in several electrical generating facilities providing it with a generating capability of over 2,055 Megawatts.
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