El Paso Electric Company (NYSE:EE) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Friday, July 21st.
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 “
Several other research firms have also recently weighed in on EE. BidaskClub cut El Paso Electric from a “buy” rating to a “hold” rating in a research note on Saturday, June 24th. Jefferies Group LLC increased their price target on El Paso Electric from $48.50 to $52.00 and gave the company a “hold” rating in a research note on Thursday, May 4th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $53.25.
El Paso Electric (NYSE EE) traded up 1.31% during mid-day trading on Friday, reaching $53.95. The company’s stock had a trading volume of 175,902 shares. El Paso Electric has a 1-year low of $42.49 and a 1-year high of $55.45. The firm has a 50-day moving average of $52.29 and a 200 day moving average of $50.96. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of 19.49 and a beta of 0.48.
El Paso Electric (NYSE:EE) last released its earnings results on Wednesday, August 2nd. The utilities provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.14. El Paso Electric had a return on equity of 9.95% and a net margin of 11.45%. The firm had revenue of $251.84 million during the quarter. During the same quarter in the previous year, the company earned $0.55 earnings per share. Equities analysts expect that El Paso Electric will post $2.57 earnings per share for the current year.
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In other El Paso Electric news, Director Charles Yamarone sold 3,500 shares of El Paso Electric stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $52.47, for a total transaction of $183,645.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at approximately $524,700. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.33% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in El Paso Electric by 34,872.4% in the first quarter. BlackRock Inc. now owns 5,344,481 shares of the utilities provider’s stock valued at $269,896,000 after buying an additional 5,329,199 shares in the last quarter. Vanguard Group Inc. boosted its stake in El Paso Electric by 4.6% in the first quarter. Vanguard Group Inc. now owns 3,883,762 shares of the utilities provider’s stock worth $196,130,000 after buying an additional 170,235 shares during the period. FMR LLC boosted its stake in El Paso Electric by 0.7% in the second quarter. FMR LLC now owns 1,995,235 shares of the utilities provider’s stock worth $103,154,000 after buying an additional 13,300 shares during the period. Northern Trust Corp boosted its stake in El Paso Electric by 6.4% in the second quarter. Northern Trust Corp now owns 1,308,227 shares of the utilities provider’s stock worth $67,635,000 after buying an additional 78,973 shares during the period. Finally, State Street Corp boosted its stake in El Paso Electric by 2.6% in the second quarter. State Street Corp now owns 1,083,231 shares of the utilities provider’s stock worth $56,009,000 after buying an additional 27,558 shares during the period. 96.36% of the stock is currently owned by hedge funds and other institutional investors.
About El Paso Electric
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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