El Paso Electric Company (EE) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of El Paso Electric Company (NYSE:EE) from a buy rating to a hold rating in a report issued on Thursday.

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 firms also recently commented on EE. BidaskClub downgraded shares of El Paso Electric from a buy rating to a hold rating in a report on Saturday, June 24th. Mizuho started coverage on shares of El Paso Electric in a report on Thursday, August 17th. They issued a neutral rating and a $55.00 price objective for the company. ValuEngine raised shares of El Paso Electric from a hold rating to a buy rating in a report on Thursday, September 7th. Finally, Jefferies Group LLC reaffirmed a hold rating and issued a $56.00 price objective (up previously from $55.00) on shares of El Paso Electric in a report on Friday, August 11th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. El Paso Electric presently has an average rating of Hold and an average price target of $55.00.

Shares of El Paso Electric (NYSE:EE) opened at 54.65 on Thursday. The firm has a market cap of $2.22 billion, a PE ratio of 19.74 and a beta of 0.48. El Paso Electric has a 52 week low of $42.49 and a 52 week high of $56.58. The company’s 50-day moving average is $54.54 and its 200-day moving average is $52.24.

El Paso Electric (NYSE:EE) last released its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.14. The firm 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 period in the prior year, the firm earned $0.55 EPS. Analysts forecast that El Paso Electric will post $2.59 EPS for the current fiscal year.

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Several institutional investors and hedge funds have recently made changes to their positions in the company. Neuburgh Advisers LLC boosted its holdings in shares of El Paso Electric by 1.1% during the first quarter. Neuburgh Advisers LLC now owns 2,068 shares of the utilities provider’s stock valued at $104,000 after acquiring an additional 22 shares during the period. Amalgamated Bank boosted its holdings in shares of El Paso Electric by 1.0% during the second quarter. Amalgamated Bank now owns 5,529 shares of the utilities provider’s stock valued at $286,000 after acquiring an additional 55 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in shares of El Paso Electric by 1.0% during the second quarter. Public Employees Retirement System of Ohio now owns 9,237 shares of the utilities provider’s stock valued at $478,000 after acquiring an additional 90 shares during the period. Arizona State Retirement System boosted its holdings in shares of El Paso Electric by 0.5% during the second quarter. Arizona State Retirement System now owns 21,201 shares of the utilities provider’s stock valued at $1,096,000 after acquiring an additional 100 shares during the period. Finally, Texas Permanent School Fund boosted its holdings in shares of El Paso Electric by 0.8% during the second quarter. Texas Permanent School Fund now owns 29,612 shares of the utilities provider’s stock valued at $1,531,000 after acquiring an additional 248 shares during the period. 97.96% of the stock is owned by institutional investors.

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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