El Paso Electric Company (NYSE:EE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

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 equities research analysts also recently issued reports on the stock. ValuEngine raised shares of El Paso Electric from a “hold” rating to a “buy” rating in a report on Thursday, September 7th. BidaskClub raised shares of El Paso Electric from a “hold” rating to a “buy” rating in a report on Friday, August 18th. Mizuho began coverage on shares of El Paso Electric in a report on Thursday, August 17th. They issued a “neutral” rating and a $55.00 price target on the stock. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $56.00 price target (up from $55.00) on shares of El Paso Electric in a report on Friday, August 11th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. El Paso Electric has a consensus rating of “Hold” and a consensus target price of $55.00.

El Paso Electric (NYSE:EE) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.14. The firm had revenue of $251.84 million during the quarter. El Paso Electric had a net margin of 11.45% and a return on equity of 9.95%. During the same quarter in the prior year, the business earned $0.55 EPS.

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Institutional investors have recently made changes to their positions in the company. Neuburgh Advisers LLC raised its stake in El Paso Electric by 1.1% in the first quarter. Neuburgh Advisers LLC now owns 2,068 shares of the utilities provider’s stock valued at $104,000 after purchasing an additional 22 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in El Paso Electric in the first quarter valued at approximately $176,000. Sciencast Management LP purchased a new stake in El Paso Electric in the second quarter valued at approximately $202,000. 1st Global Advisors Inc. purchased a new stake in El Paso Electric in the second quarter valued at approximately $202,000. Finally, Shelton Capital Management purchased a new stake in El Paso Electric in the second quarter valued at approximately $208,000. 97.96% of the stock is currently owned by hedge funds and other institutional investors.

El Paso Electric Company Profile

El Paso Electric Company is a public utility company. As of December 31, 2016, the Company was 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. As of December 31, 2016, the Company owned or had ownership interests in several electrical generating facilities providing it with a generating capability of approximately 2,080 megawatts (MW).

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