El Paso Electric (NYSE:EE) Cut to “Hold” at Zacks Investment Research

El Paso Electric (NYSE:EE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, Zacks.com reports.

According to Zacks, “El Paso Electric Company is a regional electric utility providing generation, transmission and distribution service to the retail and wholesale customers of the Rio Grande valley in west Texas and southern New Mexico. El Paso Electric is one of the largest employers in the City of El Paso. “

Several other brokerages also recently commented on EE. TheStreet raised shares of El Paso Electric from a “c+” rating to a “b-” rating in a research report on Wednesday, April 24th. ValuEngine raised shares of El Paso Electric from a “hold” rating to a “buy” rating in a research report on Monday, June 3rd. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $60.00.

Shares of El Paso Electric stock traded down $0.02 during trading on Monday, hitting $66.54. The company’s stock had a trading volume of 267,000 shares, compared to its average volume of 327,739. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.52 and a quick ratio of 0.37. The business’s fifty day moving average price is $65.98. The firm has a market capitalization of $2.70 billion, a P/E ratio of 28.56, a PEG ratio of 4.62 and a beta of 0.57. El Paso Electric has a 52 week low of $47.99 and a 52 week high of $66.83.

El Paso Electric (NYSE:EE) last issued its quarterly earnings results on Wednesday, May 8th. The utilities provider reported ($0.17) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.29). El Paso Electric had a return on equity of 8.61% and a net margin of 10.79%. The business had revenue of $174.36 million during the quarter. As a group, equities research analysts anticipate that El Paso Electric will post 2.62 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in EE. Norges Bank purchased a new stake in shares of El Paso Electric during the 4th quarter valued at about $27,215,000. Electron Capital Partners LLC boosted its holdings in shares of El Paso Electric by 47.5% during the 1st quarter. Electron Capital Partners LLC now owns 962,905 shares of the utilities provider’s stock valued at $56,638,000 after acquiring an additional 310,159 shares during the last quarter. AJO LP purchased a new stake in shares of El Paso Electric during the 1st quarter valued at about $10,195,000. Alpine Global Management LLC purchased a new stake in shares of El Paso Electric during the 2nd quarter valued at about $4,340,000. Finally, Ellis Investment Partners LLC purchased a new stake in shares of El Paso Electric during the 1st quarter valued at about $60,000. 94.68% of the stock is currently owned by institutional investors.

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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