El Paso Electric Co. (EE) Upgraded by Zacks Investment Research to Hold
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 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 research analysts have also weighed in on EE. Jefferies Group restated a “buy” rating and issued a $52.50 price target on shares of El Paso Electric in a research note on Friday, September 23rd. Argus restated a “hold” rating on shares of El Paso Electric in a research note on Wednesday, October 5th.
Shares of El Paso Electric (NYSE:EE) traded down 2.36% on Tuesday, reaching $42.57. The company had a trading volume of 286,918 shares. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 23.31 and a beta of 0.33. El Paso Electric has a 52-week low of $35.32 and a 52-week high of $48.75. The company’s 50-day moving average price is $45.94 and its 200-day moving average price is $45.85.
El Paso Electric (NYSE:EE) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.55 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.80 by $0.25. The company had revenue of $217.87 million for the quarter, compared to analyst estimates of $219.50 million. El Paso Electric had a return on equity of 7.30% and a net margin of 8.77%. During the same period last year, the firm earned $0.52 EPS. On average, analysts predict that El Paso Electric will post $2.38 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Wednesday, September 14th were issued a $0.31 dividend. The ex-dividend date was Monday, September 12th. This represents a $1.24 dividend on an annualized basis and a yield of 2.91%. El Paso Electric’s payout ratio is presently 67.76%.
Institutional investors have recently modified their holdings of the company. Commonwealth Bank of Australia boosted its position in shares of El Paso Electric by 126.4% in the second quarter. Commonwealth Bank of Australia now owns 1,105,266 shares of the company’s stock worth $52,245,000 after buying an additional 617,073 shares during the last quarter. Emerald Acquisition Ltd. purchased a new position in shares of El Paso Electric during the second quarter worth about $13,494,000. 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. Vanguard Group Inc. boosted its position in shares of El Paso Electric by 4.8% in the second quarter. Vanguard Group Inc. now owns 3,533,585 shares of the company’s stock worth $167,032,000 after buying an additional 161,924 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC boosted its position in shares of El Paso Electric by 207.0% in the second quarter. Thompson Siegel & Walmsley LLC now owns 238,699 shares of the company’s stock worth $11,283,000 after buying an additional 160,941 shares during the last quarter. 96.20% of the stock is owned by institutional investors and hedge funds.
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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