El Paso Electric Company (EE) Shares Bought by Blackstart Capital LP
Blackstart Capital LP lifted its holdings in shares of El Paso Electric Company (NYSE:EE) by 32.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 136,330 shares of the utilities provider’s stock after acquiring an additional 33,778 shares during the quarter. El Paso Electric accounts for about 2.8% of Blackstart Capital LP’s holdings, making the stock its 20th largest position. Blackstart Capital LP owned about 0.34% of El Paso Electric worth $7,038,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Ameritas Investment Partners Inc. purchased a new stake in El Paso Electric in the first quarter worth $176,000. Neuberger Berman Group LLC purchased a new stake in El Paso Electric in the second quarter worth $221,000. Affinity Investment Advisors LLC purchased a new stake in El Paso Electric in the second quarter worth $240,000. Trexquant Investment LP purchased a new stake in El Paso Electric in the second quarter worth $279,000. Finally, Amalgamated Bank increased its position in El Paso Electric by 1.0% in the second quarter. Amalgamated Bank now owns 5,529 shares of the utilities provider’s stock worth $286,000 after buying an additional 55 shares during the last quarter. 97.96% of the stock is owned by institutional investors.
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A number of research firms have issued reports on EE. Jefferies Group LLC reissued a “hold” rating and issued a $56.00 target price (up from $55.00) on shares of El Paso Electric in a research report on Friday, August 11th. Zacks Investment Research downgraded El Paso Electric from a “buy” rating to a “hold” rating in a research report on Thursday. BidaskClub raised El Paso Electric from a “hold” rating to a “buy” rating in a research report on Friday, August 18th. Mizuho began coverage on El Paso Electric in a research report on Thursday, August 17th. They issued a “neutral” rating and a $55.00 target price for the company. Finally, ValuEngine raised El Paso Electric from a “hold” rating to a “buy” rating in a research report on Thursday, September 7th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $55.00.
El Paso Electric (NYSE:EE) last announced its earnings results on Wednesday, August 2nd. The utilities provider reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.14. The business 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 firm posted $0.55 earnings per share.
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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