Jefferies Group reissued their buy rating on shares of El Paso Electric Co. (NYSE:EE) in a research report released on Friday morning. Jefferies Group currently has a $52.50 target price on the stock.
“Jefferies hosted investor meetings with company management in El Paso.”,” Jefferies Group’s analyst wrote.
Separately, Zacks Investment Research lowered shares of El Paso Electric from a hold rating to a sell rating in a report on Tuesday, June 14th.
El Paso Electric (NYSE:EE) traded up 0.12% on Friday, hitting $48.49. 9,456 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $46.13 and a 200-day moving average price of $45.63. The stock has a market cap of $1.96 billion, a P/E ratio of 26.56 and a beta of 0.40. El Paso Electric has a 52-week low of $35.32 and a 52-week high of $48.67.
El Paso Electric (NYSE:EE) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.55 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.80 by $0.25. The business earned $217.87 million during the quarter, compared to the consensus estimate of $219.50 million. El Paso Electric had a return on equity of 7.30% and a net margin of 8.77%. During the same quarter in the previous year, the firm posted $0.52 earnings per share. Analysts predict that El Paso Electric will post $2.40 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, September 14th will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.56%. The ex-dividend date is Monday, September 12th. El Paso Electric’s payout ratio is 67.76%.
Several hedge funds and other institutional investors have recently modified their holdings of EE. Commonwealth Bank of Australia increased its position in shares of El Paso Electric by 126.4% in the second quarter. Commonwealth Bank of Australia now owns 1,105,266 shares of the company’s stock valued at $52,245,000 after buying an additional 617,073 shares during the last quarter. Norges Bank purchased a new position in shares of El Paso Electric during the fourth quarter valued at approximately $17,900,000. Emerald Acquisition Ltd. purchased a new position in shares of El Paso Electric during the second quarter valued at approximately $13,494,000. Goldman Sachs Group Inc. increased its position in shares of El Paso Electric by 440.4% in the first quarter. Goldman Sachs Group Inc. now owns 219,200 shares of the company’s stock valued at $10,057,000 after buying an additional 178,638 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of El Paso Electric by 4.8% in the second quarter. Vanguard Group Inc. now owns 3,533,585 shares of the company’s stock valued at $167,032,000 after buying an additional 161,924 shares during the last quarter. 96.20% of the stock is currently owned by institutional investors.
About El Paso Electric
El Paso Electric Company is 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. The Company owns or has ownership interests in several electrical generating facilities providing it with a generating capability of over 2,055 Megawatts.
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