El Paso Electric Plans Quarterly Dividend of $0.39 (NYSE:EE)
El Paso Electric (NYSE:EE) declared a quarterly dividend on Thursday, July 25th, Zacks reports. Shareholders of record on Monday, September 16th will be given a dividend of 0.385 per share by the utilities provider on Monday, September 30th. This represents a $1.54 annualized dividend and a yield of 2.30%. The ex-dividend date is Friday, September 13th.
El Paso Electric has raised its dividend payment by an average of 6.7% per year over the last three years and has raised its dividend annually for the last 7 consecutive years. El Paso Electric has a dividend payout ratio of 63.4% meaning its dividend is sufficiently covered by earnings. Analysts expect El Paso Electric to earn $2.95 per share next year, which means the company should continue to be able to cover its $1.54 annual dividend with an expected future payout ratio of 52.2%.
Shares of EE stock traded up $0.21 on Wednesday, reaching $67.09. The company had a trading volume of 3,868 shares, compared to its average volume of 221,104. The stock has a market cap of $2.73 billion, a PE ratio of 28.80, a PEG ratio of 4.64 and a beta of 0.55. The company has a 50-day moving average of $66.49 and a 200-day moving average of $62.42. The company has a current ratio of 0.64, a quick ratio of 0.46 and a debt-to-equity ratio of 1.19. El Paso Electric has a 12 month low of $47.99 and a 12 month high of $67.20.
Several brokerages have recently issued reports on EE. ValuEngine raised shares of El Paso Electric from a “hold” rating to a “buy” rating in a report on Monday, June 3rd. Zacks Investment Research cut shares of El Paso Electric from a “buy” rating to a “hold” rating in a research report on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. El Paso Electric has an average rating of “Hold” and an average target price of $60.00.
In other news, Director Edward Escudero sold 15,000 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $66.37, for a total transaction of $995,550.00. Following the completion of the sale, the director now owns 17,252 shares of the company’s stock, valued at $1,145,015.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephen Wertheimer sold 25,000 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $66.40, for a total transaction of $1,660,000.00. Following the sale, the director now directly owns 27,376 shares of the company’s stock, valued at approximately $1,817,766.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 64,094 shares of company stock worth $4,254,910. 1.21% of the stock is currently owned by insiders.
About El Paso Electric
El Paso Electric Co engages in the generation, transmission, and distribution of electricity in West Texas and southern New Mexico. Its energy sources consist of nuclear fuel, natural gas, coal, wind turbines, and purchased power. The company’s electrical generating facilities include Palo Verde Station, Newman Power Station, Rio Grande Power Station, Four Corners Station, Copper Power Station, and Wind Ranch.
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