El Paso Electric (EE) Downgraded by ValuEngine

ValuEngine lowered shares of El Paso Electric (NYSE:EE) from a buy rating to a hold rating in a report released on Tuesday.

Other analysts have also issued research reports about the company. Zacks Investment Research raised El Paso Electric from a hold rating to a buy rating and set a $61.00 target price for the company in a research note on Tuesday, September 19th. Bank of America initiated coverage on El Paso Electric in a research note on Tuesday, October 24th. They issued a buy rating and a $62.00 target price for the company. Jefferies Group reaffirmed a hold rating and issued a $57.00 target price (up previously from $56.00) on shares of El Paso Electric in a research note on Friday, October 6th. Finally, Mizuho reaffirmed a hold rating and issued a $56.00 target price on shares of El Paso Electric in a research note on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $56.60.

El Paso Electric (EE) opened at $55.35 on Tuesday. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.63 and a quick ratio of 0.47. The firm has a market cap of $2,234.58, a P/E ratio of 23.06, a P/E/G ratio of 4.24 and a beta of 0.47. El Paso Electric has a 52-week low of $44.70 and a 52-week high of $61.15.

El Paso Electric (NYSE:EE) last issued its earnings results on Wednesday, November 1st. The utilities provider reported $1.47 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.70 by ($0.23). The firm had revenue of $297.47 million during the quarter, compared to analysts’ expectations of $310.00 million. El Paso Electric had a return on equity of 8.44% and a net margin of 10.13%. The firm’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.84 EPS. analysts anticipate that El Paso Electric will post 2.51 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were paid a $0.335 dividend. This represents a $1.34 annualized dividend and a yield of 2.42%. The ex-dividend date was Thursday, December 14th. El Paso Electric’s dividend payout ratio is currently 55.83%.

Institutional investors and hedge funds have recently modified their holdings of the business. Prudential Financial Inc. boosted its stake in shares of El Paso Electric by 32.3% during the third quarter. Prudential Financial Inc. now owns 155,356 shares of the utilities provider’s stock valued at $8,583,000 after purchasing an additional 37,950 shares during the period. Arizona State Retirement System boosted its stake 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 purchasing an additional 100 shares during the period. Investment Counselors of Maryland LLC purchased a new stake in shares of El Paso Electric during the third quarter valued at approximately $13,369,000. Macquarie Group Ltd. boosted its stake in shares of El Paso Electric by 7.4% during the third quarter. Macquarie Group Ltd. now owns 1,147,801 shares of the utilities provider’s stock valued at $63,416,000 after purchasing an additional 79,556 shares during the period. Finally, Balyasny Asset Management LLC purchased a new stake in shares of El Paso Electric during the second quarter valued at approximately $270,000. 98.66% of the stock is owned by institutional investors and hedge funds.

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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).

To view ValuEngine’s full report, visit ValuEngine’s official website.

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