Royal Bank of Canada Increases Stake in El Paso Electric Company (NYSE:EE)

Royal Bank of Canada raised its stake in El Paso Electric Company (NYSE:EE) by 20.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,308 shares of the utilities provider’s stock after acquiring an additional 3,116 shares during the quarter. Royal Bank of Canada’s holdings in El Paso Electric were worth $947,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Neuberger Berman Group LLC bought a new stake in shares of El Paso Electric in the second quarter valued at approximately $221,000. Affinity Investment Advisors LLC bought a new stake in shares of El Paso Electric in the second quarter valued at approximately $240,000. Balyasny Asset Management LLC bought a new stake in shares of El Paso Electric in the second quarter valued at approximately $270,000. Trexquant Investment LP bought a new stake in shares of El Paso Electric in the second quarter valued at approximately $279,000. Finally, Amalgamated Bank raised its position in shares of El Paso Electric by 1.0% in the second quarter. Amalgamated Bank now owns 5,529 shares of the utilities provider’s stock valued at $286,000 after purchasing an additional 55 shares during the period. Hedge funds and other institutional investors own 97.90% of the company’s stock.

Several analysts have recently issued reports on the stock. Zacks Investment Research raised shares of El Paso Electric from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a research report on Tuesday, September 19th. Jefferies Group LLC reissued a “hold” rating and issued a $56.00 price target (up previously from $55.00) on shares of El Paso Electric in a research report on Friday, August 11th. Bank of America Corporation began coverage on shares of El Paso Electric in a research report on Tuesday, October 24th. They issued a “buy” rating and a $62.00 price target on the stock. Mizuho reaffirmed a “hold” rating and set a $55.00 target price on shares of El Paso Electric in a report on Friday, October 27th. Finally, BidaskClub raised shares of El Paso Electric from a “hold” rating to a “buy” rating in a report on Friday, August 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $56.60.

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Shares of El Paso Electric Company (EE) traded up $1.60 during trading hours on Wednesday, hitting $59.60. 270,800 shares of the stock were exchanged, compared to its average volume of 191,312. The company has a market cap of $2,354.32, a price-to-earnings ratio of 24.17, a price-to-earnings-growth ratio of 4.24 and a beta of 0.47. El Paso Electric Company has a 1 year low of $43.90 and a 1 year high of $59.85. The company has a quick ratio of 0.47, a current ratio of 0.63 and a debt-to-equity ratio of 1.05.

El Paso Electric (NYSE:EE) last issued its quarterly earnings results on Wednesday, November 1st. The utilities provider reported $1.47 EPS for the quarter, missing the Zacks’ consensus estimate of $1.70 by ($0.23). El Paso Electric had a return on equity of 8.44% and a net margin of 10.13%. The company had revenue of $297.47 million during the quarter, compared to the consensus estimate of $310.00 million. During the same period in the previous year, the company earned $1.84 EPS. El Paso Electric’s quarterly revenue was down 8.0% on a year-over-year basis. research analysts forecast that El Paso Electric Company will post 2.55 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a $0.335 dividend. The ex-dividend date is Thursday, December 14th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 2.25%. El Paso Electric’s dividend payout ratio (DPR) is 55.83%.

El Paso Electric 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).

Institutional Ownership by Quarter for El Paso Electric (NYSE:EE)

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