El Paso Electric Co. (EE) Rating Lowered to Hold at Jefferies Group
El Paso Electric Co. (NYSE:EE) was downgraded by equities researchers at Jefferies Group from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday. They currently have a $46.50 price objective on the stock, down from their prior price objective of $50.00. Jefferies Group’s price objective indicates a potential upside of 4.26% from the company’s previous close. The analysts noted that the move was a valuation call.
A number of other brokerages have also recently issued reports on EE. Zacks Investment Research cut shares of El Paso Electric from a “hold” rating to a “sell” rating in a report on Friday, November 4th. Argus restated a “hold” rating on shares of El Paso Electric in a report on Wednesday, October 5th.
El Paso Electric (NYSE:EE) opened at 44.60 on Tuesday. El Paso Electric has a 12-month low of $35.32 and a 12-month high of $48.75. The company has a market cap of $1.81 billion, a P/E ratio of 19.66 and a beta of 0.41. The stock’s 50 day moving average is $44.75 and its 200-day moving average is $45.74.
El Paso Electric (NYSE:EE) last posted its quarterly earnings results on Wednesday, November 2nd. The company reported $1.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.90 by $0.06. The business had revenue of $323.23 million for the quarter, compared to the consensus estimate of $289.71 million. El Paso Electric had a return on equity of 8.95% and a net margin of 10.48%. During the same period last year, the firm earned $1.40 earnings per share. Analysts predict that El Paso Electric will post $2.33 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in El Paso Electric by 4.8% in the second quarter. Vanguard Group Inc. now owns 3,533,585 shares of the company’s stock valued at $167,032,000 after buying an additional 161,924 shares during the period. BlackRock Fund Advisors boosted its position in El Paso Electric by 8.0% in the third quarter. BlackRock Fund Advisors now owns 2,953,336 shares of the company’s stock valued at $138,128,000 after buying an additional 219,596 shares during the period. Jennison Associates LLC boosted its position in El Paso Electric by 46.1% in the third quarter. Jennison Associates LLC now owns 1,351,381 shares of the company’s stock valued at $63,204,000 after buying an additional 426,710 shares during the period. Northern Trust Corp boosted its position in El Paso Electric by 1.5% in the third quarter. Northern Trust Corp now owns 1,242,973 shares of the company’s stock valued at $58,135,000 after buying an additional 18,742 shares during the period. Finally, Commonwealth Bank of Australia boosted its position in El Paso Electric by 10.6% in the third quarter. Commonwealth Bank of Australia now owns 1,222,683 shares of the company’s stock valued at $57,186,000 after buying an additional 117,417 shares during the period. Institutional investors own 97.65% of the company’s stock.
El Paso Electric Company Profile
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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